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Prefeasibility for a second offshore wind farm in India-I: Should the oil & gas industry look for such a project?
Mar 13: The clean energy narrative continues to change contours every now and then.
8Till sometime ago, a diversification away from dirty fuels to clearer energy was stated to be an imperative for the oil & gas industry but on account of rising demand for fossil fuels, higher oil prices and the ascent of President Trump, the green drive has been put on the backburner.
8Eventually however, for oil & gas companies, given the compulsions of global warming and the determined effort towards decarbonization, there must always be a lookout for greener assets.
8In this context, the website had argued earlier that for large Indian oil & gas companies, exploring the possibility of setting up offshore wind projects seems like a good entry point for some of them. Some of our companies such as RIL and ONGC operate in and around potential sites for offshore wind power assets. The deployment challenges are also similar for oil & gas as well as offshore wind assets.
8The investment size is large and so is the green windfall.
8The website carries here a complete pre-feasibility report for the second offshore wind farm that is being planned to be set up in India.
8But the report claims that there are many uncertainties still in building such wind farms in India.
8Estimating the levelised cost of energy (LCOE) of an offshore wind farm as well as related economic metrics such as net present value (NPV) or internal rate of return (IRR) can be a challenge due to the range of technical and economic factors in play and their associated uncertainties.
8The conclusion however is that these are early days for offshore wind projects in India and most of the uncertainties are likely to sort out eventually.
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