Chevron (NYSE:CVX) confirmed that its wholly owned subsidiary, Chevron New Ventures, has entered into a memorandum of understanding (MOU) with India’s Oil and Natural Gas Corporation (ONGC) to assess the exploration potential across a number of basins in India, the company told Energy Voice.
India plans to pay about 200 billion rupees ($2.5 billion) to the state-run fuel retailers, such as Indian Oil, to partly compensate them for losses and keep a check on cooking gas prices, according to people familiar with the matter.
ExxonMobil (NYSE:XOM) and India’s Oil & Natural Gas Corporation (ONGC) have signed a heads of agreement covering deepwater exploration off the east and west coasts of India. The news bodes well for ONGC, which recently pledged to boost exploration investment by 150% to $4 billion.
Sustained high prices may accelerate downward pressures on Asian liquefied natural gas (LNG) demand, clouding long-term industry outlooks.
Ageing coal-fired power is increasingly replaced by renewable energy generation in the US and Europe. However, transitioning away from thermal coal will be complex and slow for Asian nations, particularly India and China, which make up 70% of global coal demand and face a steep rise in power demand.
JSW Group, one of India’s largest conglomerates, has announced plans to acquire Indian renewables company Mytrah Energy for $1.32 billion. This is hot on the heels of Shell completing its $1.55 billion acquisition of Indian renewable energy developer Sprng Energy from Actis Solenergi earlier this week.
Shell (LON:SHEL) has finalised its $1.55 billion acquisition of Indian renewable energy developer and operator Sprng Energy from Actis Solenergi. Significantly, the solar and wind power assets that Shell acquires through the deal will triple the oil and gas company’s renewable energy capacity in operation, it said on Tuesday.
AG&P aims to commission the Philippines' first liquefied natural gas (LNG) import terminal this December as part of the company’s strategy to operate five LNG regasification facilities across Asia by 2025.
India is planning to start a carbon trading market for major emitters in the energy, steel and cement industries, as part of its efforts to hasten the transition to cleaner fuels.
ONGC Videsh and Indian Oil Corp are in talks to acquire a stake in Tullow Oil Plc’s $3.4 billion project in Kenya, according to people with knowledge of the matter.
India’s state-backed Oil & Natural Gas Corporation (ONGC) and joint venture partner Greenko could invest up to $6.2 billion on Indian renewable energy and green hydrogen projects under the terms of an agreement signed this week, Press Trust of India (PTI) reported.
India is set to get more channels to buy cheap Russian oil, with a new wave of smaller, international traders muscling into its vast market by offering barrels shunned by rivals after the invasion of Ukraine.
An unprecedented energy crisis that’s gripping some of the most densely-populated and impoverished parts of South Asia may soon worsen as more fuel suppliers avoid selling oil to these nations.
Angola exported $11.8 billion worth of oil in the second quarter of the year, from 103.6 million barrels of oil.
The coal plus renewables energy transition led by Asia Pacific’s largest growth markets – China and India – is gathering speed. Significantly, it is a lot cheaper than the natural gas plus renewables path followed by the EU and US to lower emissions.
BP (LON:BP) and Reliance are expected to start commissioning of the MJ gas development in the KG D6 deepwater Block offshore eastern India later this year. The MJ field will have an annual average production capacity of 90 million barrels of oil equivalent per day (boed).
DNV is providing technical advice and support to Pipeline Infrastructure Limited (PIL) on the integration of blended hydrogen into its gas trunkline assets in India – including transmission pipelines, interconnects and spur lines, compressor, valve, as well as metering stations and equipment.
India announced new renewable energy goals last year to increase non-fossil power capacity to 500 GW and meet 50% of the country’s electricity needs through renewables by 2030. However, after including large hydro under the definition of renewables, the country is likely to achieve its 2022 target but may miss out on the solar specific target, and subsequently fall short of the 2030 target, says GlobalData, a data and analytics company.
Watch out Iraq and Saudi Arabia, Russia is making huge inroads into the Indian oil market and has quite possibly become the largest supplier to the giant Asian buyer.
Almost four months after Russia’s invasion of Ukraine, Russian crude oil, Urals, has seen a switch in flow from its traditional market of Europe to Asia. Since the start of the war, based on the average of March to May 2022, Indian imports of Urals crude have picked up by 658% compared to 2021 levels, while for China the increase is 205% and for Asia as a whole 347%, Rystad Energy research shows.
BP confirmed today that it picked up over 40% stake in the Asian Renewable Energy Hub project to produce and export green hydrogen in Australia. In addition, TotalEnergies and Adani announced yesterday an investment of $5 billion into the development of hydrogen and derivatives business in India.
French energy major TotalEnergies and Indian billionaire Gautam Adani’s conglomerate are partnering to fund billions of dollars worth of green hydrogen development in India as the world’s third-largest polluter seeks to decarbonise.
The government of India said it will offer 4GW of capacity on blocks offshore Tamil Nadu within the next three to four months.
Liquefied natural gas (LNG) buyers in Asia are already busy securing cargoes for winter, indicating that competition in a tight market may lead to a further jump in prices.
India's state-run gas utility GAIL is seeking a one million tonne per year (t/y) liquefied natural gas (LNG) import deal for ten years starting 2023 to help meet the country's expanding demand for cleaner fuels amid increasing energy consumption, said the company’s chairman Manoj Jain earlier this week.