L&T Energy Hydrocarbon Offshore Wins ONGC EPCIC Order for Ratna‑I ADR‑I and NLM‑14

L&T Energy Hydrocarbon Offshore (LTEH Offshore) has secured a large offshore order from the Oil & Natural Gas Corporation (ONGC) for the Additional Development of Ratna–I (ADR I) and NLM-14 project off India's west coast.

The project involves engineering, procurement, construction, installation and commissioning (EPCIC) of three new well-head platforms, one riser platform, multiple segments of subsea pipelines and cables, and brownfield modifications to existing offshore installations.

The project is aimed at enhancing production and supporting the continued development of ONGC's offshore assets in the region.

LTEH Offshore is a leading provider of integrated EPCIC solutions for the offshore oil and gas industry. Supported by robust in-house engineering capabilities, world-class fabrication facilities and a dedicated fleet of marine vessels, it has successfully delivered complex shallow-water and deep-water developments across global markets.

Over the past four decades, LTEH Offshore has executed a wide range of projects, including fixed platforms, subsea pipelines and structures, brownfield upgrades, as well as decommissioning assignments.

Commenting on the order win, Parthasarathi Chatterjee, Senior Vice President & Head – L&T Energy Hydrocarbon Offshore, said: “The ADR-I and NLM-14 developments are significant additions to India's offshore energy infrastructure and demonstrate the continued investment in enhancing production from established offshore assets. These projects combine new offshore facilities with brownfield modifications in existing operating fields, calling for careful planning, engineering integration and precise execution. Drawing on our extensive offshore EPCIC experience, we look forward to delivering these developments safely and efficiently, while supporting ONGC’s long-term production objectives”.

Background:

Larsen & Toubro is a USD 32 billion Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing, Products and Services, operating across diverse domains and multiple geographies. With a strong impetus towards AI & technology, customer–focused approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business for eight decades.

ONGC and Reliance Sign Landmark Agreement to Share Deepwater Resources on India’s East Coast

ONGC and Reliance Industries Limited (Reliance) signed a path-breaking agreement on 27 January 2026 to enable resource sharing for deepwater offshore E&P operations on India’s East Coast, particularly across the Krishna Godavari (KG) basin and Andaman offshore, marking a major step towards cost optimization, faster execution, and improved asset utilization in complex deepwater projects.

This agreement is aligned with a forward-looking initiative facilitated by the Oilfields (Regulation and Development) Amendment Act, 2025 (ORDA Act 2025), introduced by the Ministry of Petroleum and Natural Gas (MoPNG), which creates a clear enabling framework for E&P operators to share infrastructure and facilities, both onland and offshore, for more efficient development of oilfields and production of hydrocarbons.

Key Resource Sharing Areas

• Onshore and offshore processing facilities
• Drilling rigs
• Marine vessels (MSV, Tugs, PSV)
• Power
• Pipelines
• Logging and well services

Expected Benefits

• Cost optimization through shared use of high-value rigs, vessels, logistics and specialized subsea equipment
• Improved resource utilization by reducing duplication and idle capacity across operators
• Faster mobilization and execution by improving access to the limited deepwater services available
• Stronger operational resilience and safety readiness through shared emergency response and training capabilities

The agreement reflects the Government of India’s emphasis on energy security through scaled domestic exploration and production, enabled by progressive regulation, streamlined infrastructure utilization, and industry collaboration.

About ONGC

ONGC is India’s premier integrated energy company and a Maharatna Central Public Sector Enterprise. As the country’s largest crude oil and natural gas producer, ONGC plays a pivotal role in strengthening India’s energy security through exploration, development and production of hydrocarbons across onshore and offshore basins.

About Reliance Industries Limited

Reliance Industries Limited (RIL) is India’s largest private sector company, with consolidated revenue of INR 10,71,174 crore (US$ 125.3 billion), cash profit of INR 1,46,917 crore (US$ 17.2 billion) and net profit of INR 81,309 crore (US$ 9.5 billion) for the year ended March 31, 2025.

Reliance’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, advanced materials and composites, renewables (solar and hydrogen), retail, digital services and media and entertainment.

