ONGC to earn Rs.7.7 mn in green revenue annually

May 24th, 2008 - 11:24 pm ICT by admin  


Mumbai, May 24 (IANS) The Oil and Natural Gas Corporation (ONGC) Ltd has bagged the United Nations (UN) registration for its fourth Clean Development Mechanism (CDM) project, which will help the company annually earn Rs.7.7 million over the next 10 years. The UN Framework Convention on Climate Change (UNFCCC) registered ONGC’s project May 16. The project, ONGC’s Flare Gas Recovery Project from its gas-processing complex at Hazira, involved reducing gas flaring from the plant and qualifies for a CDN project under UNFCCC regulations, according to a statement released here Saturday.

The project entails installation of a tail gas recovery system that recycles all the tail gases, which were until now led to the flare system, and put them back to the system to recover the valuable hydrocarbons and reduce flaring to nil.

The expected annual accruable Certified Emission Reduction (CER) points is 8,793 for a sustained period of 10 years, or equal to an annual earning of around Rs.7.7 million of green revenue. At present, on conservative estimates, 1 CER earns 16 euros.

The ONGC is the only public sector undertaking in India with four of its CDM projects registered under UNFCCC. The total annual accruable CERs in the ONGC’s kitty now stands at 1.20 million.

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