Confidence Petroleum’s subsidiary acquires over 75% stake in Sarju Impex
Confidence Petroleum India announced that its subsidiary – Futuristic Energetech has taken over 75% equity of Sarju Impex, situated at Dahej SEZ in the state of Gujarat. The unit is operational and is engaged in the activity of manufacturing of high pressure oxygen and CNG cylinders. The unit has the capacity to manufacture 1,80,000 high pressure oxygen and CNG cylinders per annum. The Board of Directors mentioned that using the expertise with cylinder manufacturing, we will ensure that the Company will push for further easing the supply crunch of oxygen cylinders in this time of distress. The acquisition is also a major step towards the integration plans within the CNG value chain and assist the CGD companies to expand their station network through cascades and ensuring availability of CNG cylinders for automobile vehicle. Ensuring green and clean fuel is within reach of every citizen.
OPINION: India’s energy data warehouse
We all have come across the expression “Data is the new oil”. Just like oil, unrefined data is not valuable in and of itself. Rather, the value is created when it is gathered completely and accurately, analysed with other relevant data, and done so in a timely manner. Although, unlike oil, data is infinitely renewable. Limitations in India India has five energy ministries (Department of Atomic Energy, Ministry of Power, Coal, Petroleum and Natural Gas, and Renewable Energy) and multiple energy-consuming sectoral ministries. No single organisation collects the energy data in a wholesome and integrated manner. For better planning, there needs to be a single place that collates all the energy data from all the different responsible ministries and departments. There is also a need for visualisation of the combined data from all the sectors, for better comprehension of policy and business decisions. Strong cross-ministerial coordination of all the energy ministries is required for this implementation. Strengthening the Energy Data Management Data helps us understand and shape the world around us. Publicly available official energy data is a crucial input to policy formulation, research, analytics and modelling, and business decisions. With this thought, India’s premier policy think tank, NITI Aayog, has taken several initiatives to provide robust and publicly available energy data. Eight subgroups have been formulated on the demand-side and supply-side in consultation with the ministries and think tanks to bridge the data gaps. The India Energy Dashboards Version 2.0 was launched on 12 April 2021. The Dashboards are the one-stop destination for the energy data of the country. It aims to be a pillar around which robust energy decisions are taken in India. Different ministries have detailed maps about the sectors of energy they engage in such as the National Power Portal, Online Coal Block Information System, India Online Exploration Database, etc. These maps are extensive in the area they cover. However, they fail to provide a holistic picture of the energy assets of the country. Geospatial Energy Map of India In 2017, NITI Aayog collaborated with ISRO to develop an integrated and dynamic Geographic Information System (GIS)-based Energy Map of India. These maps attempt to identify and locate all primary and secondary sources of energy and their transportation or transmission networks to provide a comprehensive view of energy production and distribution in India. Utility of Geospatial Energy Map of India GIS is closely linked to geography, cartography, and computer science. Using GIS allows easy record-keeping, improved communication and coordination among organisations, and improved decision-making. India’s per capita energy consumption is 0.36 times the global average. The goal is to ensure reliable energy access for all and accelerate the clean energy transition. India has set an ambitious target of 450 GW of renewable energy. GIS Energy Maps will be useful for infrastructure planning of energy assets including upcoming solar parks, wind parks, and biomass power plants. The visualisations will be utilised during inter-state and inter-sector coordination on infrastructure planning. The maps would prove helpful to identify at-risk or under-served populations within a community. Proper assessment of a community’s needs and existing energy assets will result in informed decisions. Electricity utility companies across Nigeria, Africa struggled with electricity theft. Enugu Electricity Distribution Company utilised GIS technology to tackle electricity theft. Similar applications in India’s electricity sector could be a practical solution to high AT&C losses. The government’s decision to open the coal sector for private sector participation in commercial coal mining was a major step in 2020. Using GIS, the organisations will be able to produce a least-cost path analysis for environment-friendly and cost-effective routes. GIS will help in determining the optimal path for coal transportation and the construction of oil and gas pipelines. The data in the maps will serve as investment guidance for private organisations in the energy sector of India. Features such as interactive and user-friendly map navigation, pre-defined data views, state-level energy data visualisation, and measure area/distance will prove advantageous to the users for effective planning. Another valuable use of GIS Energy Maps is disaster management and mitigation of possible energy disruption. GIS database with topology is beneficial in utility services in case of a power outage and service stoppages. It would prove beneficial to ensure the safety of energy assets due to harsh climatic conditions. Strong energy data is essential for preparing and strategising the energy security of the nation. GIS will help users to find answers to their questions and solve the problems by presenting data in simple visual ways.
Africa’s share in India’s oil imports hits 7-month high
Africa’s share in India’s oil imports surged to a seven-month high in April as refiners boosted purchases from small regional players such as Ghana and Congo on better economics and less competition from China, data obtained from sources showed. The share of African oil in India’s crude imports rose to 16.3% in April, the data showed. Overall, India’s oil imports in April declined 3.7% from the previous month as state-run Hindustan Petroleum Corp (HPCL.NS) did not receive oil for its Mumbai refinery, which was fully shut for revamp. Refiners shipped in about 4.2 million barrels per day (bpd) oil in April, a decline of about 8.7% from the same month last year. Compared to last year, Indian refiners cut intake of long-haul oil from Latin America, the United States and Canada, and raised imports from Kuwait. Higher purchases from Kuwait raised the share of Middle Eastern oil to about 67.9% in overall imports, the highest in nine months. India’s oil imports in May could decline as refiners cut crude runs towards the end of April after a second COVID-19 wave forced several states to impose mobility restrictions, hammering fuel demand and leading to larger stockpiles. Domestic sales of gasoline and diesel by state-run refiners plunged by a fifth in May from a month earlier, preliminary data showed. In April, Iraq continued to be the top oil supplier to India followed by Saudi Arabia and the United Arab Emirates. Kuwait improved its ranking by two notches to No. 4, replacing the United States which tumbled to No. 6. Nigeria continued to be the fifth biggest supplier to India. Higher imports of Middle Eastern and African oil raised the share of OPEC oil in India’s imports to a six-month high of about 77.5%.
