SPRs filled during low oil prices
As part of strengthening energy security, India has added Russia and Angola as new sources for crude oil imports on a term basis, Ministry of Petroleum and Natural Gas said in a 2020 review of the sector on 31 Dec 2020.
The Ministerial level meetings further strengthened the strategic energy partnerships with the US, Russia, Saudi Arabia and the UAE, while strengthening energy corridors with neighbouring countries.
During FY 2020-21, five discoveries have been monetised as of Nov 20. Three of these are from ONGC, one from OIL and one from PSC.
Taking advantage of low crude oil prices, all the three Strategic Petroleum Reserves (SPRs) located at Vishakhapatnam, Mangalore and Padur were filled to the full capacity resulting in savings of about Rs.5,000 crores.
Ethanol Blended Petrol (EBP) Programme. During Ethanol Supply Year (ESY) 2019-20, 172.43 crore litre of Ethanol has been procured by Oil Marketing Companies (OMCs) for blending purpose till 30 Nov 2020.
Remunerative prices have been fixed for various feedstocks under Ethanol Blending programme. The price of ethanol from sugar has been raised by Rs.3.17 per litre, B Heavy molasses by Rs.3.34 per litre and from C-Heavy molasses by Rs.1.94 per litre.
The Government has for the first time allowed the production of ethanol from maize and surplus rice available with Food Corporation of India.
Rationalisation of gas pipeline tariff. Petroleum and Natural Gas Regulatory Board (PNGRB) has notified a draft PNGRB (Determination of Natural Gas Pipeline Tariff) Amendment Regulations, 2020, in September to declare all such inter-connected pipelines of multiple pipeline entities, including the already awarded bid-out pipelines, as one National Gas Grid System (NGGS).
Sustainable Alternative Towards Affordable Transportation (SATAT) initiative was launched on 1 October 2018 wherein Oil and Gas Marketing Companies are inviting Expression of Interest (EoI) from potential entrepreneur to procure Compressed Bio Gas (CBG). Under this initiative, 621 Letters of Intent have been issued till 15 December 2020. Supply of CBG initiated from 7 plants and sale initiated from 13 Retail Outlets.
PP-LC (Purchase preference linked with local content) policy completely revised to make it more effective in encouraging locally produced goods, thus supporting Atmanirbhar Bharat initiative, said the Ministry.
The India Gas Exchange (IGX) was inaugurated in June 2020. Gas Trading Platform by IGX will be a delivery-based trading platform for delivery of natural gas. IGX is a 100% subsidiary of IEX presently. Shortly, IEX will have few strategic investors from the gas industry. #OPEC #imports #investment #development #energy #projects /fiinews.com
