New Delhi : Public sector oil energy company ONGC has 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 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 & world at large, namely energy security and climate change.
It is a landmark event in the history of Indian Hydrocarbon Industry, with two its largest conglomerates agreeing to jointly work on Carbon Capture Utilization and Storage (CCUS). CCUS is known to be a very effective method of EOR globally and is playing an increasingly important role in achieving the mission of carboh neutrality. The idea of the MOU is to replicate the global success story in India.
The collaboration under this MoU focuses on development of CO2 Capture plant at IOCL’s Koyali Refinery with appropriate Carbon capture technology, development of businessmodel, increasing domestic oil production through CO2-EOR in Gandhar field and inclusion of this project as part of national emission curtailment measure aimed at supporting country’s low-carbon development goals.