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A bold move from ONGC, a state-owned Indian oil and gas company, as well as the Asia’s largest oil exploration and production company, on their plan to invest up to USD110.5 million of fund for research and development of renewable energy sources during a summit held by Confederation of Indian Industry (CII).

cool-fun-coolest-top-best-new-latest-high-technology-electronic-gadgets-gifts-idea-ONGC-LogoThe Oil and Natural Gas Corporation (ONGC) obtains 77 percent share of the Indian oil production market and 81 percent share in the natural gas production sector. ONGC besides actively involved in exploration of oil and natural gas in several parts of India, also has high value stakes in oil and gas fields in several countries, including Iran, Vietnam and Sudan. Meanwhile, ONGC also involved in partnership with a Russian firm to bid for rights to explore the Arctic for hydrocarbon reserves.

ONGC investment in R&D is somehow related to increasing of international oil pricing in recent years, and it was a public knowledge that India’s lower domestic oil prices was mainly owe to heavy subsidy by India government. Recent changes international oil prices has driven India government  loosen its grip on pricing mechanism and allowed the ONGC to set a higher domestic prices base on international oil prices.

cool-fun-coolest-top-best-new-latest-high-technology-electronic-gadgets-gifts-idea-Conergy-Solar-Farm

On the other hand, with the launch of National Action Plans on Climate Change, and several financial incentives being announced, state-owned companies, private companies and foreign investors eagerly to start their pouring in millions of investment funds in the renewable energy programs.

One of the project is the 20,000 MW solar power generation capacity, and India government has been offering highly attractive financial incentives like tax breaks and duty exemptions for setting up solar energy plants. India government is overwhelmed by submitted bids for solar power projects under the first phase of the 20,000MW project.

cool-fun-coolest-top-best-new-latest-high-technology-electronic-gadgets-gifts-idea-solar-farm-india-anantapurAnother option for alternative energy sources is the wind energy technology, and Suzlon Energy, as the Asia’s largest wind energy company is likely to gain favorable position for more affordable type of wind energy project.

Seems like China, United States, India are keeping up their efforts in the green energy race, when your country be the next? Love to hear from you!

[ Source: Solar Energy Demestified ; TeluguFlavours ; Climate Challenge India ; CleanTechnica ; Business Standard ; Suzlon Energy ; ONGC India ]


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