Oil and Natural Gas Corporation (ONGC) is looking at acquisitions in order to have 10 gw of renewable energy capacity by 2040, according to its Chairman Subhash Kumar. 

“Renewable seems to be making lots of business since today, and we are looking at the possibility of inorganic investment in renewables,” Mr Kumar told an analysts’ conference on Saturday, after the company’s June quarter earnings. 

The country has set up an ambitious target to raise its renewable energy capacity to 450 gw by 2030 from the current 100 gw to cut dependence on thermal power generation and reduce pollution. 

ONGC, the country’s largest oil and gas explorer producer, has signed a memorandum of understanding (MoU) with the country’s top thermal power producer, NTPC, to study the setting up of offshore wind and other renewable energy projects in India and overseas. 

Mr Kumar also added that his company was looking to rope in foreign partners for exploring new areas, including its deepwater oil and gas block in the east coast to monetise the reserves quickly.

ONGC on Saturday reported net profit of nearly 800 per cent in the first quarter (Q1) of the current financial year (FY22) after more than doubling of oil prices compensated for a fall in production. Net profit in the April-June quarter of 2021-22 at Rs 4,335 crore was 772.20 per cent higher than Rs 497 crore in the Q1 of the previous financial year (FY21) when demand as well as price had plummeted due to Coronavirus-related lockdown. The company’s gross revenue rose by 77 per cent to Rs 23,022 crore in the quarter under review. 

The company got $65.59 for every barrel of crude oil that it produced and sold in the first quarter of 2021-22 as compared to a realisation of $28.87 per barrel in the April-June 2020 quarter.