ONGC Likely To Join Hands With Norwegian Co For Green Tech

New Delhi: Oil & Natural Gas Corporation (ONGC) is likely to sign an pact with Norway's StatoilHydro for carbon capture and sequestration (CCS) technology. Use of CCS technology will help in decreasing greenhouse gas emission. CCS is an approach to moderate global warming by capturing carbon dioxide from large point sources and storing it instead of releasing it into the atmosphere. ONGC is also likely to ink some other pacts with the Norwegian company comprising one on technology transfer and fields development. ONGC recently got its third clean development mechanism project reported with the United Nations Framework Convention for Climate Change. The project flare gas recovery project at Uran plant involved decreasing gas flaring from ONGC''s Uran plant and qualified for a CDM project under fuel substitution category.

Under the CDM, an industrialised country with a greenhouse gas reduction target can invest in a project in a developing country without a target and claim credit for the emissions that the project achieves. Thus, the mechanism opens up an excellent opportunity to the companies of the developing nations for earning revenues through mitigation of green houses gases. The reduction in green house gas emission got via a reported project is quantified as certified emission reduction, commonly known as carbon credits, which is a tradable commodity. The other two projects of ONGC that already been registered with UNFCC are waste heat recovery and using the recovered heat for heating oil at MS platform in Mumbai High and the upgradation of gas turbine 1 and gas turbine 2 at co-generation plant of Hazira gas processing complex.