Currently ranked 88th, Reliance is the largest private sector company from India to be featured in Fortune’s Global 500 list of 'World’s Largest Companies' for 2025. The company stands 45th in the Forbes Global 2000 rankings of 'World’s Largest Public Companies' for 2025, the highest among Indian companies.

Disclaimer

This Press Release is issued jointly by Reliance Industries Limited (RIL), and Oil and Natural Gas Corporation Limited (ONGC) on the signing of the Landmark Agreement to Share Deepwater Resources.

The information contained herein is for general informational purposes only and reflects highlights of the project as understood and communicated by the respective entities at the time of release.

This release does not constitute or form part of any offer or invitation to purchase or subscribe for any securities, nor should it be relied upon in connection with any investment decision.

Readers are advised to consult official communications and verified disclosures from the individual companies for any specific details, clarifications, or updates.
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ONGC Completes Baltal Pilgrim Facility Ahead of Amarnath Yatra; Petroleum Minister Puri to Formally Inaugurate the Mega Facility on Friday

Energy major Oil and Natural Gas Corporation Limited (ONGC) is developing Disaster Management and Yatri Niwas complexes at four key locations in Jammu & Kashmir, viz. Baltal, Nunwan, Bijbehara, and Sidhra, under its Corporate Social Responsibility (CSR) initiative. These assets will be operated by Shri Amarnath Ji Shrine Board under the Government of Jammu & Kashmir.

These facilities will provide safe lodging, sanitation, and emergency support to people undertaking Amarnath Yatra. Over five lakh people undertake this Yatra every year. This permanent infrastructure will also benefit the local population throughout the year.

The Baltal Yatri Niwas and Disaster Management Complex, spread across 6,315 square metres, is now fully operational and includes a Yatri Niwas, VIP guest house, security infrastructure, and disaster-response facilities. The Baltal facility will be formally inaugurated on 4 July 2025 by Hon'ble Union Minister Shri Hardeep Singh Puri and Hon'ble Lieutenant Governor Shri Manoj Sinha, in the presence of ONGC Chairman and CEO Shri Arun Kumar Singh.

Construction is progressing at Nunwan (8,500 sq. m) and Bijbehara (7,640 sq. m), with both sites expected to be completed by September 2025. The Sidhra complex in Jammu, designed to serve as a vital hub for boarding, emergency management, and logistical coordination, is targeted for completion by September 2026.

In 2024, ONGC also constructed permanent 100-bed hospitals at Baltal (Ganderbal) and Chandanwari (Anantnag), in collaboration with the Government of Jammu & Kashmir. These facilities, which include ICUs and staff accommodations, replacing the earlier temporary medical camps and now serve as year-round Primary Health Centres for yatris and local residents alike.

ONGC-led JV Resumes Production from Offshore PY-3 Field in Cauvery Basin

A Joint Venture of Oil and Natural Gas Corporation Limited (ONGC), Hardy Exploration & Production (India) Inc., and Invenire Petrodyne Limited has successfully commenced production from the PY-3 Field, located offshore in the Cauvery Basin on the east coast of India.

Originally brought on-stream in 1997, the PY-3 Field had been shut since July 2011. Since then, a multi-phase revised Field Development Plan (FDP) has been implemented to revive production.

Phase I of the revised FDP has now been completed. This included integrity assessment, conditioning, and activation of the subsea well PD3SA; installation of subsea infrastructure; and hook-up to the Floating Production, Storage, and Offloading (FPSO) vessel Svetah Venetia. The FPSO is being used to process and separate oil, gas, and water. The produced oil is stored on the FPSO and offloaded to shuttle tankers for transport to refineries.

Phase II of the FDP will involve the drilling of additional wells and the application of enhanced oil recovery (EOR) techniques to boost output from this prolific field, which yields light, sweet crude oil.

Hardy Exploration & Production (India) Inc., a company of the Invenire Energy Group, is the operator of the block with an effective 22.79% participating interest. ONGC holds a 50.63% effective participating interest, and Invenire Petrodyne Ltd. holds the remaining 26.58%.

