State-owned ONGC makes 23 oil and gas discoveries last financial year
State-owned Oil and Natural Gas Corp (ONGC) made 23 oil and gas discoveries in the fiscal year ended March 31 as a record number of wells drilled helped it uncover new reserves. While the International Energy Agency (IEA) stated that global oil discoveries fell to a record low in 2016 as companies continued to cut spending and conventional oil projects sanctioned were at the lowest level in more than 70 years, ONGC stepped up its exploratory efforts to augment new production. “FY 2016-17 has been one of the most successful years of the last decade in exploring oil and gas with more thrust in increased exploration activities during the year,” a top company official said. Its exploratory efforts yielded 23 new discoveries, a 35 per cent jump over 17 finds made in 2015-16 fiscal. Of the 23 new discoveries, 12 are new prospects — a potential trap which may contain hydrocarbons, while 11 are new pools — a geological term for subsurface hydrocarbon accumulation. As many as 13 new discoveries were made in onland and 10 in offshore wells. “A total of 100 exploratory wells were drilled which is higher by 9 per cent as compared to 92 wells drilled in the previous year 2015-16. Of these, 37 wells proved hydrocarbon bearing registering success ratio of 37 per cent,” he said. IEA in a report today said oil discoveries declined to 2.4 billion barrels in 2016, compared with an average of 9 billion barrels per year over the past 15 years. Also, the number of projects that received a final investment decision dropped to the lowest level since the 1940s. “This sharp slowdown in activity in the conventional oil sector was the result of reduced investment spending driven by low oil prices,” IEA said. However, ONGC continued to spend more to help achieve Prime Minister Narendra Modi’s target of reducing import dependence by 10 per cent by 2022. The official said the accretion of in place hydrocarbons was 203.24 million tons of oil and oil equivalent gas and the ultimate reserve accretion was 64.32 million tons. Reserve Replacement Ratio (RRR) for the year has been 1.49. The discoveries include two in Kutch and Saurashtra basin, off Gujarat coast. Also, SRI-1 discovery in the NELP block KG-OSN-2009/2 in KG basin has established huge potential for syn-rift/deeper play in east coast shallow water. Jabera-4 discovery established hydrocarbons for the first time in Vindhyan Basin and has given impetus for putting Vindhyan basin on hydrocarbon map of India, he said. The official said ONGC is working on early monetisation of new discoveries. Nine onland discoveries made during the year have been monetised and put on production with average oil rate of 445 cubic meters per day and gas rate of 220,000 cubic meters a day. The discoveries have cumulatively produced 38,809 tons of oil and 23.78 million standard cubic meters of gas during the year. Chris Scott Womens Jersey
12 new expressways to be constructed: Nitin Gadkari
At least a dozen new expressways would be constructed in the coming year to connect various states in the country, of which three will be started in 2017, it was announced here Friday. “Eastern Peripheral Highway is just the beginning. We will make 12 such express highways. Three of such highways will be started in 2017 itself,” the Union Minister of Road Transport and Highways Nitin Gadkari said. Gadkari, who was here to review the ongoing construction of 135 km long Eastern Peripheral Highway, said: “This is the country’s first access control highway from both sides of the road. We are trying to make under passes through such roads and avoid any hindrance.” The Eastern Peripheral Expressway is expected to be thrown open by August 2017 and the two roads will divert around 2 lakh vehicles passing through the national capital to reduce Delhi’s traffic congestion by 50 per cent beside reducing the air pollution. Gadkari was accompanied by National Highways Authority of India (NHAI) Chairperson Yudhvir Singh Malik and Bagpat parliamentarian Satpal Singh. One lakh cement bags were being used per day for the road which will be a control access highway, he said. “Through this highway the nearby areas and the cost of the land is estimated to rise three times,” said Gadkari. He said the government was also planning to plant trees on the sides of the road to make it a green highway. The construction of the highway is likely to get over by August. The project built by five major construction firms on divided stretches was started after Supreme Court’s Directive in 2006 to construct a ring road for by passing non-Delhi bound vehicles moving between Haryana and Uttar Pradesh. Initially the project was to take 2.5 