Green Credits
ONGC is collaborating with Norway's StatoilHydro on carbon management projects WHILE MOST OIL companies avoid speaking of climate change, India's ONGC has taken the issue head on. The oil and gas giant has signed an agreement with Norway's StatoilHydro to explore carbon capture and sequestration (CCS), clean development mechanism (CDM) and other carbon management projects. StatoilHydro, which runs one of the largest CCS projects in the world, will help ONGC's facilities suck C02 out of the atmosphere and pump it underground for storage. This reduces excessive levels of the gas in the atmosphere and lowers the risks of abrupt climate change. But for oil companies, there is an added benefit of pumping C02 underground, as it is also Recovery or EOR acts on the same principle, but uses C02 to extract hard-to-reach oil. By trapping C02 underground, ONGC will also earn revenues by selling carbon credits through the CDM. These credits can be sold to companies that have been unable to take their own C02 emissions below legally permissible limits.
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