Oil And Gas Imports

Rajya Sabha passes bill to boost investment in oil and gas exploration

The Rajya Sabha on Tuesday passed a bill that seeks to amend existing law governing exploration and production of oil and gas, and delink petroleum operations from mining operations to boost investment in the sector. The Oilfields (Regulation and Development) Amendment Bill, 2024, introduced in the Rajya Sabha in August this year, was passed by a voice vote. Replying to the debate on the bill, Oil Minister Hardeep Singh Puri said that the oil and gas sector involves high investment and long gestation period. "We need oil and gas sector 20 more years. We need to bring this legislation here to provide a win-win confidence not only to our own operators but also to foreign investors so that they can come and do business here with view to benefit everyone," Puri said. He said policy stability, dispute resolution and sharing of infrastructure , especially for small players are new provisions in the bill. He also explained the point of helium raised by members, saying that mineral oils

South Korean politician calls for probe into biomass imports from Indonesia

A South Korean National Assembly member has called for a moratorium on wood pellet imports from Indonesia and an investigation into their environmental impacts after government data and satellite analysis linked the country's biomass imports to deforestation in Indonesia. We should stop imports of wood pellets and it's important for our government to investigate exactly what kinds of environmental destruction is occurring on the spot, Moon Dae-Lim, a lawmaker with South Korea's main liberal opposition Democratic Party, said in recent written responses to questions from The Associated Press. Identifying and correcting potential risks in supply chains and value chains is key to a sustainable project. Biomass can come from organic material like plants, wood and waste, and many coal-fired power plants can be easily modified to burn it alongside coal to make energy. As countries accelerate their energy transitions, demand for biomass is growing: The use of bioenergy has increased an ...

Countries should tax oil imports, reduce methane emissions: Climate Group

International non-profit organisation Climate Group kicked off the annual Climate Week NYC on Sunday, urging countries to tax imports of oil and gas to fund the green transition, remove barriers to renewable energy expansion, and rapidly reduce methane emissions. Organised by Climate Group in partnership with the United Nations, Climate Week NYC is an annual event held in New York City that brings together world leaders, businesses, activists, and organisations to discuss and accelerate global climate action. Releasing a seven-point to-do list to get the world on track with climate goals, Climate Group said the UN climate negotiations and the implementation of agreements alone are not delivering the speed of emissions cuts needed to avoid breaching the 1.5 degrees Celsius guardrail. According to the Intergovernmental Panel on Climate Change, the world needs to reduce greenhouse gas emissions by at least 43 percent by 2030 (compared to 2019 levels) and by at least 60 percent by 2035

India's consumption is rising as global prices have eased: Gas importer

Eased gas prices, triggered by the built-up of stocks by European nations, is boosting gas consumption in the price-sensitive Indian market

'India's gas imports to rise on easing global prices', says Petronet LNG

India's gas imports in October and November declined by about a fifth to about 1.8 million tonnes from this fiscal year's peak of 2.2 million tonnes in May

India to step up gas imports to address summer power demand: Report

India has asked state-run firms to increase imports of natural gas in anticipation of higher power demand next summer

EU heads for December agreement for proposed price cap on imported gas

Any agreement on the European Commission's proposal to cap the price of imported gas will be postponed until the middle of December, said Jozef Sikela, the Czech minister of industry and trade

Germany nationalises country's largest gas importer for energy security

The German government agreed to nationalise the country's largest gas importer Uniper in an effort to ensure energy security against the backdrop of Russia's gas supply freeze and rocketing gas prices

GIC Re part of Rs 500-crore insurance pool to cover imports from Russia

While it will be called the fertiliser pool with a corpus of Rs 500 crore, it can be used to cover the risks of oil and gas imports too

Halting Russian gas imports would cause supply problems for Italy: Minister

Italy will face short-term energy supply problems if Russia opts to cut gas sales to the country, Italian Ecological Transition Minister Roberto Cingolani has said.

India best place for oil & gas investors: Pradhan to foreign firms

India is expanding oil refining capacity to produce more fuel and petrochemicals as also investing in pipelines and terminals to increase the share of natural gas in the energy mix.

India to buy $5-bn oil & gas, $18-bn defence equipment from US: Envoy

In the defence sector, India is looking at $18 billion worth of orders that are under implementation

Why Big Oil won't reduce India's import dependence

The bulk of the foreign investment is in refineries and retailing, not in discovery and production