India expects fuel demand to grow 5.5% in the next fiscal year

India’s fuel demand is likely to grow 5.5% in the next fiscal year beginning April 1, initial government estimates show, reflecting a pick-up in industrial activity and mobility in Asia’s third largest economy after months of stagnation. India’s fuel consumption in 2022-23, a proxy for oil demand, could rise to 214.5 million tonnes from the

Energy sector methane emissions 70% higher than official figures: IEA

Emissions of the potent greenhouse gas methane coming from the global energy sector are 70% higher than officially reported, the International Energy Agency (IEA) said on Wednesday, with the coal sector identified as the biggest single source. In its 2022 Global Methane Tracker report, the Paris-based watchdog said the world needed to step up its

Investment to accelerate Australia’s energy transition to net zero

Business — both big and small — is under no illusion as to the magnitude of the task at hand, in achieving Australia’s pledge to become a net-zero carbon dioxide-emitter by 2050. Increasingly it is falling to business to carry the standard to keep global warming below 1.5 degrees above pre-industrial levels. With the first

Breakthrough in converting carbon dioxide into fuel using solar energy

A research team led by Lund University in Sweden has shown how solar power can convert carbon dioxide into fuel, by using advanced materials and ultra-fast laser spectroscopy. The breakthrough could be an important piece of the puzzle in reducing the levels of greenhouse gases in the atmosphere in the future. The study is published

Facing Texas pushback, BlackRock says it backs fossil fuels

At the risk of being dropped from Texas pension funds, BlackRock Inc has ramped up its message that the world’s largest asset manager is a friend of the oil and gas industries. As a large and long-term investor in fossil fuel companies, “we want to see these companies succeed and prosper,” BlackRock executives wrote in

India’s technology path key to global steel decarbonisation

The global steel industry is poised to shift from coal to hydrogen. With enough high-quality iron ore and low prices for hydrogen, India could play a pivotal role in global steel decarbonisation given its large and growing economy. Recent announcements by global steel companies in India highlight how important the nation’s steel technology path will

India’s first half February gasoline, diesel use rises

India’s gasoline demand rose on the month in the first half of February as mobility increased after Omicron-related restrictions eased, while diesel consumption also increased. Gasoline use rose by 7% on the month to 585,000 b/d in the previous fortnight, according to state-controlled refiners that account for around 90pc of India’s fuel sales. Average driving

Oil and Gas UK removes any mention of fossil fuels in rebrand

Fossil fuels leaders have been accused of a “PR stunt” as an attempt to “avoid the real changes needed” to Scotland’s energy mix after any mention of oil and gas was removed from the name of the industry body. Oil and Gas UK will now be known as Offshore Energies UK with industry bosses announcing

Saudi Arabia transfers 4% of Aramco to wealth fund

Saudi Arabia has transferred 4% of the shares in state-controlled Saudi Aramco to the country’s sovereign wealth fund, the Public Investment Fund (PIF), the government said today, in a move aimed at supporting efforts to restructure the kingdom’s economy and diversify it away from oil. The transfer, which was announced by Saudi Crown Prince Mohammad

Europe’s biggest banks provide £24bn to oil and gas firms despite net zero pledges

Europe’s biggest banks led by HSBC, Barclays and BNP Paribas have provided £24bn to oil and gas companies that are expanding production less than a year since pledging to target net zero carbon emissions, data shows. Investments to drill new oil wells and tap fresh gas reserves, backed by funds from major banks, appear to