years. But following the Prime Minister Narendra Modi’s directive the project is being constructed within 400 days. The Eastern Peripheral Expressway will become India’s first 135 km green road to be lit entirely by solar panels and will have advanced traffic system. The project which commenced in May, 2016 will consume a million tones flash from National Thermal Power Corporation’s various plants to utilize waste and minimize pollution. The expressway passes through Sonipat, Bagpat, Ghaziabad, Gautam Buddh Nagar, Faridabad, and Palwal in Haryana and Uttar Pradesh. The proposed alignment crosses the Yamuna at Khurrampur/Khata in Uttar Pradesh and Faizpur Khadar in Haryana and crosses the river Hindon. Deatrich Wise Jr Womens Jersey
Oil firms sell petrol at Rs 29 litre, government adds another Rs 48 in taxes
Sharon Furtado and her three friends who work with media firms in Parel, car-pool every day from Borivali to their workplaces. Saturday’s hike in petrol prices will add at least Rs 120 to each one’s monthly travel bill. But what has upset Sharon the most is a little-known detail: they are now paying 153% in taxes over the per litre price at which petrol is sold by refineries to oil companies. Given today’s crude price and dollar-rupee exchange rates, the cost of petrol supplied by oil companies inclusive of their marketing charges is Rs 29.54 per litre. But in Mumbai, consumers end up paying Rs.77.50 per litre owing to a raft of duties and cess. Consumers here pay Rs 47.96 per litre in taxes and duties over and above the price at which it lands in the market. These levies include central excise duty, state VAT, octroi, cess and commission for petrol pump owners, translating into 153 % in taxes. A senior economist working closely with the government, on condition of anonymity, admitted that government was trying to boost its revenues by hiking the cess on petrol. At a time when its debt level has crossed a virtually unsustainable Rs 4.13 lakh crore, it has reached a stage in which it cannot afford to increase borrowings to fund additional expenditure. Extra duties and cess on goods within its ambit (GST will soon reduce its elbow room)may be the only option. Opinions on the impact of the Rs 3 hike in petrol rates are divided. Some say it will have an effect on prices, especially of goods and services delivered at the door. Others, however, insist that in the existing scenario, a rise in petrol prices will not have a big effect on inflation considering it is not the fuel used by freighters and transporters. Transport expert Ashok Datar went so far as to say that a hike in petrol prices may even be a welcome step as it will discourage use of private vehicles and decongest the city’s roads. “Government should say it wants to discourage private transport and that they will use this extra money generated to strengthen public transport. Of course, this price hike will also affect those who car-pool everyday,” he added. Luca Sbisa Authentic Jersey
PM Modi reviews progress in key infrastructure sectors, demands timely completion of projects
Prime Minister Narendra Modi chaired a meeting of infrastructure sectors, including roads, railways, airports, digital ports and coal, calling for a consolidated approach to complete existing projects within stipulated timelines. The meeting, attended by top officials from PMO, NITI Ayog and all infrastructure ministries of the Government of India, lasted about four-and-a-half hours. Assessing the work done in the road sector, it was mentioned in the meeting that under the Pradhan Mantri Gram Sadak Yojna, the highest-ever average construction rate of 130 km a day had been achieved for rural roads. This had led to an addition of 47,400 km of roads under PMGSY in 2016-17. As many as 11,641 additional habitations had been connected with roads in the same period. Apart from this, over 4000 km of rural roads had been constructed using green technology in FY17. The use of non-conventional materials such as waste plastic, cold mix, geo-textiles, fly ash, iron and copper slag was being pushed aggressively. HERE IS ALL YOU NEED TO KNOW The Prime Minister directed that the construction of rural roads be carried out efficiently and their quality be efficiently monitored. For this, he emphasised on the use of space technology in addition to the technologies already being used, such as the “Meri Sadak” App. He called for speedy completion of vital links that will connect the remaining unconnected areas at the soonest. Modi directed that new technologies be used in road construction also. He asked NITI Aayog to examine global standards in the application of technology for infrastructure creation and how feasible implementing the same in India