In a joint statement, Mr. Manish Maheshwari, Chairman, Invenire Energy, and Mr. Arunangshu Sarkar, Director (Strategy & Corporate Affairs), ONGC, expressed their appreciation to the Ministry of Petroleum and Natural Gas (MoPNG) and the Directorate General of Hydrocarbons (DGH) for their support, guidance, and unwavering encouragement, which were instrumental in achieving this milestone. Mr. Maheshwari added that this marks a significant step in Invenire’s operational journey and reaffirms the JV’s commitment to contributing to India’s energy security.

About the JV Partners

ONGC

ONGC has discovered seven of India’s eight producing basins and holds the largest exploration acreage and mining license portfolio in the country. It has consistently maintained a Reserve Replenishment Ratio (2P) above one for the past decade and accounts for 63% of India’s oil and natural gas production. ONGC also oversees seven non-operated joint ventures, including RJ ON 90/1 and PY-3 fields.

Hardy Exploration & Production (India) Inc. (HEPI)

HEPI, a group company of Invenire Energy, first brought the PY-3 Field into production in 1997 using floating production facilities and subsea wellhead completions—an industry first in India. The recommencement of production after a 14-year shut-in marks yet another pioneering achievement.

Invenire Petrodyne Limited (IPL)

Formerly Tata Petrodyne Limited, IPL is the flagship company of Invenire Energy Group, with seven upstream oil and gas assets either in production or under development in India and Indonesia.

India’s First-Ever Offshore Oil Cleanup: A Big Step for Energy Safety

India has completed its first-ever offshore decommissioning project in the Tapti fields, marking a major milestone for the country's energy sector. The Panna-Mukta and Tapti (PMT) joint venture, consisting of Shell (BGEPIL), Reliance Industries, and ONGC, successfully executed the removal of offshore structures, infield pipelines, and the plugging and abandonment of 38 wells.

Offshore decommissioning is the process of safely dismantling and removing oil and gas infrastructure from the ocean once it reaches the end of its operational life. This includes plugging wells, removing platforms, pipelines, and other equipment, and restoring the seabed to minimize environmental impact.

The process is complex and requires careful planning, engineering expertise, and regulatory oversight to ensure safety and sustainability

This project in Tapti fields sets a benchmark for responsible decommissioning, aligning with India's "Make in India" vision while enhancing local capabilities.

The PMT JV, operator of the Tapti fields under a production sharing contract with the Government of India, comprises of ONGC with a 40% participating interest, and RIL and BG Exploration & Production India Ltd (BGEPIL-Shell) with 30% each.

Larsen & Toubro (L&T) handled offshore execution, while Chowgule Shipyard (CLSPL) managed onshore dismantling at its Ratnagiri facility.

The initiative also played a pioneering role in shaping India's regulatory framework for offshore decommissioning, developed in collaboration with the Ministry of Petroleum and Natural Gas (MoPNG), Directorate General of Hydrocarbons (DGH), and Oil Industry Safety Directorate (OISD).

Nipun Pradhan, Managing Director, BGEPIL and GM Shell Upstream India, said, “The safe and successful completion of the Tapti offshore project is a landmark moment for India’s offshore energy sector. This project sets a new benchmark for responsible decommissioning, made possible by global expertise, strong collaboration, and an unwavering commitment to safety and sustainability. Shell is proud to be part of this historic journey alongside our partners Reliance, ONGC, and the Government of India.”

“The safe and responsible offshore decommissioning by the PMT JV marks a significant step forward for India’s energy sector. From the outset, the JV partners worked tirelessly to strengthen local supply chains and enhance the technical and safety capabilities of Indian contractors especially for offshore dismantling activities. This project has successfully delivered on the Indian Government’s ambition of ‘Make and Break in India’,” said Sanjay Barman Roy, President, E&P, Reliance Industries Limited.

Pankaj Kumar, Director (Production), ONGC, remarked, “This first-of-its-kind large-scale offshore decommissioning underscores ONGC’s commitment to responsible energy practices. The project’s complexity, especially its proximity to ONGC’s live assets demanded strategic planning, precise execution, and utmost focus on safety. It marks a defining moment in India’s energy landscape and sets a strong foundation for the next chapter in offshore infrastructure transformation.”

