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Govt receives 13 bids for oil & gas blocks in latest licensing round
Savannah Energy signs deal with Niger for 200MW solar power plants
On May 11, Savannah Energy announced that it had entered into an agreement with the government of Niger for the potential development of two photovoltaic solar power plants, which will have a combined capacity of up to 200 megawatts. The proposed plants are set to be located near the southern cities of Maradi and Zinder, and will be connected to Niger's electricity grid.
The objective is to start generating power in 2025-26 and to link up with the grid area that serves the capital city of Niamey by 2026. According to Savannah's statement, the plants will create affordable electricit..
70 exploration sites identified by ONGC
Oil industry behemoth ONGC is working more together on its exploration and production projects. With companies like ExxonMobil, Chevron, TotalEnergies, Equinor, and Shell, among others, ONGC has partnerships in place to take use of the benefits of global expertise, risk sharing, and technology and skill development.
The goal of ONGC for 2023 is crystal clear: to encourage exploration and carry out the government's directive to lessen reliance on imports. An action [plan] for three years, from 2022–2023 to 2024–2025, has been adopted. At its most recent meeting, the Exploration..
Indian Government Reduces Windfall Tax on Crude Petroleum
The Indian government has decided to reduce the windfall tax on crude petroleum, lowering it to Rs 5,700 per metric ton effective from May 16. This decision comes amidst efforts to balance revenue generation with the need to mitigate the impact of high global crude oil prices on domestic consumers and industries.
The windfall tax reduction follows a period of sustained increase in global oil prices, which have posed challenges for India's economy and inflationary pressures. By revising the tax rate downwards, authorities aim to provide relief to consumers while ensuring a stable environ..
Cairn Oil & Gas Reserves Surge
Cairn Oil & Gas, a subsidiary of Vedanta Resources, has reported a significant 19% increase in its oil and gas reserves, now totalling an impressive 1.4 billion barrels of oil equivalent. This notable growth underscores Cairn's robust exploration and production capabilities, solidifying its position as a leading player in India's energy sector.
The increase is attributed to successful exploration activities and efficient reservoir management, which have optimised recovery rates. Cairn's CEO, Nick Walker, highlighted that this achievement aligns with the company's strategic goal..
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