Depleted oil resources will be used by ONGC and OIL for gas storage and carbon sequestration.

Carbon sequestration and natural gas storage in Oil & Natural Gas Corporation (ONGC) and Oil India Limited (OIL)'s depleted oil fields are being considered as part of a bigger drive to diversify operations, decarbonize, and move towards energy transition. According to ONGC CMD Arun Kumar Singh, the oil major's decarbonization strategy consists of three main elements: exploiting empty reservoirs for carbon sequestration and natural gas storage, lowering methane emissions to zero by 2030, and achieving zero gas flaring by that same year.

The Central Public Sector Enterprise (CPSE) is seeking to work with thermal power, cement and steel factories, and petrochemical companies where carbon can be absorbed, according to OIL Chairman and Managing Director (CMD) Dr. Ranjit Rath. He stated that numerous studies are being conducted to determine the viability of the project, pinpoint any gaps in the transportation, monitoring, and storage of carbon dioxide gathered, and to determine how best to monetize it as a source of income.

“We are looking at our depleted fields, abandoned wells and exploring using these fields for storing either carbon or gas. We have shortlisted five. Studies are underway to see how CO2 behaves when injected into these rock formations,” said Rath.