ONGC NTPC Green Completes 100% Acquisition of Ayana Renewable Power

ONGC NTPC Green Private Limited (ONGPL), a 50:50 Joint Venture Company of NTPC Green Energy Limited and ONGC Green Limited, has completed the acquisition of 100% equity stake in Ayana Renewable Power Private Limited on 27th March 2025.

Ayana, a leading renewable energy platform, has capacity of approx. 4112 MW (2123 MW of operational and 1989 MW under-construction assets), strategically located across resource-rich states. Its portfolio is backed by high-credit-rated off-takers such as SECI, NTPC, GUVNL, and Indian Railways.

With this acquisition, the total operating capacity of #NTPCGreen Energy Limited reaches 5.9 GW, including its subsidiaries & JVs, as on date.

Ayana's assets are strategically located in resource-rich states and backed by high-credit-rated offtakers like SECI, NTPC, and Indian Railways, enhancing ONGC NTPC Green's market presence. 

Ayana's portfolio of 4,112 MW, including operational and under-construction assets, significantly boosts ONGC NTPC Green's renewable energy capacity. 

The acquisition aligns with NTPC Green's goal of reaching 60 GW of renewable energy capacity by 2032. 

Tata Power Renewables and ONGC Collaborate to Lead the Way in Battery Energy Storage System

Tata Power Renewable Energy Limited (TPREL), a subsidiary of The Tata Power Company Limited and a leading player in India’s renewable energy sector, has signed a non-binding Memorandum of Understanding (MoU) with Oil and Natural Gas Corporation Limited (ONGC), India’s premier energy company, to explore joint opportunities in the Battery Energy Storage System (BESS) and its value chain.

The MoU was signed at India Energy Week 2025 in the presence of Shri Hardeep Singh Puri, Hon’ble Union Minister of Petroleum and Natural Gas (MoPNG), Mr. Arun Kumar Singh, Chairman and CEO of ONGC, Mr. Deepesh Nanda, CEO & Managing Director of TPREL, and other dignitaries.

The collaboration aims to jointly explore and identify commercial opportunities across various segments of the BESS value chain, including utility-scale systems, grid stabilization services, renewable energy integration, microgrids, hybrid energy solutions, industrial and commercial storage solutions, backup power, electric vehicle (EV) charging infrastructure, and energy trading through ancillary services.

Commenting on the MoU, Mr. Deepesh Nanda, CEO & Managing Director, TPREL, said, “This partnership with ONGC marks a significant milestone in our journey to drive India’s energy transition. Battery Energy Storage Systems will play a crucial role in strengthening grid reliability, enabling greater renewable energy integration, and supporting India’s ambitious clean energy goals. Together, we aim to develop innovative storage solutions that will pave the way for a sustainable and resilient energy future”.

Mr. Arun Kumar Singh, Chairman and CEO, ONGC said, “As India transitions towards a sustainable energy future, ONGC remains steadfast in its commitment to advancing clean energy initiatives. This collaboration with Tata Power Renewable Energy Limited represents a strategic step towards strengthening energy storage capabilities, which are vital for grid stability and renewable energy adoption. By leveraging our collective expertise, we aim to contribute meaningfully to India’s energy transition and long-term energy security.”

This collaboration between Tata Power Renewable Energy Limited and ONGC underscores their shared commitment to promoting sustainable energy solutions and driving India’s energy transition. By exploring joint opportunities in the battery energy storage sector, both companies aim to contribute significantly to the country’s renewable energy targets and build a robust, future-ready energy ecosystem.

TPREL’s recent success in commissioning India’s largest Solar and Battery Energy Storage System (BESS) project—a 100 MW Solar PV plant with a 120 MWh Utility Scale BESS at Rajnandgaon, Chhattisgarh—demonstrates its technical expertise and leadership in pioneering large-scale Battery Energy Storage Systems. This milestone not only strengthens India’s green energy infrastructure but also sets a benchmark for future BESS projects in the country.

