OIL signs MoU with Houston univ to augment reserves base
Oil India Limited (OIL) has signed an MoU with the University of Houston in a bid to augment its reserves base and maximise recovery from its ageing oilfields. The MoU was inked on Tuesday in the presence of Petroleum and Natural Gas Minister Dharmendra Pradhan. The MoU was signed by Utpal Bora, CMD, OIL, and University of Houston (UH), represented by Chancellor and President Renu Khator. Terming the MoU as historic, Pradhan said this will go a long way for the pilot study of CO2 capture technology application in Assam oil fields. “Innovation, institutional hand-holding and scientific temperament is the way ahead for oil and gas sector’s growth,” Pradhan said. “If there is (a) good strategy, innovative technology and willpower, a good ecosystem can be formed that will help in more oil recovery from the oilfields,” Pradhan said. The major focus of the MoU is collaboration in the areas of improved oil recovery and enhanced oil recovery (EOR) for augmenting the production from matured fields, improvement in drilling and well intervention practices, seismic interpretation and reservoir characterisation studies, and unconventional hydrocarbon studies. “I hope that the benefits of this partnership between these two institutions would trickle down to the Indian E&P sector and help increase our domestic production of oil and gas, thereby strengthening India’s energy mix and securing India’s energy needs to fuel the desired economic growth in the medium to long term,” Pradhan said. It is believed that this collaboration will help OIL to further consolidate and upgrade the various initiatives the company has undertaken to improve production and contribute significantly to the energy security of the country. This will also contribute towards national obligation set by Prime Minister Modi to reduce import dependency of oil and gas by 10 per cent by 2022. “OIL is also in talks with NRG (NRG Energy Inc.), a leading power company in the US and world leader in de-carbonisation, who along with its partners completed construction on the world’s largest post-combustion carbon capture system on-budget and on-schedule for using it for EOR project,” OIL spokesperson said. “NRG can help OIL to assess CO2 availability from the nearby industry sources and support as well as advise viability of Carbon Capture and Sequestration pilot project,” the spokesperson said. Robert Griffin III Womens Jersey
Dharmendra Pradhan meets US energy secretary, discusses LNG deal
Minister of State for Petroleum and Natural Gas Dharmendra Pradhan has discussed with new Energy Secretary Rick Perry the possibility of importing LNG from the US and Indian investment in the energy sector there. Pradhan met Perry during an unscheduled trip to the US Capitol and discussed energy cooperation between India and the US, Indian investment in Liquefied natural gas (LNG) and Shale sectors, and the possibility of the US exporting LNG to India from early next year. Perry said co-operation between India and the US in the energy sector is in mutual interest as India’s energy need is set to see a rapid increase as the economy expands. Pradhan arrived in Washington DC from Houston, a city located near the Gulf of Mexico, where he attended the influential CERAWeek energy conference and launched the new Hydrocarbon Exploration and Licensing Policy (HELP). On the sidelines of the conference, Pradhan had bilateral meetings with counterparts from Russia, Sri Lanka, Canada and Saudi Arabia. The Saudi Energy Minister Khalid Al-Falih is expected to visit India soon. Pradhan also met the CEO of state-owned Abu Dhabi National Oil Company; Bob Dudley, CEO of British Petroleum; and International Energy Agency Executive Director Fatih Birol. In Washington, Perry, who took over the department last week, strongly pushed for a Houston visit of Prime Minister Narendra Modi later this year. He said Modi’s meeting with the strong energy community in Houston could add a new dimension to bilateral ties. Dates of Modi’s US visit is still being worked out. Pradhan, who invited Perry to India for the next round of India-US Energy Dialogue later this year, said he would convey his message to the prime minister. Pradhan said the US energy secretary believes energy is the next frontier for India-US relationship. On Tuesday, the Union minister met Texas Governor Greg Abbott, who appreciated the Indian-American community and said that he is planning to lead a trade delegation to India soon. During the visit, Oil India signed a MoU with Houston University to work on CO2 injection technology to enhance production in Assam. Pradhan started his US tour from Boston, where he interacted with students and faculty members of MIT, Harvard Kennedy School and Fletcher School of Law & Diplomacy at Tufts University. At MIT, he also met former US Energy Secretary Prof Ernest Muniz. Both in Boston and Houston, Pradhan met members from the Indian community, including scientists of Indian origin. Eric Hosmer Womens Jersey
Price of solar power may fall further in FY18
Solar power generation costs are set to dip further during third and fourth quarter of 2017-18, helped by expected softening of interest rates and a drop in solar panel prices due to a supply glut in the international market, analysts say. Solar power costs had hit a low of Rs 3.30 per unit last month, which is equal to average generation tariffs of NTPC, which produces bulk of its power from coal. NTPC’s lowest cost of generation from one of its old plant is around Rs 1.80 per unit, but on an average solar power prices are expected to become significantly lower than thermal power as solar generation prices fall further. “Interest rates are expected to soften this year thus bringing down cost of generation of solar power plants. This would thus bring down generation tariffs further from the new low achieved in February,” said Sabyasachi Majumdar, senior vice president at ICRA Ratings. In February, solar tariffs in the country touched a low of Rs 2.97 per unit for the first year of generation and an average tariff of Rs 3.30 per unit at a bidding for solar plants at Rewa in Madhya Pradesh. According to analysts, interest rates may fall by at least 25 basis points this year. “Solar module prices are expected to continue declining in 2017 as global supply continues to exceed demand,” said Vinay Rustagi, managing director at Bridge to India. “As the largest supplier and installer of solar modules, China will continue to drive global pricing. Many leading global solar panel suppliers have seen their share prices fall by 30-50% in the last year,” he said. “The second quarter is typically the year’s busiest period in China so we expect to see some hardening in prices in Q2, followed by a steep decline in third and fourth quarters,” Rustagi said. He said India’s demand for solar panels is expected to be 20% lower than in 2016. The country is expected install 28 GW of generation capacity in 2017, down from a record 34 GW in 2016. He said demand for solar panels has been falling in Japan and Europe while the rooftop solar market in the US seemed to be losing steam as tussles with state utilities continue. “This means that even with lower pricing and rapid demand growth in developing countries such as India, global demand is expected to be nearly stagnant in 2017 at about 75 GW even as capacity continues to go up. Several large suppliers have announced significant expansions and we estimate year end global manufacturing capacity at over 100 GW,” Rustagi said. Morgan Moses Jersey