ONGC Videsh Ltd (OVL), the global arm of state-owned Oil & Natural Gas Corp, has confirmed that it has discovered oil in the very first well it drilled at an exploration block CPO-5 in Colombia.
Located on land in the llanos basin of Colombia, the CPO-5 block is currently under first phase of exploration having commitment of drilling two exploratory wells. OVL holds a 70 per cent stake in the block.
Taking a decisive step towards the deregulation of diesel prices, the government on Thursday allowed oil companies to decide on price of the fuel and revise it from time to time.
After a go ahead from the Centre, oil companies yesterday hiked diesel prices by 45 paise per litre, in a move that with definitely hike the prices of all commodities as transportation will become costlier. The hike in diesel prices will take effect from Friday.
Oil marketing companies' stocks gained 2-3 per cent before closing trade on Wednesday, in response to the oil ministry's proposal for hikes in the prices of diesel and LPG.
Oil Minister M Veerappa Moily has proposed hikes of Rs 3-4.50 a litre in diesel rates, and Rs 100 per cylinder in LPG prices along with raising the number of subsidised LPG cylinders from the current cap of six to nine per households per year.
If the Cabinet accepts the proposal, the government-owned oil marketing companies will be able to save an estimated of Rs 2,300 crore.
Energy prices in India are well below global prices, and thus there is need to undertake a phased rationalization of prices of energy products like coal and petroleum to bring them in line with global prices, according to Prime Minister Manmohan Singh.
After laying the foundation stone of BPCL's Integrated Refinery Expansion Project nearby Ambalamugal, Mr. Singh underlined that phased rationalization of energy prices was necessary to meet the targeted rapid inclusive & sustainable growth.
Falling gasoline prices provided motorists a great relief and encouraged more traveling over the Memorial Day weekend. The relief is expected to continue as estimates suggest that prices of the fuel may fall further over the coming weeks.
Experts believe even if gasoline prices increase in July and August, they will most likely remain well below the $4 or $5 a gallon that some watchers had feared.
Gasoline prices have been declining for around one and a half month, and the AAA expects the downward trend to continue.
The AAA Auto Club South the average price for regular gasoline slipped by another 6 cents from a week earlier to $3.49 for a gallon.
AAA spokesperson Jessica Brady said, "Right now the average price for regular gas is $3.49, which is down six cents from just a week ago. A week ago, it was $3.55; a month ago, $3.76; and a year ago, $3.88."
On Monday, Carollton reported lowest price of $3.40 and the highest price of $3.67 for a gallon of regular unleaded gasoline.
The largest onshore wind farm project in England and Wales has finally been approved by the government.
The Pen y Cymoedd wind farm, which will have seventy-six turbines, will be situated between Neath and Aberdare in South Wales. It is expected to generate enough voltage to power the equivalent of as many as 206,000 homes per year.
Each of the turbines will be up to 145 metres high, and will have a capacity of producing 299 megawatts (MW) of power.
RenewableUK, which represents the renewable energy industry, has said that Campaign to Protect Rural England’s (CPRE’s) concerns over onshore wind turbines are wrong, and that the biggest threat to the UK landscape is climate change.
Conservation group CPRE recent published a report claiming that the UK landscapes are under threat by giant wind turbines. According to the group, there are around 4,100 wind turbines of 30-metre or taller that are either completed, under construction, or awaiting approval in England.
Oil giant Total was aware of the fact that its Elgin rig well was leaking for around a month, French firm’s boss Philippe Guys has admitted.
Last Sunday, the firm evacuated all 238 workers from the North Sea platform amid fears of a massive blast. The platform off Scotland's East Coast was engulfed by a cloud of a poisonous gas.
Mr. Guys yesterday revealed that they were aware that a capped well in the North Sea was leaking, which prompted them to make an immediate decision to launch a fixing plan on 25th of February.
The previous UK Government had pledged to wipe out the problem of "fuel poverty" by 2016, but the problem will engulf 700,000 more people by the same year, a government-commissioned report warned.
The report, published on Thursday, states that the number of people who are unable to pay their energy bills will swell from 7.8 million in 2009 to 8.5 million by 2016.
Compiled figures revealed that as many as 2,700 people die each year due to poor heating, a dilemma which the governments has long been trying the eradicate.