Domestic crude production grows by 2.1% in August

Domestic crude oil production increased by 2.1 percent in August on a year-on-year basis to 2.5 million metric tonnes (MMT), as shown by data from the Oil Ministry on September 20. According to data from the Petroleum Planning & Analysis Cell (PPAC), ONGC registered a production of 1.61 MMT, while Oil India produced 0.28 MMT

TotalEnergies to invest $300 mn in JV with Adani Green Energy

TotalEnergies to invest $300 million in a joint venture with Adani Green Energy for renewable energy project. French oil major TotalEnergies will invest $300 million to form a joint venture (JV) with Adani Green Energy on a project related to renewable energy, according to an exchange filing on Wednesday. The JV will have a capacity

FM expresses concern over CBAM to EU

FM Sitharaman has expressed her concerns regarding the Carbon Border Adjustment Mechanism (CBAM), mentioning that she has communicated to European parliamentarians that the CBAM would essentially make India pay for greening its own steel production.  The full implementation of the CBAM is slated for January 2026. India and the European Union (EU) seem to be

UN climate ambition summit calls for revised netzero goals

Major emitters of planet- warming greenhouse gases are expected to ratchet up climate action and announce new plans at the United Nations Climate Ambition Summit that began recently. The New York Climate Week, organized in partnership with the UN during the general assembly, will be held on September 17-24, bringing together representatives from business, government

Six of nine planetary boundaries breached: Report

Human activities have accelerated the death of the planet. A recent study by the journal Science Advances has found that the Earth has crossed 6 of the 9 planetary boundaries, a framework of different thresholds that tell just how endangered a planet is. It seems that humans are in a race against time to kill

Alliance of freight buyers invite bids for zero-emission shipping

An alliance of freight buyers that includes e-commerce giant Amazon and the world’s largest furniture retailer IKEA has invited shipping lines to place their bids to move 600,000 containers over a three-year period on ships that offer a 90% reduction in greenhouse gas emissions compared to traditional fossil fuels on a lifecycle basis. The Zero

Oil firms explore using stranded $600 mn to buy Russian oil

Indian Oil Corporation (IOC), a unit of Bharat Petroleum Corporation Ltd, Oil India Ltd and ONGC Videsh Ltd — haven’t been able to repatriate dividend income they accrue from their investments in Russian oil and gas fields. That money is lying in their bank accounts in Russia but could not be brought to India due

Oil India plans to invest Rs 25,000 cr to achieve net-zero targets

State-run Oil India Limited (OIL) plans to invest Rs 25,000 crore to achieve its net-zero emissions target, the oil and gas explorer’s Chairman and Managing Director Ranjit Rath said. Rath said at a press conference that OIL commits to invest in green hydrogen, setting up of 2G ethanol plant, compressed biogas plants, carbon capture utilisation

India may end use of fossil fuel before 2070

Petroleum and natural gas minister Hardeep Singh Puri said India will be self-reliant in energy sector by 2047 and is likely to end use of fossil fuel much before the country’s target of achieving net zero emissions by 2070. As for dependence on oil, gas and coal from foreign countries, Puri said by the year

SSY rolls out EU carbon market compliance service

London-based Simpson Spence Young (SSY) has launched a new service to secure carbon allowance procurement for clients ahead of shipping’s entry into the EU’s emissions trading system (ETS). The world’s largest independent shipbroker has joined forces with carbon market specialists CF Partners, which operates one of the largest trading desks in the carbon compliance market.