ONGC Selects BP Subsidiary as TSP for Enhancing Production from Mumbai High Field

The Oil and Natural Gas Corporation (ONGC) has announced that it has selected BP Exploration (Alpha) Ltd, a wholly-owned step-down subsidiary of BP Plc, as the Technical Service Provider (TSP) for its Mumbai High Field. This partnership aims to enhance production from one of India's largest oil and gas fields.

The Mumbai High Field has played a crucial role in India's energy sector, contributing significantly to the country's domestic oil production.

As of 2024, the field produces around 134,000 barrels of oil per day and 10 million cubic meters of gas per day. The field reached its peak production level of 20 million tonnes per year in 1998.

Key Points:

Objective: The TSP will review the field performance and identify improvements in reservoirs, facilities, and wells to boost production.

Role as TSP: BP Exploration (Alpha) Ltd will review the field performance and identify improvements in reservoirs, facilities, and wells to boost production.

Expected Increase: BP has indicated a substantial increase in oil and oil-equivalent gas production (up to 60%) from baseline production levels over a 10-year contract period. The partnership aims to increase crude oil production by 44% and gas output by 89% over a ten-year contract period.

Historical Context: The Mumbai High Field was discovered by ONGC in 1974 and started production in 1976.

Revenue Boost: The incremental production is expected to generate additional oil and gas revenue of up to $10.3 billion and contribute $5 billion to the government exchequer through royalties, cess, and other levies.

This collaboration is expected to significantly enhance India's domestic production and support the country's energy needs.

BP's India unit is a significant player in the country's energy sector, focusing on various aspects of the energy value chain. BP operates in the upstream sector, focusing on natural gas production.

BP operates in the upstream sector, focusing on natural gas production. The company aims to expand its retail network to 5,500 outlets by 2025 through its joint venture with RIL.

Besides, BP has also partnered with Lightsource to develop renewable energy projects in India, including the 60 MW solar farm at Wagdari, Maharashtra.

ONGC Forms JV with EverEnviro to Establish 10 Compressed Bio-Gas (CBG) Plants in India

Oil and Natural Gas Corporation (ONGC) and EverEnviro Resource Management have formed a 50/50 joint venture to establish 10 compressed biogas (CBG) plants across India. This initiative is part of a broader effort to promote clean energy and reduce the country's carbon footprint. This joint venture is a significant step towards enhancing domestic renewable energy production and reducing India's reliance on imported gas.

The collaboration aligns with the Government of India's initiatives like the Global Bio-Fuels Alliance and the ambitious goal of achieving Net Zero carbon emissions by 2070.

The CBG plants are expected to utilize various types of organic waste to produce biogas, which can be used as a renewable source of energy. By utilizing diverse feedstocks such as agricultural waste, agro-industrial waste, energy crops, and municipal solid waste (MSW), the partnership aims to mitigate approximately 7.5 lakh tons of CO2 equivalent annually.

This move is also emphasizes the transition to clean energy by utilizing agro-industrial waste and MSW. The CBG plants will contribute significantly to mitigating carbon emissions, and the fermented organic manure produced as a byproduct will promote regenerative agriculture, enhancing soil health and fertility.

This aligns with India's commitment to increase the share of natural gas in its energy mix and support the global transition to a low-carbon economy.

The collaboration between ONGC and EverEnviro is an excellent example of how public and private sectors can work together to foster sustainable development and energy security.

EverEnviro Resource Management Private Limited, established by EverSource Capital in 2019, is a leading developer in the Compressed Bio Gas (CBG) sector in India. EverSource Capital is known for being India's leading climate impact investor and is an equal joint venture between the Everstone Group and Europe's Lightsource Bp.

EverEnviro is at the forefront of climate solution businesses, focusing on technologies and businesses that can limit environmental damage and promote sustainability. They are involved in various projects, including waste to energy, construction and demolition waste management, renewable natural gas, and collection and transportation of municipal solid waste.

The company is committed to developing green and brownfield projects that produce a low carbon alternative to fossil fuel-based natural gas. With a significant capital investment, EverEnviro is executing about 20 CBG projects across different states in India, aiming for a robust output of CBG.

EverEnviro's capital initiatives reflect their vision to lead the world in circular and sustainable climate solutions, creating a brighter and cleaner future for all.

