ONGC inks MoU with Shell for Carbon Capture, Utilization and Storage

Oil and Natural Gas Corporation Limited (ONGC) has signed a MoU with global petroleum giant Shell for cooperation in Carbon Capture, Utilization and Storage (CCUS) studies. The collaboration shall focus on joint CO2 storage study and EOR screening assessment for key basins in India including depleted oil and gas fields, saline aquifers.

ONGC, a Maharatna Central Public Sector Company of India, and Shell, one of the most diversified international energy companies in India, signed this MoU in Delhi on 7 December 2022.

The MoU was signed by ONGC CMD R K Srivastava and Chairman of Shell Group of companies in India Nitin Prasad in the presence of senior executives of both the companies. The MoU was exchanged in the presence of Secretary, Ministry of Petroleum and Natural Gas Pankaj Jain.

The MoU is aimed at developing CCUS/CCS as an emissions mitigation tool for combating climate change and injecting carbon dioxide (CO2) for geological storage as well as enhanced oil production from mature fields of ONGC.

Shares of Oil & Natural Gas Corporation Limited was last trading in BSE at Rs. 142.40 as compared to the previous close of Rs. 143.75. The total number of shares traded during the day was 496291 in over 5677 trades.

The stock hit an intraday high of Rs. 143.05 and intraday low of 141.15. The net turnover during the day was Rs. 70425057.00.

Source : Equity Bulls

Keywords

OilandNaturalGasCorporation INE213A01029 ONGC MoU Shell CarbonCapture Utilization Storage