Energy Sector

Over 9.35 crore consumers sign up for LPG cash-subsidy scheme

Over 9.35 crore consumers sign up for LPG cash-subsidy schemeNew Delhi : More than 64 percent of 15.3 crore LPG consumers in the country have joined the ambitious PAHAL scheme to receive cash subsidy in their bank accounts so they can buy the cooking gas at market price.

"Over 9.35 crore LPG consumers have joined the scheme so far," Oil Minister Dharmendra Pradhan told reporters here.

Consumers joining the scheme, which was launched all over the country from January 1, has swelled from 24 per cent to 64 percent, making it the world's largest direct cash transfer scheme.

Cairn India Oct-Dec profit drops 53% to Rs 1,350 crore

Cairn IndiaNew Delhi: Cairn India on Thursday reported a 53 percent drop in its December quarter net profit, crimped by the slump in global oil prices and drop in production.

Net profit in October-December at Rs 1,350 crore, or Rs 10.72 per share, was 53 percent lower than Rs 2,884 crore, or Rs 16.86 a share, in the same period a year ago, Cairn said in a statement here.

Profits were down as the price of oil it realised fell 29 percent to USD 68.7 per barrel from USD 96.3 in third quarter of previous fiscal.

Revenue fell 30 percent to Rs 3,504 crore.

Cairn's showpiece Rajasthan field output was 4 percent lower at 178,400 barrels of oil per day.

Cabinet approves direct sale of bio-diesel

Bio DieselNew Delhi, Jan.17 - The Union Cabinet has given its approval for amending the Motor Spirit (MS) and High Speed Diesel (HSD) control order for Regulation of Supply, Distribution and Prevention of Malpractices dated 19.12.2005.

The amendment will now allow private bio-diesel manufacturers, their authorised dealers and joint ventures of oil marketing companies (OMCs) authorized by the Ministry of Petroleum and Natural Gas dealers and give marketing/ distribution functions to them for the limited purpose of supply of bio-diesel to consumers.

Oil prices rally loses steam in Asian trade

Oil pricesSingapore: Oil prices fell in Asia on Thursday after a bargain-buying rally the day before lost steam, with a pick-up in US inventories reinforcing reinforcing concerns about weak demand and a supply glut.

US benchmark West Texas Intermediate (WTI) for delivery in February fell 37 cents to USD 48.11 in late-morning trade and Brent crude for February fell 56 cents to USD 48.13.

Both contracts rose sharply yesterday -- WTI gained USD 2.59 and Brent advanced USD 2.10 -- as bargain hunters moved in after prices tumbled close to six-year lows.

Govt to exempt ONGC, OIL from fuel subsidy payment this fiscal

New Delhi - The government is likely to exempt ONGC and Oil India Ltd from payment of fuel subsidy during the rest of the fiscal due to steep decline in global oil rates to around USD 50 per barrel.

Upstream producers Oil and Natural Gas Corp (ONGC) and OIL made good nearly half of the revenue loss or under- recoveries that fuel retailers incurred on selling cooking fuel and diesel until recently at government controlled rates.

This subsidy contribution was by way of discount on crude oil they sold to the downstream firms and it was capped at USD 56 per barrel in 2013.

Oil hits fresh 5-1/2-year lows; Brent below $53

Singapore - Oil extended losses on Tuesday to touch fresh 5-1/2-year lows, following a 5 percent plunge in the previous session as a slew of bearish factors added to supply woes.

Worries about surplus oil supplies were fuelled by data showing output in Russia hit a post-Soviet-era high in 2014 and exports from Iraq, OPEC`s second-largest producer, were the highest since 1980. Jitters over political uncertainty in Greece drove investors out of risk assets globally to safe-haven bonds.

"It`s building on the recent bearish supply/demand outlook of oil, led originally by the OPEC meeting," said Mark Keenan, who heads Asia commodities research at Societe Generale.

Non-subsidized LPG price down by Rs. 43.50

Non-subsidized LPG price down by Rs. 43.50New Delhi, Jan 1 : The Government on Thursday slashed the price of non-subsidized cooking gas (LPG) by Rs 43.50 per cylinder and the price of jet fuel (ATF) by brought down by 12.5 percent as the international oil rates slumped to multi-year lows.

