The State-owned Oil and Natural Gas Corporation (ONGC) has recently entered into an initial agreement with NTPC’s subsidiary, NTPC Green Energy Ltd, with the aim of jointly investigating the potential for developing green hydrogen and offshore wind projects. According to ONGC’s statement, this Memorandum of Understanding (MoU) primarily seeks to assess the viability of and establish renewable energy ventures across various sectors.
The MoU outlines a vision for collaboration between these two prominent entities in the realm of renewable power projects, both in India and internationally, particularly through offshore wind initiatives. It also encompasses the exploration of opportunities in diverse areas such as energy storage, electric mobility, carbon credits, green credits, nuclear energy, green hydrogen production, and related derivatives like green ammonia and green methanol.
As of the latest market data, NTPC’s shares closed at Rs. 239.75, marking a modest increase of 0.19%, while ONGC’s shares ended at Rs. 188.20, recording a slightly more substantial uptick of 0.51% on Thursday.