NTPC, India's leading power utility boasting a remarkable 73,024 MW installed capacity, has forged a strategic partnership with Oil India Limited (OIL), a state-owned oil company known for its expertise in crude oil and natural gas exploration, development, and production. The Memorandum of Understanding (MoU), inked on August 31, 2023, paves the way for collaborative efforts in Renewable Energy, Green Hydrogen, Geothermal technologies, and various Decarbonization initiatives.
This landmark agreement aims not only to leverage the strengths of these two Maharatna giants but also to foster knowledge exchange in emerging Decarbonization technologies, such as Carbon Sequestration.
The signing ceremony featured the presence of Shri Gurdeep Singh, CMD of NTPC, and Dr. Ranjit Rath, CMD of OIL, along with their Functional Directors.
NTPC's commitment to achieving 60 GW of Renewable Energy capacity by 2032 and establishing a substantial presence in Green Hydrogen Technology and Energy Storage is at the forefront of this partnership. The company has already initiated significant projects in the realm of decarbonization, including Hydrogen blending, Carbon Capture, and Fuel cell buses, aligning itself with the nation's Net-Zero targets.
This collaboration marks a pivotal step toward advancing India's sustainable energy landscape and underscores the shared commitment of NTPC and OIL to a greener, more sustainable future.