ONGC gets UN nod for 4th Clean Development Mechanism project and revenue of Rs 7.7 million
Oil and Natural Gas Corporation Ltd. (ONGC) has secured United Nations registration for its 4th Clean Development Mechanism (CDM) project. ONGC is expected to earn a Green Revenue of Rs. 7.7 million for this Project, thanks to the Certified Emission Reduction (CER) points that would accrue for the next 10 years.
The United Nations Framework Convention on Climate Change (UNFCCC) registered the Oil major’s project on 16th May, 2008 and communicated it on 19th May. The project - Flare Gas Recovery Project at ONGC’s Gas Processing Complex at Hazira - involves reducing gas flaring from the Hazira processing plant and qualifies for a CDM project under the fuel substitution category, developed under the UNFCCC methodology AM0037.
The project entails installation of a tail gas recovery system that recycles all the tail gases (sourced from control valves, pressure safety valves, fuel gas purge points, seal purge gas released from compressors and expanders and vessels) - which were hitherto led to the flare system - to put them back to the system to recover the valuable hydrocarbons and therefore reduce flaring to zero.
The expected annual accruable Certified Emission Reduction (CER) is 8793 for a sustained period of 10 years, equivalent to an annual earnings of around Rs 7.7 million of Green Revenue; these days, 1 CER draws 16 Euro on a conservative basis.
You must be logged in to post a comment.