was. In the highways sector, over 26,000 km of 4 or 6-lane national highways have been built in FY17, and the pace is improving. In the railways sector, new lines covering a distance of 953 km were laid in 2016-17, as against the target of 400 km. Track electrification of over 2000 km, and gauge conversion of over 1000 km was achieved in the same period. More than 1,500 unmanned level crossings have been eliminated in 2016-17. Among the steps taken to enhance customer experience, Wi-Fi access was enabled in 115 railway stations, and 34,000 bio-toilets added. The Prime Minister called for expediting work related to redevelopment of railway stations and greater creativity in the generation of non-fare revenue. The progress of important projects in the roads and railways sectors, such as the Eastern Peripheral Expressway, Char Dham Project, the Quazigund-Banihal Tunnel, the Chenab railway bridge, and the Jiribam-Imphal project was also reviewed. In the aviation sector, the Regional Connectivity Scheme will connect 43 destinations, including 31 unserved destinations. The passenger capacity in the aviation sector has reached 282 million passengers per annum. In the ports sector, under the Sagarmala project, 415 projects have been identified with an investment of Rs. 8 lakh crore, and projects worth Rs 1.37 lakh crore have been taken up for implementation. The Prime Minister stressed on better outcomes for turnaround time of ships and clearance for Exim cargo. In the digital infrastructure sector, as many as 2,187 mobile towers have been installed in districts affected by left-wing extremists in 2016-17. The progress of the National Optical Fibre Network was also reviewed in the meeting. The Prime Minister emphasized that the emerging digital connectivity network, which will connect thousands of Gram Panchayats within the next few months, should be implemented effectively so that it can lead to a better quality of life and greater empowerment of people in the rural areas. In the coal sector, rationalisation of coal linkages and movement yielded an annual saving of over Rs 2,500 crore in 2016-17. Noting the decline in coal imports in the last year, the Prime Minister asked for even more vigorous efforts towards coal import substitution, and application of new coal technologies including gasification technology. Kevin Faulk Womens Jersey
New Delhi To Shimla Flight Will Cost You Less Than Rs. 2000
Good news for Delhi people who have an unconditional love for Shimla. The tourist Shimla was the summer capital of British India and is also the capital of Himachal Pradesh. People of Delhi had to travel long distances to reach Shimla but now they will be able to travel in less than Rs. 2000 and also in one hour. New Delhi to Shimla flight or vice versa will just cost Rs. 1920 and will just take one hour. Finally, after four and a half years, Shimla will be having an aerial connectivity. Narendra Modi, Prime Minister Of India will be flagging off the inaugural flight on April 27, 2017. The flight will be flagged off from Jubbarhatti airport at around 11:45 am. There will be a flight daily from Delhi to Shimla and back (ATR-42) of Alliance Air, a subsidiary of Air India. The Union Secretary (Civil Aviation) and Chief Managing Director of Air India flew down to the Jubbarhatti airport to have a look at the launch of the New Delhi-Shimla flight to be flagged by the Prime Minister. There is also a possibility of another private airline starting from Shimla. No flights have been scheduled from Shimla since 2012. Only the chartered flights which include Army and Air Force land in Shimla. The New Delhi-Shimla flight will cost Rs. 1920 and will only be 50% of the total seats. The other 50% of the seats would cost between Rs. 5000 – Rs. 20000 and the rates would fluctuate depending on the demand. Deatrich Wise Jr Womens Jersey
Air India cruises on expansion mode
Air India, which is on a route network expansion mode, hopes to boost profit “significantly” this year after making a dramatic turnaround from losses in 2016. The airline, which for the first time in nearly a decade, reported an operating profit of Rs1.05 billion in 2015-16 fiscal, has been taking various steps such as rationalisation of certain loss-making routes, closure of overseas offline offices at certain locations, phasing out of old fleet and consequential reduction in maintenance costs to sustain profitability. The main factors that helped to turn around the airline were increased operational efficiency and reduced oil prices. Plans for 2017-2018 Air India has a fleet of nearly 140 planes, and is expanding its domestic network to cater to the fast growing demand by adding new aircraft to its fleet and adding new