The ONGC signed an MoU with IOCL for CO2 based Enhanced Oil Recovery (EOR) by injecting CO2 captured from IOCL’s Koyali refinery.
The MoU is aimed at establishing a framework for mutually beneficial cooperation in the area of CO2-EOR as a mode of carbon capture, utilisation and storage (CCUS).
The common objective is to address some of the biggest challenges facing the country in particular and the world at large, namely energy security and climate change.
According to ONGC officials, this is a landmark event in the history of Indian hydrocarbon industry, with two of its largest conglomerates agreeing to jointly work on CCUS.
Known to be a very effective method of EOR globally, CCUS is playing an increasingly important role in achieving the mission of carbon neutrality.