It may recalled that under the GOBARdhan initiative of the Union Government, there exist over 1200 plants including 320 CBG plants and 892 Biogas plants, spread across the length and breadth of the country, covering as many as 450 districts, as per the records by Unified Registration Portal for GOBARdhan, on July 2023.

Compressed biogas (CBG) holds significant importance as a renewable energy resource due to its multiple benefits. Firstly, it is produced from organic waste materials through anaerobic digestion, making it a sustainable and renewable source of energy. Secondly, by capturing methane from organic waste, CBG production helps mitigate greenhouse gas emissions that would otherwise be released into the atmosphere.

The compression of biogas increases its energy density, making it a more practical and efficient fuel source for various applications. CBG can be used directly to produce electricity and heat, as an energy source for cooking, and is fully compatible for use in natural gas vehicles.

Moreover, Biogas systems recycle organic waste into renewable energy and soil products, reducing the volume of waste and preventing nutrients from entering waterways. Thus, CBG production can turn waste treatment into a revenue-generating opportunity, create new revenue streams, and offer local jobs in construction, engineering, project management, and more

Moving manure from open lagoons to an airtight biogas system reduces GHG emissions and helps protect air, water, and soil. Biogas systems can produce renewable energy 24/7/365 with a high reliability rate, supporting distributed generation of energy.

CBG is a key component in the transition to a low-carbon economy, offering environmental, economic, and energy benefits while promoting sustainable development and energy security.

ONGC Results FY'24 – Posted Its Highest Ever Standalone Net Profit of 40,526 Crore and Declared Highest Ever Dividend

ONGC has recently reported remarkable financial outcomes for FY'24. The company has achieved highest-ever standalone net profit of ₹40,526 crore and consolidated net profit of ₹57,101 crore for FY'24 demonstrate their financial strength. The company's crude production also saw an increase of 2.4% in Q4 of FY'24. 

The Company registered a Profit After Tax (PAT) of Rs. 639 crore in FY'24, as against Rs. 1660 crore in FY'23 mainly due to higher impairment. The Board of Directors of the Company has recommended final dividend of Rs. 0.50 per share on fully paid equity share par value of Rs. 100 each, subject to approval by the shareholders. The total dividend amounts to Rs. 75 crore.

• Standalone net profit: ONGC declared a record standalone net profit of ₹40,526 crore.
• Consolidated net profit: The company also reported its highest ever consolidated net profit at ₹57,101 crore.
• Total dividend: The total dividend for FY'24 would be 245% (Rs 12.25 per share of face value Rs 5 each) with a total payout of Rs 15,411 crore. This includes interim dividend of 195% (Rs 9.75 per share) already paid during the year and final dividend of 50% (Rs 2.50 per share) recommended by the Board.
  
• Crude production: There was a 2.4% increase in crude oil production in Q4 FY'24 compared to the same quarter in the previous year.

ONGC has expanded its footprint beyond India. Their global presence allows them to explore and tap into hydrocarbon reserves in various regions, contributing to their overall. ONGC's overseas arm, ONGC Videsh Ltd. registered production of oil and gas of 10.518 MMTOE in FY'24, as compared to 10.171 MMTOE in FY'23 which is 3.4% incremental growth compared to the previous year. This positive performance was driven by strong contributions from five operated/ jointly operated assets, namely MECL & CPO-5 in Colombia, GPOC & SPOC in South Sudan, and Sancristobal in Venezuela despite natural decline, geopolitical tensions, and local issues.

These figures reflect ONGC's strong financial performance and growth in the oil and gas sector. The increase in crude production is particularly notable as it contributes to the company's profitability and indicates a positive outlook for future production capabilities.

ONGC plays a vital role in the energy sector, contributing to approximately 70% of India's domestic production and fulfilling around 60% of the country's total energy requirements.

Moreover, ONGC boasts a skilled and experienced workforce. Their technical expertise and dedication drive the company's exploration, production, and refining activities.

In summary, ONGC's success can be attributed to a combination of market leadership, skilled workforce, global reach, financial stability, innovation, and a visionary approach.

