Oil Companies Moot Daily Fuel Pricing
State oil company executives met the Oil and Petroleum Minister to propose daily fuel pricing according to international standards.
Inadequate gas hits power plants
The share of gas-based power in total generation plunged to 4 per cent in fiscal 2016 compared with 12 per cent in 2011, because of inadequate domestic supply and unviable LNG prices.
ONGC acquires 80% of GSPC‘s K-G field
ONGC has announced its decision to acquire the entire 80 per cent stake in interest of Gujarat State Petroleum Corporation Ltd’s (GSPC) block in the Krishna- Godavari basin at US$995.26 million.
Cabinet approves part-acquisition of Russian fields
The Cabinet Committee on Economic Affairs has given approval to an Indian Consortium comprising Oil India Limited (OIL), Indian Oil Corporation Limited (IOCL) and Bharat Petro Resources Limited (BPRL) to acquire a 23.9 percent stake in JSC Vankorneft and 29.9 percent stake in LLC Taas-Yuryakh from Russia’s national oil company, the Rosneft,.
Output Cut is a Temporary Reprieve
OPEC has agreed to reduce current production levels in the first such move since the 2008 global financial crisis. The deal marks a major reversal of the “free-for-all” market-share strategy that Saudi Arabia and other Gulf Arab states have adopted in recent years as they sought to drive down prices and undermine US shale producers.
Renewables Cannot Replace Fossil Fuels Anytime Soon
Germany is currently moving towards capping wind and solar installation as it is realizing some of the problems associated with over-dependence on a volatile, undependable energy source.
World Bank gives Rs 2,500 crore loan to Andhra Pradesh
The World Bank has agreed to provide around Rs 2,500 crore loan to Andhra Pradesh for enhancing efficiency in the power sector
Government conditionally frees ONGC, OIL from paying fuel subsidy
The government has exempted oil producers ONGC and Oil India from payment of fuel subsidy if the global oil prices average up to $ 60 a barrel, but will pay a graded rate beyond this threshold
Not correct to expect India to shift from coal: India tells UN
India has told a high-level energy meeting at the UN that it will not be fair to expect it to move away from coal to meet energy requirements of millions of Indians.
Coal Auction for Commercial Mining Likely This Fiscal
The government on May 22 said it is likely to auction coal blocks for commercial mining this financial year and is working out details for the same