Currently, the subsidised LPG costs 417 rupees per 14.2-kg cylinder, while a market-priced refill costs 752 rupees in Delhi.

Along with, the Domestic LPG users will get 568 rupees in the bank account the moment they join the Direct Benefit Transfer Scheme for LPG, which has now been renamed PAHAL.

They will have to use this money to buy 14.2-kg refill at the market price.

Brent crude price drops below 63 dollars a barrel to go to lowest level since 2009

Brent crudeLondon, Dec 13 : The International Energy Agency (IEA) has said that the price of Brent crude dropped below 63 dollars a barrel, its lowest price since July 2009.

The IEA claims that the supply and demand would take a while to respond to sharp falls in oil prices, reported the BBC.

The price of Brent fell by 1.83 dollars to 61.85 dollars a barrel while U. S. crude was down from 2.14 dollars to 57.81 dollars a barrel, its weakest since May 2009.

The IEA also said that it was too soon to expect low oil prices to start constricting a U. S. supply boom.

Oil prices struggle after WTI sinks below $60

Singapore - Oil prices sank further in Asia on Friday, with analysts warning of little respite from the the selling after plunging more than 40 percent since June.

US benchmark West Texas Intermediate (WTI) for January deliver was down 86 cents at USD 59.09 in mid-morning trade. The contract closed below the psychological USD 60 mark for the first time since July 2009 yesterday. Brent crude was down 52 cents at USD 63.16.

"There just doesn't seem to be any relief for oil prices at the moment," Michael McCarthy, chief market strategist at CMC Markets in Sydney, told AFP.

Energy security is critical for India's economic development: PM Modi

Narendra ModiNew Delhi, Dec 11 : Asserting that energy security is critical for India's economic development and creating jobs for the youth, Prime Minister Narendra Modi on Thursday said Russia is a key partner in this area.

"I am pleased that the first unit of the Kudankulam Nuclear Power Plant is on stream. It has added 20 percent to the existing capacity for nuclear power in India. We are on course for installing the next three units of 1000 MW each," Prime Minister Modi said in his media statement during the official visit of Russian President Vladimir Putin to India.

RIL signs pact with Mexican firm for oil and gas hunt

New Delhi - Reliance Industries has signed an agreement with Mexican state-owned company, Petroleos Mexicanos (PEMEX) for cooperation in upstream oil and gas production as well as in refining business.

As per the Memorandum of Understanding (MoU) "RIL will cooperate with PEMEX for assessment of potential upstream oil and gas business opportunities in Mexico and jointly evaluate value added opportunities in international markets," a company statement said.

RIL and PEMEX will also share expertise and skills in the relevant areas of oil and gas industry, including for deep-water oil and gas exploration and production.

Govt. hikes excise duty on petrol, diesel

petrol, dieselNew Delhi, Dec 2 : The Centre on Tuesday announced the raising of excise duty of petrol and diesel by Rs 2.25 per litre and Rs 1 per litre respectively, effective from 12 midnight.

According to reports, the latest round of hike in excise duty has been affected to help the government generate funds for itself. However, this hike will not have an effect on consumers.

This move by the government comes close on the heels of the announcement of the slashing of petrol and diesel prices by 91 paise and 84 paise respectively, which came into effect from midnight on November 30. (ANI)

Oil prices plunge post Opec meeting

Oil pricesLondon, Nov 28 : Oil prices have plummeted after the Opec oil producers' cartel decided not to reduce output at its meeting in Vienna.

Opec's secretary general Abdallah Salem el-Badri said that the cartel would not try to shore up prices by decreasing production, reported the BBC.

The Opec members decided to maintain the oil production at 30 million barrels per day as agreed upon in December 2011.

Following the announcement, Bent crude hit its lowest since August 2010 and dipped below 72 dollars per barrel before settling at 72.82 dollars.

Govt may do away with LPG subsidy for rich: Arun Jaitley

New Delhi - Government is considering doing away with the LPG subsidy for the well-off, Finance Minister Arun Jaitley said on Friday.

