The acquisition marks the first operational portfolio acquisition by AGEL. The company had earlier announced the execution of definitive agreements for the acquisition of Essel portfolio on August 29, 2019.
Gasoline sales by state retailers recovered to their level before the coronavirus pandemic for the first time since March, when India imposed curbs to contain it.
Hydroelectric power generation company SJVN submitted a bid for the entire capacity, according to sources close to the development. The tariff quoted by SJVN was Rs 2.73 per unit.
"The project is expected to generate 252 MU (millions of units) in the 1st year and the project cumulative energy generation over a period of 25 years would be about 6300 MU," the company said
"The main evidentiary hearing of Cairn's claim under the (UK-India Bilateral Investment) Treaty took place in August 2018 in The Hague with a final hearing in December 2018. All formal hearings and submissions have now been made and the tribunal is in the process of drafting its award," the firm said.
Oil India Limited held its 61st Annual General Body meeting virtually. In his address to the shareholders, the CMD described financial year 2019-20 as a challenging one with weak global economic growth, resulting in weaker demands across sectors.
The approval to Bharat PetroResources Ltd (BPRL), the oil and gas exploration and production subsidiary of BPCL, investing its share of the USD 24 billion cost of developing the gas fields in the Rovuma Area-1 Offshore Block came with a noting that the CBI will continue to look into alleged irregularities, sources with direct knowledge of the development said.
Speaking at a conference on the 'Energy Security Towards Atmanirbhar Bharat', Oil Minister Dharmendra Pradhan said India is now importing crude oil from over 30 countries, including from Africa, North and South Americas as well as Southeast Asia.
Power demand on several days of September was higher than that a year ago, data available with grid operator Power System Operation Corporation (Posoco) showed.
During 2019-20, total sales volume grew 9 per cent over the previous year with CNG recording 8.4 per cent growth in volumes and PNG recording volume growth of 12 per cent.
The government is targeting that sale of its 53.29% stake in BPCL in this fiscal year ending March 2021.
The notification for amendments to the Central Motor Vehicles Rules 1989, for inclusion of H-CNG as an automotive fuel has been published, the minister tweeted.
Speaking at a virtual event organised by the tourism ministry on the occasion of 'World Tourism Day 2020', Pradhan, Minister of petroleum and natural gas, and steel, said the project's aim will be to turn such sites of tourist importance into completely green energy driven areas.
The power producer has envisaged consumption of five million tonnes of pellets in the current year at its 17 its power plants including NTPC Korba, NTPC Farakka, NTPC Dadri, NTPC Kudgi, NTPC Sipat, and NTPC Rihand.
The construction work of three units of stage-I of the project was delayed due to "contractual, execution and timeline issues" with Russian firm Technoprom Export which was supposed to develop them, while two units of stage-II (2x660 MW) of Barh STPP have already been commissioned and are presently under operation, an official said.
In September 2008, BPCL and Videocon Industries had formed a 50:50 joint venture to acquire a Brazilian oil exploration firm for USD 283 million. The two firms formed an incorporated joint venture IBV Brasil Petroleo Limitada to acquire Encana Brasil Petroleo Limitada from Canadian gas producers EnCana.
Southern India power plants and NRS consumers, who are importing coal at present, have been approached based on the logic that MCL's coal is quite comparable with imported coal as per Gross Calorific Value land cost analysis, the Coal India (CIL) arm said in a report.
"Niti Aayog has been working on a #StateEnergyIndex that is set to foster healthy competition in the states' energy #DISCOM space. The index would not only allow for better formulation & implementation of strategies for continuous improvement & management of resources,"Niti Aayog Vice-Chairman Rajiv Kumar said in a tweet.
The state has been upgrading its power infrastructure, especially in the aftermath of cyclone Amphan, and adopting renewable energy, he said.
It will be a win-win situation for both organizations with NRL gaining a dedicated market while NALCO ensuring raw material security for itself.
Price of natural gas produced from domestic fields that were handed over to ONGC and Oil India Ltd. have fallen to the lowest in a decade and are below the imported price of the fuel.
In the national capital, diesel price fell by 18 paisa per litre to Rs 71.10 a litre down from Rs 71.28 per litre on Thursday. The petrol price remained static at Rs 81.06 a litre.
Indian Oil Corp is looking to import 30,000 tonnes of gasoline for Oct. 10-11 arrival at Chennai and Kochi through a tender closing on Sept. 29.
The sixth and seventh licensing rounds, which ran between December and July, attracted no explorer as the pandemic clouded prospects for the oil sector, restricted mobility, and kept oil company executives busy with their operational challenges.
Liquid fuels such as petrol and diesel will continue to play a dominant role in the country in the next two decades despite a creeping increase in the use of electric vehicles (EVs) and cleaner fuels like gas. "You see the pie is also increasing. While we see EVs growing, the oil will remain a dominant fuel," Shrikant Madhav Vaidya said.