International routes in 2017. Air India, which currently has 23 Dreamliners and 15 Boeing 777 in its fleet will be adding four B787 Draemliners by end of 2017 and 3 B777 – 300ERs in its fleet by mid of 2018. For domestic deployment, we have placed an order for 29 Airbus 320 aircraft on lease. The on-going expansion plan will see Air India adding more international destinations and increase frequencies on domestic routes like Nagpur, Ahmedabad, Chandigarh and Leh. Following the commencement of direct non-stop flights to San Francisco, Madrid, Vienna and Ahemdabad-Newark via London, Air India plans to start direct flight operations on Delhi-Washington-Delhi route in July 2017. This flight will be the fifth direct connection with the US and will be operated by Boeing 777 aircraft. Air India also plans to start services to Tel Aviv in May 2017. In order to establish connectivity with the Scandinavian countries Air India will commence a direct non-stop flight to Scandinavia in Aug/Sep 2017. This flight service will offer convenient onward connections to Scandinavia and other countries in the Nordic region.Currently, Air India’s regional arm, Alliance Air has eight ATRs in its fleet and 70 pilots who fly these small planes for short haul operations. We are in the process of recruiting at least 200 more pilots for ATR operations. We will be adding 20 more ATR planes by this year end. We are also planning to set up a simulator unit in the national capital by this year- end for training pilots for the ATR aircraft – largely meant to be deployed for short haul operations. Pete Rose Womens Jersey
Brussels Airlines sees strong demand in Indian market
Sounding optimistic about the Indian market, Lufthansa group subsidiary Brussels Airlines today said it sees “strong” demand for its offering from here. Brussels Airlines, which is 100 per cent owned by the German airlines’ group Lufthansa, commenced its air services into India last month with a flight to Mumbai from Brussels. The airline currently operates five flight per week from Brussels airport to the Chhtrapati Shivaji International Airport here. “The demand for direct flights for passengers as well as for cargo is high. With our new service, we offer the diamond and travel industry direct flights, which is an important investment in our network expansion, but also in the economic relations between India and Belgium,” Brussels Airlines Chief Executive Officer and Chairman Management Board Brussels Airlines, Bernard Gustin said during a media briefing. He said that Brussels Airlines was very much “encouraged” by the strong presence of its parent Lufthansa in India, adding “Brussels is a very important catchment area and the capital city can’t be left unserved with India.” Naresh Goyal-owned Jet Airways had made Brussels as its hub for the European operations in December 2007, making it the first Indian carrier to have full-scale operation in the European Union capital, but replaced it with Dutch capital Amsterdam last year, citing commercial reasons. There was a high demand from various industries including pharmaceutical, diamond, maritime, among others, as well as from leisure travelers to reinstate a direct service. William Nylander Authentic Jersey
Tangedco defaults payment, Vallur units stop supply
A week after sounding a warning, NTPC, a joint venture partner of the Tamil Nadu Electricity Board (TNEB), has stopped supply of 1,000MW power from its two thermal plants in Vallur to the state power utility owing to nonpayment of `1,156 crore in dues. On Wednesday, the joint ture company in which venture company in which TNEB has 50% stake, stopped power supply to Tangedco as well as other power distribution companies in the southern states. There are three units of 500MW each at Vallur from where Tangedco gets nearly 70% of the generated power. Apart from Tamil Nadu, Vallur power is supplied to Puducherry, Karnataka and Telangana also. Coal for the units is supplied partly by Coal India Limited. The rest of the required coal is imported from Indonesia and other countries. When all the three units run, Tamil Nadu gets 1,050 MW from Vallur alone. Along with the loss of 500MW of power from unit 1 of Kudankulam, which has been shut for refuelling, the total power shortfall for Tangedco is 1,550MW . “We have credit of 60 days from the Vallur units. Of the total `1,56.05 crore due to the joint venture firm, only `400 crore is pending for more than 60 days. We will first pay `400 crore. The balance will be paid after a few other issues are settled with the company,” said a senior Tangedco official. Meanwhile, questions are being raised as to whether Tangedco will be able to meet the growing power demand for summer. “As of now, we have good wind power generation.The cost of wind power is much lower than thermal power -`5.10 per unit. There will be no problem in meeting the power demand as within a few days, wind energy generation will improve,” said the official. In an unrelated development at midnight on Wednesday, a failure in the Manali Mylapore power distribution line left localities like Teynampet, Nandanam, Mylapore, Nungambakkam, Triplicane, Sowcarpet and most parts of north Chennai without power. Electricity minister P Thangamani said 200 Tamil Nadu Electricity Board workers were carrying out repair work and power would be restored in phases area-wise. Matt Tennyson Authentic Jersey
