India’s ONGC to Invest in Renewable Power Research

18 November 2010 (Last Updated November 18th, 2010 18:30)

India's Oil and Natural Gas Corporation (ONGC) will invest INR5bn ($109.4m) on research and development of non-conventional energy sources. ONGC chairman and managing director R S Sharma told the Business Standard that India has only 0.5% of the world's hydrocarbon reserves and will fin

India's Oil and Natural Gas Corporation (ONGC) will invest INR5bn ($109.4m) on research and development of non-conventional energy sources.

ONGC chairman and managing director R S Sharma told the Business Standard that India has only 0.5% of the world's hydrocarbon reserves and will find it difficult to meet its growing energy demand without utilising alternative and renewable sources.

The firm is currently engaged in tapping non-conventional energy sources like solar, thermal energy, LED (light emitting diode) and fuel cells that emit less carbon.

ONGC has also set up a 150MW wind power plant and has approved the development of another 100MW wind energy plant.