Author: Admin

Oil prices rose on Monday due to U.S. military actions against Yemen’s Houthis and encouraging Chinese economic data. The U.S. continues its campaign against Houthi attacks on shipping, while China’s retail sales growth shows promise despite some economic challenges.

State-run oil companies in New Delhi have reported a decrease in diesel and jet fuel sales in March, while petrol sales increased. Diesel and jet fuel sales fell by 3.7% and 2.1% year on year, respectively. Additionally, compared to February, all four fuel types showed a decline in sales in March, with private players gaining market share.

“With GDP growth projections above 6 per cent annually, India’s energy demand will continue to soar, and the country will remain heavily reliant on fossil fuels, including oil, to meet its needs,” said the report.

Transformers and Rectifiers received orders worth Rs 726 crore from Gujarat Energy Transmission Corporation for the supply of auto transformers and bus reactors. The project is slated for completion within 18 months from the Letter of Intent issuance. The transaction is part of their regular business operations and not related party transactions.

Damodar Valley Corporation (DVC) unveiled a Rs 1,500 crore project to modernise power supply within its command area, primarily serving industries in West Bengal and Jharkhand. The initiative aims to establish a robust distribution network, incorporating advanced technologies like unmanned substations and automated systems, ensuring continuous quality power and reducing losses, with completion targeted within 18 months.

HRF accuses oil and gas companies, including ONGC, of negligence and poor safety protocols following a Hydrogen Sulphide leak in Andhra Pradesh. The leak affected several workers and a child, citing inadequate maintenance and weak regulatory enforcement. HRF stresses the need for gas detection systems to prevent future incidents.

JSW Energy has signed a PPA with WBSEDCL for a 1,600 MW thermal power plant in Salboni, West Bengal, slated for completion in five years. The plant will utilize domestic linkage coal. JSW Energy has also received a CoD certificate for Unit 2 of the Utkal power plant.

JSW Energy has signed a PPA with WBSEDCL for a 1,600 MW thermal power plant in Salboni, West Bengal, slated for completion in five years. The plant will utilize domestic linkage coal. JSW Energy has also received a CoD certificate for Unit 2 of the Utkal power plant.

India’s crude oil imports from Latin America and Africa increased slightly in February, as refiners sought alternative sources amid concerns over U.S. sanctions on Russia. Russian oil imports fell by 3%, leading to an increased share of oil from Africa and Latin America in India’s overall crude purchases.

Lok Sabha has passed the Oilfields (Regulation and Development) Amendment Bill, 2024, with the goal of enhancing India’s exploration sector by ensuring policy stability and enabling international arbitration. The bill, already approved by Rajya Sabha, aims to attract foreign explorers by providing longer leases and stable terms, addressing concerns over frequent policy changes that have deterred investments.