BUSINESS
Oil to retain largest share of energy mix until 2045: OPEC
Share of oil in the energy mix will drop to 29 percent by 2045 from 31 percent in 2021, said Ayed S Al-Qahtani of OPEC.
WORLD
Annual global CO2 emissions will fall by 2 billion tonnes in 2030 on adoption of LiFE measures: IEA
LiFE measures would also save consumers globally around USD 440 billion in 2030, according to the IEA report.
BUSINESS
BPCL cautious on EU price cap on Russian oil products: Sukhmal Jain
Jain believes the worst is behind in terms of volatility in crude oil prices. He expects prices to hover in the range of $75 to $90 a barrel in the near future.
BUSINESS
MC Explains | What is IEW 2023? India’s first major event under G20 presidency
The event is focused on the country’s goal of energy transition and energy security, and achieving net-zero emissions goals by 2070.
BUSINESS
Budget 2023: State-run OMCs receive Rs 30,000 crore for capital support
The oil marketers had suffered cumulative losses of Rs 27,276 crore in the first half of FY23.
BUSINESS
Budget 2023: No word on reduction of cess on crude, removal of windfall tax
The cess reduction is expected to boost the revenue of crude oil exploration and production companies like ONGC and OIL.
BUSINESS
Union Budget 2023: FM allocates Rs 35,000 crore towards energy transition
Union Budget 2023: FM Sitharaman also highlighted that “green growth” will be one of the seven priority sectors of the Union Budget 2023.
BUSINESS
Economic Survey 2023 sees silver lining in imports as crude oil prices soften
Energy imports by India jumped in the nine months ended December 2022 as domestic demand remained high amid the global energy crisis.
BUSINESS
GAIL says supply from Gazprom to start soon
Gazprom had halted supplies of natural gas to GAIL since May 2022; as a result, the gas distributor had to cut supplies to clients.
BUSINESS
CGD firms to report lower margins in Q3 due to higher domestic gas prices: Analysts
Indraprastha Gas Limited, a leading city gas distribution firm, has already reported an 11% drop in net profit in the December quarter
BUSINESS
India should secure long-term natural gas pacts while prices are low: Deepesh Nanda of GE
Natural gas prices have fallen amid lower demand in Europe due to warmer-than-usual temperatures this winter, said Deepesh Nanda, CEO of GE Gas Power, South Asia.
BUSINESS
McLeod Russel gets board nod to debt settlement deal with Carbon Resources
Carbon Resources had picked up 5 percent stake in September last year from the open market in the Kolkata-based tea manufacturer.
BUSINESS
Budget 2023: Industry players expect announcements on carbon market, green hydrogen
With the recent approval of the National Green Hydrogen Mission, hopes are high for announcements in the segment.
BUSINESS
Natural gas prices would not rise like in 2022: Experts
Gas prices have fallen in recent months due to warmer-than-usual temperatures in Europe, and muted demand in China.
BUSINESS
RK Singh interview highlights | India is the brightest star in energy transition, says minister
Singh defended the National Thermal Power Corporation’s project at Joshimath. He noted that the project came up only in 2009, while the issues have been plaguing the region for many decades.
BUSINESS
Oil marketing PSUs may put up better Q3 show on lower marketing losses
As petrol marketing margins hover around Rs 10 per litre, LPG and diesel crack margins stay steady, the average oil price declines, and the currency stabilises, happy days may be here again for OMCs.
BUSINESS
India’s energy imports soar in April-December 2022, Russian crude imports stay high
Imports from Russia rose, due to discounted rates offered, from $6.58 billion from April to December 2021 to $32.88 billion in 2022.
BUSINESS
Why industry wants petro-products to come under GST?
BUSINESS
India front-runner in fighting climate change, says Hardeep Puri
The country is willing to innovate to keep its pledge of protecting the environment while simultaneously addressing the growing demand for energy, the minister said at Auto Expo 2023
BUSINESS
Russia expected to remain top crude oil supplier to India in medium term: Experts
Russia was the top exporter of crude oil to the country in December, shipping 1.17 million barrels per day in the month.
BUSINESS
State-run oil marketers seek Rs 50,000-crore damages on retail sale losses: Sources
Oil marketing companies expect the compensation on the grounds of price freeze in retail prices of petrol and diesel despite a steep rise in crude prices overseas
BUSINESS
India will contribute to 25% of global energy demand by 2040: Hardeep Singh Puri
The Union Minister of Petroleum and Natural Gas also reiterated the government’s plan to achieve 20 percent ethanol blending in petrol by 2025
BUSINESS
Unruly passengers | Indigo supports its staff, stand by them: CEO Pieter Elbers
The CEO said the airline takes pride in making sure that customers have hassle-free service but it is the job of the management to support its crew and staff
BUSINESS
KG basin to drive ONGC’s production growth in 2023, say analysts
The oil giant announced that its offshore drilling rig ‘Sagar Samrat’ was commissioned as a Mobile Offshore Production Unit (MOPU) on 23 December 2022.