While there is consumer and government pressure across the world to reduce the use of plastics, processors in Asia are building or planning petrochemical plants with demand for transport fuels set to ease in the years ahead.
GAIL supplies about 60 million standard cubic meters of gas through its northwestern pipeline grid to customers in the states of Gujarat, Uttar Pradesh, Madhya Pradesh, Rajasthan and Goa.
There is a strong correlation between economic activity and electricity consumption. A healthy uptick in power consumption in a non-drought year points to robust manufacturing and business activities.
Although the company will double its manufacturing capacity by the end of the year, domestic manufacturing of solar equipment will not be able to compete with Chinese imports unless these incentives are provided to help manufacturers establish plants, Tata Power Renewable Energy's President Ashish Khanna told ET.
India's Oil and Natural Gas Corp said a fire which broke out at its Hazira gas processing plant in Gujarat on Thursday morning has been brought under control.
The near-absence of new producing fields and slow efforts at enhancing recovery from ageing fields have weighed on the country's oil production for years. With a big dip in private sector fields lately, the overall output contraction appears to be sharper this financial year at 6.1%.
A tripartite Memorandum of Understanding was entered into by NRL with Paradip Port Trust and Dredging Corporation of India for reclamation of the 200 acres of land allotted to NRL for setting up its Crude Oil import terminal at Paradip Port.
EESL executive vice chairman Saurabh Kumar said, “Rajat Sud has considerable experience in the energy sector and his exhaustive domain knowledge and vision will enable EESL in setting new benchmarks in the energy efficiency space. I look forward to working closely with him to drive transformative energy efficiency programmes.”
It bought crude oil at an average price of $19 per barrel to fill its reserves in April and May when prices reached an all-time low while the US oil touched negative price levels in futures market.
GE Power India in a regulatory filing to BSE said that it is examining the implications of its parent General Electric Company's decision. "The company will continue to focus its efforts on maintaining its business in India aligned with local market dynamics," the filing said.
The project envisages raising the capacity of the Vadodara refinery in Gujarat from 13.7 million tonnes per annum to 18 million tonnes and building a 0.5 million tonnes a year polypropylene (PP) plant and a 2,35,000 tonne a year Lube Oil Base Stock (LOBS) unit.
NTPC Ltd on Tuesday said it seeks to set up manufacturing industrial parks within its power plants at Solapur in Maharashtra, Kudi in Karnataka and Gadwara in Madhya Pradesh.
Currently, hydrogen does not form a plan of India's renewable energy future plans. The government's stated capacity target of 175 GW by 2022 lists 100 GW from solar, 60 GW from wind, 10 GW from biofuels, and 5 GW from hydro-based projects.
"Taking advantage of the low crude oil prices in the international market, India purchased 16.71 million barrels (mbbl) of crude in April-May, 2020 and filled all the three Strategic Petroleum Reserves created at Visakhapatnam, Mangalore, and Padur," Pradhan said in a written reply to a question in Rajya Sabha.
FRV had been in discussion with various power producers, investors such as Hero Future Energies, EverSource and Edelweiss to sell India assets, which did not fructify.
Finance Minister Nirmala Sitharaman in May this year had announced a Rs 90,000 crore liquidity infusion into cash-strapped discoms for clearing their outstanding dues till March 2020. Now, the government is in the process of enhancing this package to Rs 1.2 lakh crore factoring in discoms outstanding dues till June this year. Some states had urged the central government to hike this liquidity package by factoring in outstanding dues of April and May as well.
US-based philanthropic organisation Rockefeller Foundation, which collaborated with Tata Power for this project, said it is using experience, knowledge and proven success to date in India, to help lead the development of large-scale, innovative partnerships.
The government is selling its entire 52.98 per cent stake in India's second largest fuel retailer and third biggest oil refiner. Preliminary expressions of interest or EoIs are due on September 30, which will be followed by qualified bidders being asked to submit financial or price bids.
Fitch Solutions said demand weakness is spread across the board, with both consumer and industrial fuels set for steep decline. With a nationwide lockdown in place over March to May, domestic demand plummeted, reaching its nadir in April at 48.7 per cent year-on-year contraction for total fuels consumption.
In its audit findings CAG said that no network plan was found available in the records or on the website of the central transmission utlitiy, Power Grid Corp.
In its latest assessment, Centre for Science and Environment (CSE) said a large number of coal-fired power plants in India continue to be "lax" and "laid back" when it comes to getting ready to meet the deadline. In 2015, the Union Ministry of Environment, Forest and Climate Change (MoEFCC) had notified emission norms for four pollutants in the coal-based thermal power sector.
Raising the issue during Zero hour, TG Venkatesh (BJP) said more than Rs 1 lakh crore has been invested in these projects.
The US remains a critical partner for India in meeting the development aspirations of 1.3 billion people, India's ambassador to the US Taranjit Singh Sandhu said.