Category: News & Announcement

India used the ultra-low crude oil prices earlier this year to top its strategic petroleum reserves with oil at $19 a barrel, saving nearly US$700 million in the process, India’s Ministry of Petroleum and Natural Gas said on Monday. “Taking advantage of the low crude oil prices in international market, India purchased 16.71 million barrels (mbbl) of crude in April – May, 2020 and filled all the three Strategic Petroleum Reserves created at Vishakhapatnam, Mangalore and Padur,” the ministry said in a statement, quoting Oil Minister Dharmendra Pradhan as telling…

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Carbon dioxide emissions from plug-in hybrid electric vehicles are more than two-and-a-half-times greater than official test levels, new research claims. Published this week, the analysis — conducted by the Transport & Environment campaign groupand supported by environmental organization Greenpeace U.K. — stated that, on average, “typical” plug-in hybrid electric vehicles, or PHEVs, emit around 117g of CO2 per kilometer. This figure is considerably higher than the 44g of CO2 per kilometer that official test results have shown, the briefing said. To put this data into context, the paper said that over its…

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Stretching for thousands of miles, the east coast of the United States is home to major cities, stunning beaches and millions of people. Soon, though, it could also host several major offshore wind farms, a development that would have a significant effect on America’s energy mix. At the moment, the offshore wind sector in the U.S. is small. The country’s first offshore wind farm, the 30 megawatt, five turbine Block Island Wind Farm, only started commercial operations at the end of 2016. Located off the coast of Rhode Island, the…

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A vicious one-two-three punch that started with a gloomy long-term future outlook due to rampant fossil fuel divestments, climate change policies, and decarbonization as well as shorter-term—but severe—shocks from the COVID-19 crisis, has thrown Canada’s most important export industry into an existential crisis.  Meanwhile, the drumbeat of exits by foreign oil firms bailing on the unprofitable tar sands has added an extra layer of gloom for an industry responsible for a fifth of Canada’s exports. It, therefore, comes as little surprise that Canada’s oil and gas producers are scrambling to…

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The Oil and Gas Authority (OGA) has published the UK Oil and Gas Reserves and Resources as at end 2019. It provides an estimate of the UK Continental Shelf’s remaining recoverable petroleum resources. The report estimates that there remains in the range 10 to 20 billion barrels or more of oil equivalent, including discovered and undiscovered petroleum resources. Official government forecasts suggest that oil and gas will remain an important and critical part of our energy mix for the foreseeable future, as we transition to net zero. Managing the basin’s…

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