Archive for the ‘Commodity and Energy’ Category
Tuesday, July 1st, 2008 |
India held wide ranging bilateral talks with Iran and Colombia on the sidelines of the 19th World Petroleum Congress in Madrid, Spain today on further enhancing cooperation in various activities in the hydrocarbon value chain. In a meeting between Minister of Petroleum and Natural Gas and his Iranian counterpart Mr. GholamHossein Nozari, Iran conveyed its optimism on implementation of Iran-Pakistan-India (IPI) gas pipeline project citing the positive progress made by India and Pakistan in settling outstanding bilateral issues. Mr. Nozari said that Iran was open to considering India´s proposal to change the point of gas delivery from Iran-Pakistan border to Pakistan-India border.
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Tuesday, July 1st, 2008 |
India and Cuba have finalised India Cuba Hydrocarbon Agreement for cooperation in the oil and gas sector. This emerged at an hour long meeting between the Minister of Petroleum and Natural Gas and his counterpart from Cuba Ms Yadira Garcia Vera, Minister of Basic Industry, in the afternoon yesterday (evening India time) at Madrid (Spain) on the occasion of the 19th World Petroleum Congress. Recognising the need for such a mechanism for facilitating further cooperation between the two countries, the two sides agreed that Indian Petroleum Minister would visit Cuba for signing the agreement which could coincide with spudding of oil wells by ONGC Videsh in its exploration block in Cuba.
Minister of Petroleum and Natural Gas recalled the long standing friendly relations between the two nations and emphasised that the process to further cement ties should be carried forward in the backdrop of ventures finalised in recent years. OVL acquired interests in 9 exploration blocks in Cuba including 100% in two blocks. The Contracts for these blocks were signed in 2006. He expressed keen interest of the Indian companies to participate in both upstream and downstream projects in Cuba which have good potential to fructify.
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Friday, June 27th, 2008 |
Grid connected renewable power has been a major focus area in the Ministry of New & Renewable Energy. By the end of the tenth plan period, the installed capacity of renewable power was about 12400 MW. This constitutes about 8.8% of the installed capacity. Wind Power has made significant contribution to this achievement by installed capacity to the tune of 8760 MW. These activities have mainly shown results in the states of Tamil Nadu, Gujarat, Maharashtra, Andhra Pradesh, Karnataka and Rajasthan. Wind Electric Generators of unit sizes between 225 KW to 1.65 MW has been deployed across the country. India now ranks 4th in Wind Power Generation in the world after Germany, Spain and USA.
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Tuesday, June 24th, 2008 |
ONGC Tripura Power Co. Pvt. Ltd. (OTPC) has issued a Notice of Award to consortium of Bharat Heavy Electricals Ltd. (BHEL) and General Electric (GE), on 23rd June 2008 for setting up 726.6 MW capacity combined cycle gas turbine (CCGT) based power project in Palatana. This initiative of ONGC, the lead promoter of OTPC with 50% equity participation. The balance equity is being held by IL&FS and the Government of Tripura.
This 360X2 MW combined cycle gas turbine power plant is being developed by OTPC at Palatana in south Tripura. The generation project combined with linked transmission project and upstream gas supply project is slated to bring in investments of over Rs. 9,000 Crore, in the region.
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Sunday, June 22nd, 2008 |
A whopping amount of nearly Rs.1400 crore Per Annum is spent on Diesel for running Gen Sets by about 40,000 industrial units located in and around NCR belt to meet their production targets, according to The Associated Chambers of Commerce and Industry of India (ASSOCHAM). Roughly, a yearly consumption of 35 crore litre of diesel is estimated by these industrial units.
Failure to abstain from making use of Gen Sets in NCR belt by these industrial units would cause them fall short of supplies commitments to vendors by over 40% as power situation in it remain extremely erratic and disruptive, adds the Chamber’s assessment.
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Wednesday, June 18th, 2008 |
With the rising demand for power and the depleting energy resources for power generation, Renewable Energy Certificates (REC) are set to bring about a paradigm shift in the way the renewable based electricity would be promoted in future. This was amongst the main points deliberated at a workshop organized by The Energy and Resources Institute (TERI) on under the aegis of its ongoing project of designing a Renewable Energy Certificate (REC) system for India. The exercise, sponsored by Strategic Programme Fund of the Foreign & Commonwealth Office (FCO), British Government, is being carried out in partnership with the Maharashtra Electricity Regulatory Commission (MERC).
The stakeholder workshop on “Tradable Renewable Energy Certificates for Maharashtra” in association with the Renewable Energy and Energy Efficiency Partnership (REEEP) deliberated that RECs, a market-based instrument to promote renewable energy and facilitate renewable energy portfolio obligations, can make the renewable electricity market stable and predictable by maximizing the benefits of renewable generation while reducing costs. Besides, introduction of tradable REC could provide one additional source of revenue to the RES based power generators. Apart from this, perhaps these could also be used by those states, which do not have substantial RE resources, to meet their RPO.
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Saturday, June 14th, 2008 |
ONGC Videsh logs highest-ever oil & gas production overseas (up 11%) by an Indian E&P Company, Net Profit up 44%
ONGC Videsh Limited (OVL), the wholly-owned subsidiary of Oil and Natural Gas Corporation Ltd. (ONGC), has registered a production growth of 11%, up from 7.952 Million Tonnes (MMT) of oil and oil equivalent gas (MMTOE) in 2006-07 to 8.802 MMTOE in 2007-08. This records OVL’s highest ever oil & gas production from its overseas assets.
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Friday, June 13th, 2008 |
Expedite setting up of waste energy projects as there is potential of generating 2500 megawatt of power from urban, municipal and industrial wastes in large cities, besides metro in next 2-3 years to partly meet energy shortages, according to a Study brought out by ASSOCHAM .
The Study on `Mitigating Climate Change : The Indian Perspective’ indicates that about 40,000 million tonnes of solid wastes and 5000 million cubic metre of liquid waste is generated every year in the urban areas of the country which can be suitably recycled for power generation.
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Friday, June 6th, 2008 |
Unlike in the past, over 90% CEOs interviewed by the apex industry body- the ASSOCHAM on hike in petrol and diesel prices offered virtually no resistance but common man on street feels ignorant about exorbitant crude oil prices in international market is of view that increase in LPG cylinder price is on higher side. However, ASSOCHAM fully supports the government decision for raising prices of petroleum products in the interest of the country.
The survey named The Fall Out of Hike on Petroleum Product’s Prices in which 300 CEOs opinion was sought and views of 400 people from streets, were also sought, 270 CEO’s while said that government delayed price hike beyond a point. This resulted oil companies in downstream sectors to go into huge losses, they added.
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Friday, June 6th, 2008 |
Oil and Natural Gas Corporation Ltd. (ONGC) will supply 0.5 million cubic metres per day of Gas for a period of 15 years to the gas-based power station of North Eastern Electric Power Corporation Ltd. (NEEPCO) coming up at Monarchak at Tripura.
The agreement assumes significance as this is the first agreement to be signed by ONGC at market price in Tripura. NEEPCO plans to produce 104 MW of power by end 2010 from this combined cycle power plant.
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Friday, June 6th, 2008 |
Oil and Natural Gas Corporation Ltd. (ONGC) has entered into a contract with Reliance Industries Ltd. (RIL) to hire the latter’s Single Point Mooring (SPM) facility on Arabian Sea off Hazira coast in Gujarat.
This SPM will be used by ONGC to export the Naphtha produced by its Hazira Plant in Gujarat. ONGC is a major producer of Naphtha in India with its Hazira Plant producing around a million tonnes of Naphtha every year.
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