ONGC, OVL forge strategic alliances to boost country's energy security and sustainability
New Delhi: In a decisive move to bolster India’s energy security and accelerate the transition towards a sustainable future, ONGC Videsh Ltd (OVL) and Oil and Natural Gas Corporation Limited (ONGC) partnered strategically with global and domestic energy leaders on Wednesday.
ONGC Videsh signed a non-binding Memorandum of Understanding (MoU) with Brazil’s Petróleo Brasileiro S.A. (Petrobras). At the same time, ONGC formalised an MoU with Tata Power Renewable Energy Limited (TPREL) to explore opportunities in the Battery Energy Storage System (BESS) value chain.
Both agreements were signed on the second day of the ongoing 3rd edition of the India Energy Week in the national capital, marking a significant step towards innovation, risk-sharing, and low-carbon energy solutions.
The MoU between ONGC Videsh and Petrobras aims to assess collaborative opportunities across upstream exploration and production, marketing, decarbonization, and low-carbon solutions.
ONGC Videsh, India’s largest international oil and gas exploration and production (E&P) company, operates 32 assets across 15 countries. By partnering with Petrobras, it seeks to enhance its global footprint and contribute to a responsible energy transition.
In a parallel effort to drive India’s clean energy ambitions, ONGC signed an MoU with TPREL to strengthen the country’s energy storage ecosystem by leveraging BESS technologies for grid stabilisation, renewable energy integration, and electric vehicle infrastructure.
The partnership will explore multiple applications, including utility-scale energy storage systems, grid stabilization and ancillary services, renewable energy integration and hybrid solutions, industrial and commercial energy storage applications, microgrid and backup power solutions, and electric vehicle (EV) charging infrastructure.
Arun Kumar Singh, Chairman and CEO of ONGC, emphasised ONGC’s commitment to a sustainable energy future, highlighting the collaboration with Petrobras as a step towards enhancing its global presence in the oil and gas sector, while the partnership with TPREL aims to bolster India’s energy storage capabilities.