CCUS is known to be a very effective method of EOR globally and is playing an increasingly important role in achieving the mission of carbon neutrality
Oil and Natural Gas Corporation shares rallied nearly 4 percent intraday on July 2 after signing a memorandum of understanding with IOC for CO2 based enhanced oil recovery (EOR) by injecting CO2 captured from IOC's Koyali refinery.
"The MOU is aimed to establish a framework for mutually beneficial cooperation in the area of CO2-EOR as a mode of CCUS. The common objective is to address some of the biggest challenges of our country in particular and the world at large, namely, energy security and climate change," the state-owned oil and gas exploration company said in its BSE filing.
CCUS is known to be a very effective method of EOR globally and is playing an increasingly important role in achieving the mission of carbon neutrality.
"The project will add a new dimension towards the national vision of CCUS and will infuse a new life to the depleted matured oil fields of ONGC. The success of CCUS in India will not only increase domestic oil production but also cater to address India's Nationally Determined Contributions of reducing the emission intensity of GDP by 33-35 percent by 2030 as per Paris agreement," ONGC said.
The stock was quoting at Rs 165.55, up Rs 4.50, or 2.79 percent on the BSE at 1509 hours IST.India Union Budget 2019: What does Finance Minister Nirmala Sitharaman have up her sleeve? Click here for top and latest Budget news, views and analyses.