ONGC and Norway's Equinor Plan Mega Project for Carbon Capture and Storage of 1.5 Mn Tonne of CO2

India's Largest Crude Oil and Natural Gas Corporation limited company — Oil and Natural Gas Corp (ONGC) is planning a mega carbon capture and storage (CCS) project, which would help capture 1.5 million tonnes of carbon dioxide annually from several emitting industries and store it permanently deep under the seabed off the coast of Gujarat, said a report by Economic Times, citing an executive from ONGC.

According to the report, ONGC will  collaborate with Norway's Equinor, for this project. Equinor is a multinational energy company, which was founded primarily as a  petroleum company and the Norwegian Government is the biggest shareholder in the company. 

The viability of the planned mega project depends on the cost of carbon capture. Notably, a previous study by ONGC had projected a cost of more than $1 billion for building a carbon capture and storage project with a capacity of 0.5 million tonnes of CO² per year.

The planned project, which has been presented to India's policy think tank - Niti Aayog, comprises carbon capture at multiple industrial sites including steel, oil, cement, and power facilities, as well as its evacuation by pipelines to onshore intermediate storage, and further transport via pipeline or ships to a final storage site in the sea, said the report citing the executive who didn't want to be named. The project would take three years to build after the details are finalised. 

The project details which are yet to be worked out include the carbon collection sources and the location of the sink where the captured CO² will be deposited, as well as the funding of the project. 

In a separate report at the same time, its reported that ONGC has signed an MoU with the US based global petroleum giant Shell, for cooperation in Carbon Capture, Utilization and Storage (CCUS) studies.

ONGC already has a dedicated Carbon Management & Sustainability Group (CM&SG) with a specific mandate to position ONGC as the leading organisation in sustainable development (SD) and to voluntarily take up carbon management strategy to synergise all business activities with sustainable development, particularly to address issues related to climate change risks and opportunities arising from carbon mitigation initiatives. 

Enterprise Tech Startup Syook Raises $1 Million From IPV and ONGC in Series A

Syook Founders

• Syook is an enterprise technology startup, helping companies digitize their operations
• This is IPV’s second round of investment in Syook.
• IPV announces Syook as its 27th deal for 2021; likely to invest Rs. 155 crore this year across 60 plus startups
• IPV has so far invested Rs. 242 Cr across 87 deals

24th Aug 2021, Delhi: Bengaluru based enterprise tech startup Syook has raised $1 million from Inflection point ventures and ONGC in a Series A round. Syook helps large enterprise companies with their digital transformation journey in operations across the supply chain using their modular, no-code-IOT platform. The Company works with giants like Hindustan Unilever, Reckitt Benckiser, FIAT and the Tata group as some of its customers.

After establishing initial product market fit with some leading customers, the company is seeing strong traction outside of India. Funds raised in this round will be used to pursue growth in the international markets especially in the middle east and south east Asia.

A significant part of the funds will also be used to enhance and scale up the engineering team.

Vinay Bansal, Founder & CEO, Inflection Point Ventures says, “Syook has been working relentlessly for the last 2 years to drive impact of real time location analytics to its customers. We have been watching them grow as they entered a high growth trajectory by signing some of the most respected brands in India as their customers and partners. This fast growth needs patient capital and more support to realize its ambition to go international. Given the pipeline visibility, we believe in the team to back them by investing again in the company.”

Commenting on the investment, the Startup Team at ONGC said "We are supporting startups that have an application in the Oil and Gas sector. We are really happy with the safety, productivity and compliance gains that Syook provides at customer locations. This has a lot of applications both in the upstream and downstream of the energy sector."

Arjun Nagarajan, Co-Founder and CEO of Syook said, “The pandemic has put the limelight on digital transformation. Organizations around the world are looking at tech solutions to remain competitive. We have seen 2X growth in the revenues of the entire last financial year into our order book in just the first 3 months of this FY. We are also growing outside India, especially in the Middle East and South-East Asia."

Aman Agarwal, Co-Founder and CTO and the resident tech geek at Syook said “Ours is a modular, configurable no code platform that provides operational efficiency and gains from day one. It's really easy to deploy and we start seeing an ROI immediately.”

