Investments in thermal power generation are projected to double to ₹2.3 lakh crore by 2027-28, driven by rising energy demand and the need for base load power. Private sector participation is expected to increase significantly, contributing nearly a third of the total investment.
Nayara has been forced to scale back operations at its 400,000-barrel-per-day refinery for lack of sufficient fuel storage and vessel owners’ demand to end their contracts after it was hit by the EU’s latest sanctions.
Bangladesh is seeking foreign investment for offshore oil and gas exploration. The country aims to increase its domestic gas supply and lessen dependence on costly LNG imports. New production sharing contracts offer more attractive terms to international companies. This initiative targets 26 offshore blocks in the Bay of Bengal.
Indian oil companies face significant monthly losses on petrol, diesel, and LPG. This is due to selling fuels below international rates, which have risen sharply. While some fuel prices have increased, regular petrol and diesel prices remain unchanged. This situation is impacting the earnings of Indian Oil, HPCL, and BPCL, with their shares seeing a…
India’s Power Ministry has ordered imported coal-based power plants to run at full capacity for three months starting April 1. This directive aims to prevent electricity shortages during the summer. Peak power demand is projected to reach 270 Gigawatts. This measure ensures sufficient power supply to meet the anticipated surge in demand across the country.
Power Finance Corporation’s subsidiary PFC Consulting Ltd has established a new company, Latur REZ Transmission Ltd. This special purpose vehicle will oversee the development of a crucial Latur transmission project. Maharashtra State Electricity Transmission Company Ltd has appointed PFCCL as the Bid Process Coordinator. The SPV will prepare the project for a competitive bidding process.
Fuel prices may rise soon. Government sources indicate a potential increase in petrol and diesel rates. This comes as oil companies face mounting losses. Retail prices have been frozen for four years. Global crude oil prices have surged significantly. This situation puts pressure on state-owned oil firms. Consumers might see higher fuel costs in the…
Britain has imposed sanctions on 135 Russian shadow fleet oil tankers, targeting vessels used to evade restrictions and fund Moscow’s war in Ukraine. The move also includes sanctions on two firms linked to oil transport. The UK aims to curb Russia’s $24 billion oil trade since 2024 and tighten economic pressure as Russia continues its…
As India faces the ripple effects of the UAE’s departure from OPEC, it is imperative to prioritize energy resilience. While this shift may stir market unpredictability, India’s flourishing relationship with the UAE is a beacon of optimism. Our country is effectively navigating global energy hurdles, with a vision focused on durable solutions to ensure resilience.
ONGC plans to invest over Rs 4,600 crore in Andhra Pradesh’s Konaseema District for oil and gas development, including drilling wells and establishing processing facilities. The project requires environmental clearance, with the EAC requesting a biodiversity assessment and restoration plan. This initiative is expected to create direct and indirect employment opportunities.