OPEC to boost oil output as economies recover, prices rise
The OPEC oil cartel and allied producing countries plan to restore 2.1 million barrels per day of crude production, balancing fears that COVID-19 outbreaks in some countries will sap demand against surging energy needs in recovering economies. Energy ministers made the decision during an online meeting Tuesday. Saudi Energy Minister Prince Abdulaziz bin Salman said recent market developments proved the agreement to gradually increase production, made in April and reconfirmed Tuesday, was “the right decision.” There are still “clouds on the horizon” regarding the recovery and demand for energy, he said. The cartel decided to stay the course decided at earlier meetings to raise production by 2.1 million barrels per day from May to July. The group plans to add back 350,000 barrels per day in June and 440,000 barrels per day in July. Saudi Arabia is also gradually adding back 1 million barrels in voluntary cuts it made above and beyond its group commitment. The combined OPEC Plus grouping of members led by Saudi Arabia and non-members, chief among them Russia, is facing concerns renewed COVID-19 outbreaks in countries such as India, a major oil consumer, will hurt global demand and weigh on prices. Oil producing countries made drastic cuts to support prices during the worst of the pandemic slowdown in 2020 and must now judge how much additional oil the market needs as producers slowly add more production. But prices have recovered, closing at multi-year highs on Tuesday, and the recoveries in the US, Europe and Asia are expected to drive energy demand higher in the second half of the year as people travel more and use more fuel. The U.S. driving season began over Memorial Day weekend and increasing numbers of Americans have been vaccinated, leaving people feeling freer to travel and take longer trips by car. On Tuesday the price of benchmark U.S. crude rose 2% to $67.72 per barrel after jumping nearly 4%. Brent crude, the European standard, traded 2.7% higher at $71.17 but closed at $70.25 per barrel. The prices were the highest in two years for Brent crude and in nearly three years for U.S. crude. On Wednesday, oil prices rose modestly, with benchmark U.S. crude up 16 cents to $67.88 per barrel. Brent crude picked up 18 cents to $70.43 per barrel. An additional factor complicating market estimates is the possible return to the market of more Iranian oil, depending on the outcome of talks over Iran’s nuclear program. Paul Sheldon, chief geopolitical risk analyst at S&P Global Platts, said he expects a framework nuclear deal will be reached before Iran’s June 18 election, allowing Iranian supply to rise by 1.05 million barrels per day between May levels and December. Bin Salman said that the prospect of more Iranian oil coming to market was not discussed at the brief meeting, which he said lasted less than half an hour. Oil prices have risen more than 30% since the start of the year. That has meant higher costs for motorists in the U.S., where crude makes up about half the price of a gallon of gasoline. Holiday travelers paid the highest gas prices since 2014 at a national average of $3.03 per gallon, $1.12 more than last year. Prices in the western states were even higher; Californians paid $4.20 per gallon.
IAS officers Avinash Joshi, Niraj Verma among 10 in fray for ONGC top job
Senior bureaucrats Avinash Joshi and Niraj Verma are among the 10 candidates who are in the race to become Chairman and Managing Director of India’s largest oil and gas producer, ONGC. Mangalore Refinery and Petrochemicals Ltd (MRPL) director-finance Pomila Jaspal and ONGC director for technology and field services Om Prakash Singh are the other prominent names in fray for the top job, according to a candidate shortlist by the Public Enterprise Selection Board (PESB). PESB – the government headhunter – will hold interviews to select the new head of Oil and Natural Gas Corporation (ONGC) this week. Both the bureaucrats are from the 1994 batch of IAS officers belonging to the Assam-Meghalaya cadre. They both are principal secretaries in the government of Assam, according to details available from the Department of Personnel and Training (DoPT) website. While Joshi, who hails from Gujarat, is 53 years old, Verma is from Bihar and turns 52 next month. Others on the PESB shortlist are ONGC executive directors Sandeep Gupta, Pankaj Kumar and Omkar Nath Gyani, ONGC additional director general Anand Gupta, Security Printing and Minting Corp of India Ltd director-finance Ajay Agarwal and Container Corporation of India director-finance Manoj Kumar Dubey. PESB will hold interviews to select a replacement for Shashi Shanker who retired after attaining superannuating age of 60 years at March-end this year. While a replacement is often selected before the incumbent retires, PESB did not hold any interviews for almost seven months as its chairman wasn’t appointed. The government in April named Mallika Srinivasan, chairman and managing director of Tractors and Farm Equipment (TAFE) Ltd, as the new chairperson of PESB. She is the first person from the private sector to be appointed as the head of PESB. After Shanker retired, Subhash Kumar, director for finance and senior most director on ONGC board, was given the additional charge of chairman and managing director. Kumar, 59, will retire at the end of December 2021. Other directors on ONGC board either didn’t have the mandatory 2-years of tenure left or were barred by the job hopping rule. While Akla Mittal, director for human resources and Rajesh Kumar Srivastava, director for exploration, retire next year, Anurag Sharma, director for onshore was appointed to the job only in June last year.