India’s top oil and gas producer ONGC will not see natural gas contributing heavily to its profitability in the near term despite the company aiming to raise output over the next few years, Moody’s Investors Service said Tuesday. National oil companies (NOCs) worldwide are currently retailoring their business strategies in response to climate-change imperatives and developing energy transition changes, Moody’s said in a report that studies how state-sponsored oil companies are preparing against energy transition risk.
India’s energy strategy, it said, aims to reduce its hydrocarbon imports by 10 per cent by 2020 through several measures — increasing domestic production, adopting biofuels and renewables, improving energy efficiency norms, improving refinery processes and prompting crude demand substitution. The country aims to have 175 GW of renewable energy capacity by 2022, reduce its energy-emissions intensity by 33-35 per cent by 2030, and raise the share of non-fossil fuels in its electricity mix to more than 40 per cent by 2030.
