Reliance Industries, ONGC, and BP Exploration have formed a joint operating agreement to explore Block GS-OSHP-2022/2 in the Saurashtra Basin. ONGC will operate the block, awarded under the Hydrocarbon Exploration and Licensing Policy. The consortium aims to assess and develop the hydrocarbon potential of the 5,454 square kilometre offshore area.
State-owned oil companies have seen their daily losses reduce to under Rs 600 crore. This comes after four rounds of petrol and diesel price increases. Previously, losses stood at about Rs 1,000 crore daily. These figures include losses from domestic LPG sales. Fuel prices were frozen despite rising crude oil costs.
India’s rapid shift to E20 fuel, containing 20% ethanol, is causing unforeseen issues for car owners. Many vehicles, designed for E10 fuel, experience reduced mileage and engine problems due to E20’s corrosive properties. While the government touts economic and environmental benefits, consumers face unexpected maintenance costs and a lack of clear information about fuel compatibility.
It has been nine years since Digiconomist was first launched with the objective of “exposing the unintended consequences of digital trends.” For a big part of these nine years, the sustainability of digital assets such as Bitcoin has been a key focus of the research by Digiconomist. However, in 2022 and 2023 a new digital…
Russian crude oil shipments to India are projected to reach a three-year low in December, with deliveries anticipated around 1.1 million barrels daily. This dip follows increased US scrutiny on energy trade, impacting buyer confidence. However, a rebound is expected early next year as Reliance Industries resumes purchases, potentially boosting volumes.
The United States has ended sanctions waivers that allowed countries, including India, to buy Russian and Iranian oil without penalties, a move that could tighten global supplies and pressure Indian refiners. US Treasury Secretary Scott Bessent confirmed the decision, saying the temporary licenses for Russian and Iranian crude would not be renewed.
AI systems may now have a carbon footprint equivalent to that of New York City in 2025, while their water footprint could be in the range of the global annual consumption of bottled water. After previously estimating the global power demand of AI systems in 2023, 2024 and 2025, my latest research—published open access in…
Prime Minister Modi announced India’s commitment to energy independence through nuclear power reforms, opening the sector to private investment. With work underway on 10 new nuclear reactors, India aims to increase nuclear power generation capacity tenfold by 2047. The nation has already achieved its goal of sourcing 50% of its energy from clean sources ahead…
Bangladesh’s High Court has ordered the Adani Group not to move ahead with its planned international arbitration in Singapore over a payment dispute with the Bangladesh Power Development Board (BPDB) until an ongoing investigation into their power purchase agreement is completed.
India’s crude oil imports see a significant shift this May. Venezuela has become the third-largest supplier, surpassing Saudi Arabia and the US. This surge is due to Indian refiners, like Reliance Industries, buying more of Venezuela’s cost-effective, heavy crude. Overall imports are up, though still below pre-Iran war levels. Supplies from Saudi Arabia have decreased.