Carbon capture, Carbon Credits, Carbon Offset, Clean Energy, Cleantech venture capital, Climate Change, Coal, India

StatoilHydro and ONGC cooperate (India)

February 9, 2008 (The Norway Post) –

 StatoilHydro and the Indian oil company ONGC have agreed to jointly explore the potential of developing Carbon Capture and Storage (CCS), and CDM (clean development mechanism) projects in India.

A memorandum of understanding has been signed by StatoilHydro’s Mrs Alexandra Bech Gjørv, Senior Vice President New Energy, and Mr Michel Myhre-Nielsen, CCS business development manager, and ONGC’s Mr A. K. Hazarika, Director, and Mr N. K. Mitra, Director.

The signing took place at a special event this week, organised by TERI (The Energy and Resources Institute) and the Norwegian Embassy prior to the Delhi Sustainable Development Summit (DSDS) in New Delhi.

Norway’s Prime Minister Jens Stoltenberg and Nobel Peace Prize winner Dr Rajendra Pachauri was also present at the signing.

“The agreement is an excellent start for developing environmental projects and technology transfers,” says Mrs Bech Gjoerv.

“India’s energy sector is growing fast and we’re excited to contribute with our CCS and CDM competence in the cooperation with ONGC,” she says.

The two companies have agreed to jointly screen possibilities for developing CCS and CDM projects within ONGC’s operations in India. The cooperation could result in CO2 emissions reduction projects as well as the promotion of energy efficiency and growing use of renewable energy under the mechanisms of the Kyoto Protocol.

ONGC is India’s premier oil and gas company. It has nearly 40,000 employees and operates both onshore and offshore.

The DSDS is an annual event that has matured into India’s most important gathering of international leaders concerned with global sustainable development.

This year’s conference attracted the prime ministers of India, Norway, Denmark and Finland, as well as numerous ministers and government officials from several countries.

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