Syook’s enterprise operating system for operations efficiency helps enhance the competitive advantage of organizations. This operating system is built on the top of the company’s proprietary RTLS (Real Time Location System) platform. The platform offers a modular and configurable (no-code) platform for improving the operational efficiency across sectors. This platform can be configured in just a few hours to address losses related to productivity, safety and compliance at the work place. Few key sectors where the platform is being used are Oil and Gas, Manufacturing, Auto and healthcare.

Prior to Syook, the founding trio – Saurabh Sharma, Aman Agarwal and Arjun Nagarajan spent about a decade each, working in oilfield operations in different parts of the world. Inspired by the ‘Make in India’ movement, they returned to Bangalore about 5 years ago to build Syook to solve for operational inefficiency. Starting with a small pilot at one factory in North India, today Syook is partnering with leading companies in the tech space including Microsoft, Accenture, Siemens and Bosch as they help customers on their digital transformation journey.

In today’s connected world, digital transformation has become inevitable for all the businesses, expected the industry to grow from the current $400bn to about $1tn by 2025. Syook’s mission is to help its customers on their digital transformation journey by providing avant-garde solutions for operations excellence.

About Syook

Syook is an enterprise tech startup in the Industrial IOT (Internet of Things) space. Syook’s modular and configurable no code platform helps companies supercharge their operational efficiency. The cloud agnostic platform is used by leading companies in India and the world and helps customers improve safety, productivity and compliance across sectors. The platform is being used in manufacturing, logistics, auto and the Oil and Gas sector.

About Inflection Point Ventures

Inflection Point Ventures is an angel investing platform with over 4000 CXOs, HNIs and Professionals to together invest in startups. The firm supports new-age entrepreneurs by providing them monetary & experiential capital and connecting them with a diverse group of investors. IPV, started in 2018 believes that ‘Everyone can Grow with Startups’ as it plans to invest INR 155 Cr in 2021 across 60 startups.

ONGC Launches Rs 100 Cr Startup Fund to Ignite New Ideas

Oil and Natural Gas Corporation Limited (ONGC) has launched a Rs 100 crore Start-up fund on its Diamond Jubilee year to foster, nurture and incubate new ideas related to oil and gas sector. The initiative, christened as ‘ONGC Start-up’, is in line with the Govt. of India’s initiative ‘Start-up India’.

As part of this initiative, ONGC will provide the entire support chain for start-ups including seed capital, hand-holding, mentoring, market linkage and follow-ups. The aim of ‘ONGC Start-up’ is to increase the contribution of fresh implementable ideas in the oil and gas sector. ONGC is setting up a dedicated website to take this initiative forward.

After launching this initiative on 14 August 2016 at Dehradun, ONGC CMD Mr. Dinesh K Sarraf, said that this initiative will promote entrepreneurship among the younger Indians by creating an ecosystem that is conducive for growth of Start-ups in the oil & gas sector, which has a huge potential for technology-enabled ideas.

He added that the Oil & Gas sector is contributing enormously to the growth of economy. Currently, the sector faces various critical challenges and new ideas are required to mitigate those challenges.

To encourage its own employees to innovate, ONGC is also giving away awards to its three young officers for their innovative ideas. Rajendra Bhambhu and Deepak Naik have developed an innovative Safety Device for rigs that facilitates setting up of emergency brake to augment safety mechanism on drilling rigs. Prajesh Chopra has innovated a unique Dual SIM Cellular Router System that provides Data Connectivity at Work-over Rigs. This system curtails the hassle of frequent dismantling and reinstallation during rig transportation, thus saving time and money.

According to data released by the Department of Industrial Policy and Promotion (DIPP), the petroleum and natural gas sector attracted FDI worth $6.67 billion between April 2000 and March 2016. The oil and gas sector is among the six core industries in India and accounts for 5.5% of the total global trade. The country’s gas production is expected to touch 90 billion Cubic Metres (BCM) in 2040 from 35 BCM in 2013.

In March 2016, ONGC Videsh Ltd (OVL), the foreign arm of ONGC, planned to acquire up to 15% stake in CSJC Vankorneft, which owns Russia’s second-largest oil and gas field.