UAE’s first solar-powered gas station opens in Dubai
A government oil company in the United Arab Emirates says it has opened the country’s first solar-powered gas station in Dubai. The Dubai-owned Emirates National Oil Company said on Wednesday the service station on the city’s main Sheikh Zayed Road thoroughfare is covered with solar panels that can generate up to 120 kilowatt hours. ENOC says that is about 30 percent more energy than the station needs, so the excess power is directed back into the city’s electric grid. Although it is OPEC’s fourth biggest oil producer, the UAE has made a push to turn itself into a hub for renewable energy. It is building multiple solar farms and hosts the global headquarters of the International Renewable Energy Agency. Pat O’Donnell Jersey
Global oil discoveries and new projects fell to historic lows in 2016
Global oil discoveries fell to a record low in 2016 as companies continued to cut spending and conventional oil projects sanctioned were at the lowest level in more than 70 years, according to the International Energy Agency, which warned that both trends could continue this year. Global oil discoveries declined to 2.4 billion barrels in 2016, compared with an average of 9 billion barrels per year over the past 15 years. Meanwhile, the volume of conventional resources sanctioned for development last year fell to 4.7 billion barrels, 30 per cent lower than the previous year as the number of projects that received a final investment decision dropped to the lowest level since the 1940s. This sharp slowdown in activity in the conventional oil sector was the result of reduced investment spending driven by low oil prices. It brings an additional cause of concern for global energy security at a time of heightened geopolitical risks in some major producer countries, such as Venezuela. The slump in the conventional oil sector contrasts with the resilience of the US shale industry. There, investment rebounded sharply and output rose, on the back of production costs being reduced by 50% since 2014. This growth in US shale production has become a fundamental factor in balancing low activity in the conventional oil industry. Conventional oil production of 69 million barrel per day (mbpd) represents by far the largest share of global oil output of 85 mbpd. In addition, 6.5 mbpd come from liquids production from the US shale plays, and the rest is made up of other natural gas liquids and unconventional oil sources such as oil sands and heavy oil. With global demand expected to grow by 1.2 mb/d a year in the next five years, the IEA has repeatedly warned that an extended period of sharply lower oil investment could lead to a tightening in supplies. Exploration spending is expected to fall again in 2017 for the third year in a row to less than half 2014 levels, resulting in another year of low discoveries. The level of new sanctioned projects so far in 2017 remains depressed. “Every new piece of evidence points to a two-speed oil market, with new activity at a historic low on the conventional side contrasted by remarkable growth in US shale production,” said Dr Fatih Birol, the IEA’s executive director. “The key question for the future of the oil market is for how long can a surge in US shale supplies make up for the slow pace of growth elsewhere in the oil sector.” The US shale industry has lowered its costs to such an extent that in many cases it is now more competitive than conventional projects. The average break-even price in the Permian basin in Texas, for example, is now at USD 40-45/bbl. Liquids production from US shale plays is expected to expand by 2.3 mb/d by 2022 at current prices, and expand even more if prices rise further. The offshore sector, which accounts for almost a third of crude oil production and is a crucial component of future global supplies, has been particularly hard hit by the industry’s slowdown. In 2016, only 13% of all conventional resources sanctioned were offshore, compared with more than 40% on average between 2000 and 2015. Marquel Lee Jersey