Oil Demand In India Is Expected To Reach Around 11 Million Barrels Per Day By 2045 As Compared To 2021: Rameswar Teli
The Minister of State for Petroleum and Natural Gas, Rameswar Teli in a composed answer to an inquiry in the Rajya Sabha today said that the World Oil Outlook 2021, leader distribution by Organization of Petroleum Exporting Countries (OPEC), has projected that the oil interest in India is relied upon to stretch around 11 million barrels each day by 2045 when contrasted with roughly 4.9 million barrels each day in 2021. Government is finding different ways to accommodate the country’s energy security including Tamil Nadu, through, entomb alia, expanding homegrown creation of oil and gas in all States of India, enhancing import sources to new nations and areas; and broadening energy sources past customary hydrocarbons’ to arising energizes like Ethanol, Compressed Bio Gas, Hydrogen and so forth through plans like Ethanol Blending Program (EBP), Sustainable Alternative Towards Affordable Transportation (SATAT) and so on. Additionally, Government has been taking up the issue, respectively with raw petroleum delivering nations with OPEC and with heads of other global fora to pass India’s not to be neglected worries on over unrefined petroleum value instability, and India’s solid inclination for capable and sensible evaluating for buyer nations.
12% of India’s Petrol Pumps Are in Uttar Pradesh Alone: Union Govt
Poll-bound Uttar Pradesh (UP) has more than 12% of the country’s 81,099 petrol pumps, while there is not a single petrol pump in Lakshadweep, reveals data shared by the Union government in the Rajya Sabha. In a written reply, Rameswar Teli, minister of state in the ministry of petroleum and natural gas, says, “As on 1 January 2022, there were 81,099 numbers of retail outlets (ROs) of public sector and private sector oil marketing companies (OMCs).” As per the data shared by the minister, UP has 9,942 petrol pumps operational as of 1 January 2022. Maharashtra comes a distant second place with 7,468 petrol pumps and is followed by Tamil Nadu (6651), Rajasthan (5871) and Karnataka with 5,784 operational petrol pumps. Goa, the other election-bound state, has just 126 petrol pumps. Among the Union territories (UTs), Jammu & Kashmir has the maximum number of petrol pumps at 575. Puducherry comes at a distant second with 174 petrol pumps, while all other UTs have petrol pumps in two digits. Dr Fauzia Khan, a member of Parliament (MP) from Maharashtra, had asked for information about the total number of petrol pumps, total expenditure incurred in advertising government policies on these petrol pumps and steps taken by the government to ensure that basic facilities are provided at these petrol pumps. According to the minister, between April 2020 and December 2021, a total expenditure of Rs. 298.9 million was incurred on advertising various schemes and policies of the Union government on public sector OMCs petrol pumps. “The public sector OMCs have mandated basic facilities at their ROs. Periodic inspections are carried out by OMCs on their retail outlets to ensure the availability of basic facilities,” Mr Teli says.
BP records highest profit in eight years in 2021
BP BP.L reported on Tuesday a profit of $12.8 billion in 2021, the highest in eight years, as natural gas and oil prices soared and the global economy recovered from the pandemic slump. BP’s strong recovery, which followed a large loss in 2020, came as the London-based company said it plans to boost its spending on low-carbon and renewable energy. “2021 shows BP doing what we said we would – performing while transforming,” Chief Executive Bernard Looney said in a statement. In the fourth quarter of 2021, BP’s underlying replacement cost profit, the company’s definition of net earnings, reached $4.1 billion, exceeding analysts’ expectations for a $3.93 billion profit. That compares with $3.32 billion in profit in the third quarter and $115 million a year earlier. The quarterly results were supported by higher oil and gas prices and production which was partly offset by weaker oil trading results and the impact of higher energy costs on operations such as refining, the company said. Natural gas and electricity prices around the world have soared since the middle of last year on tight gas supplies and higher demand as economies rebounded from the pandemic. Benchmark European gas prices TRNLTTFMc1 and Asian LNG prices LNG-AS hit all-time highs in the fourth quarter. For the year, BP reported a profit of $12.85 billion, compared with a loss of $5.7 billion in 2020, which came after BP wrote off the value of its oil and gas assets by $6.5 billion amid a slump in energy demand due to the pandemic. BP’s debt fell sharply to $30.6 billion by the end of last year, down by $8.3 billion from a year earlier.
BHP unveils world’s first LNG-powered ore carrier, sees 30% emissions cut
BHP Group unveiled the world’s first liquefied natural gas-fuelled bulk carrier vessel in Singapore on Monday, one of five vessels that the mining giant will take delivery of in 2022 as part of efforts to curb supply chain emissions. The 299-metre (981 ft) long Mt. Tourmaline Newcastlemax ore carrier was built by Eastern Pacific Shipping in China and stopped off in Singapore to take on LNG fuel. It will next head to Port Hedland in Western Australia to load iron ore that will then be shipped to customers in China. BHP, which is the world’s largest miner and shipper of dry bulk commodities, is targeting net zero greenhouse gas emissions from its value chain by 2050. It views its fleet of LNG-powered bulkers as a key means to reduce emissions of carbon dioxide and other pollutants over the near term even as a majority of its fleet still runs on high-emitting fuel oil. BHP Chief Commercial Officer Vandita Pant said the LNG vessels would lower emissions by about 30% per journey. “That reduces our emissions for our customers and for our suppliers,” she said at the vessel launch at Jurong port in Singapore. While the vessel can also still burn traditional very low sulphur fuel oil, BHP intends to use LNG to power Mt. Tourmaline as much as possible, said Pant. BHP’s head of maritime supply chain, Rashpal Bhatti, said the engine and tank set up on the new vessels will allow the company to adjust the type of gas used from “LNG as we know it right now” to more energy dense and bio-LNG fuels that are expected to be developed in the future. It can also be retrofitted with “a little bit of capital expenditure to also burn ammonia,” he said.