ONGC inks deal with IOC to set up LNG plant near Hatta gas field in Madhya Pradesh
Jun 22, 2024
New Delhi [India], June 22 : State-run Oil and Natural Gas Corporation (ONGC) and Indian Oil Corporation Limited (IOCL) have formalised a partnership to set up a state-of-the-art small-scale Liquefied Natural Gas (LNG) plant near the Hatta Gas Field in the Vindhyan Basin, Madhya Pradesh.
The Hatta LNG plant is poised to transform the energy dynamics of the Vindhyan Basin, elevating it from a Category II to a Category I Basin, indicative of its enhanced resource potential and economic importance, ONGC said.
Utilizing cutting-edge technology, the Hatta LNG plant will produce LNG, which is recognized as a cleaner alternative to traditional fossil fuels.
The adoption of LNG is a crucial step in reducing carbon emissions, contributing substantially to India's climate change mitigation efforts and commitment to a greener future.
The discovery at the Hatta Gas Field is the result of five decades of relentless exploration efforts by ONGC.
In alignment with this discovery, ONGC has submitted its Field Development Plan (FDP) to the Directorate General of Hydrocarbons (DGH), aiming to monetize the gas assets in the Hatta region effectively.
The non-binding MoU between ONGC and IOCL signed on June 17 for the establishment of a technology demonstration small-scale LNG plant at Hatta symbolizes a forward-looking approach to energy production.
The partnership between ONGC and IOCL stands as a testament to their shared commitment to a future where energy production is balanced with environmental stewardship.
ONGC in a statement said that this initiative is not just about energy production but is also a significant leap towards achieving the national objective of reducing carbon footprints and ensuring a sustainable future.
The establishment of the LNG plant near the Hatta Gas Field is a strategic move that aligns with India's broader goals of energy security, economic growth, and environmental sustainability.