"The next important decision India will have to take is whether people like me...(are) entitled to get our LPG subsidy," he said.

"I think the sooner we are able to take these decisions as to who is entitled to these subsidies, of course some people would be, the better it would be for our system. These decisions are all on our agenda," he added.

Currently, 12 cylinders are available to consumers at a subsidised rate of Rs 414 each (in Delhi). Any requirement beyond this will have to be purchased at the market price of Rs 880 per 14.2-kg cylinder.

Rising fuel prices have come down during NDA regime, claims Rajnath

Rising fuel prices have come down during NDA regime, claims RajnathBhaderwah (Jammu and Kashmir), Nov 19 : Union Home Minister Rajnath Singh on Wednesday said fuel prices kept rising under the previous UPA regime, whereas under the incumbent BJP-led NDA, they have fallen consistently.

Singh asked, "Isn't it true that there has hardly been any month which did not witness a hike in fuel prices during the previous government's rule? Isn't it true that for the first time, petrol and diesel prices are coming down every month after the new government came to power?"

He was addressing a rally here in the run-up of state assembly elections to be held from November 25 in five phases.

New LPG subsidy scheme begins in 54 districts

New Delhi - Beginning today, LPG consumers in 54 districts of 11 states will start getting cash subsidy so that they can buy the cooking fuel at market price.

The ambitious plan, launched by the previous UPA government in June 2013 but abruptly stopped earlier this year following court orders, has been modified to exclude the requirement of unique identification number (Aadhaar) for availing the cash subsidy.

"The Direct Benefit Transfer for LPG (DBTL) scheme was launched on June 1, 2013 and finally covered 291 districts. It required the consumer to mandatorily have an Aadhaar number for availing LPG subsidy.

Excise duty on petrol, diesel hiked

petrol dieselNew Delhi, Nov 13 : The BJP-led NDA government on Thursday hiked the excise duty on petrol and diesel by Rs. 1.50 per litre.

Excise duty on normal or unbranded petrol has been hiked from Rs 1.20 to Rs 2.70 per litre, while the excise duty on branded petrol has been hiked from Rs 2.35 to Rs 3.85 per litre .

Akash Jindal, a market expert, dubbed the government's move to be incorrect.

"The decision for increasing the excise duty on petrol and diesel was wrong. It will increase the inflation and the common man will suffer," he said. (ANI)

Natural gas will flow after Ukraine pays: Russia

GASMoscow: Russia will resume shipping natural gas to Ukraine after Kiev pays off its first debt installment for past supplies of gas next week, officials said on Friday.

Alexei Miller, chief of Russia's state-controlled Gazprom natural gas giant, made the statement hours after Russia, Ukraine and the European Union thrashed out a USD 4.6 billion deal that will guarantee Russian gas supplies to Ukraine and further on to the EU.

The deal eased fears that Europe will end up shivering this winter like it did in 2009, when a spat over Ukraine's gas bill prompted Russia to cut off energy supplies to Europe for nearly two weeks.

India ranks fourth in clean energy investment

Washington - India ranks fourth among 55 developing nations in clean energy investment, according to a new country-by-country study which is topped by China.

Released by Inter-American Development Bank, the results of the new study Climatescope 2014 suggest renewable technologies can be just as cost-competitive in emerging parts of the world as they are in richer nations.

The study offers the clearest picture yet of clean energy in 55 emerging markets in Africa, Asia and Latin America and the Caribbean.

Oil India seeks more hydrocarbon concessions globally

Singapore - India's second largest public sector company Oil India Limited (OIL) is seeking more hydrocarbon concessions across the globe, including Brazil and Mexico.

"We are aggressively looking for a lot of good property from where we can bring crude oil into India," Sunil Kumar Srivastava, chairman and managing director, said Tuesday.

"The government of India is very supportive of our overseas ventures. They are encouraging us to go global to help reduce energy import volumes," he said.

"The more oil and gas we bring into the country, it would help reduce the country's energy import bill," he said on the sideline of the Singapore International Energy Week.

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