ONGC in talks with Gentari for joint venture in energy storage

livemint.com:

NEW DELHI : Oil and Natural Gas Corp. (ONGC) Ltd is in talks with global entities including Malaysia’s Gentari to form a joint venture in energy storage, chairman and chief executive Arun Kumar Singh said, as the energy giant makes strides in its energy-transition journey. ONGC would look at both battery storage and pump storage projects (PSP), Singh said in an interview.

Gentari is the green-energy arm of Malaysia-headquartered Petroliam Nasional Berhad (Petronas). “In energy storage, we are hoping for something big. It will be a JV (joint venture) model.

We are already in talks. We have been talking to them (Gentari). There are two-three more people (global entities)," he said.

ONGC has already mapped out a ₹1 trillion investment plan for energy transition till 2030. The ONGC chairman said in case energy storage is identified as a priority area for the company, the exploration and production major may drive the entire dedicated capital expenditure towards storage. “If we need to prioritize this segment, it may be complete ₹1 trillion for battery," Singh said.

Storage will be a key focus in ONGC’s energy transition plans, Singh said, pointing to the “infinite" opportunity in India in this space. Given the sector’s growth prospects and the state-run company’s large capital base, a capital-intensive sector like energy storage would be ideal for ONGC to invest in, he said. Queries emailed to a Gentari spokesperson remained unanswered till press time.