Oil and Natural Gas Corp (ONGC) wants to take advantage of falling oil prices to more than double its overseas output to the equivalent of 400,000 barrels per day of oil by 2018, Chairman DK Sarraf has said.
Tags » Power And Energy
State owned oil and natural gas corp.(ONGC) has edged past Reliance Industries to become the highest ranked indian energy firm on this year’s Platts Global 250 rankings.ONGC , which in 2013 was ranked 22nd, improved one position in this year’s ranking that is led by global giants Exxon Mobil Corp, Chevron and Royal Dutch Shell.
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Around the same time, the Pentagon issued a warning that climate change, caused by unchecked fossil-fuel extraction, “will aggravate stressors abroad such as poverty, environmental degradation, political instability, and social tensions—conditions that can enable terrorist activity and other forms of violence.” A subsequent report issued by the CNA Corporation Military Advisory Board, a government-funded military research organization, went even further, stating that the effects of climate change—food insecurity and massive forced displacement, just to name two—”will serve as catalysts for instability and conflict.”
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The governor of the Bank of England has reiterated his warning that fossil fuel companies cannot burn all of their reserves if the world is to avoid catastrophic climate change, and called for investors to consider the long-term impacts of their decisions.
India need investments of over USD 250 billion for development of the power sector in the next three years, says a report. “Total investment of over USD 250 billion is required for development of the power system during the 12th plan,” Integrated Research and Action for Development said in its report.
The Supreme Court’s verdict to cancel all but four coal mines allocated since 1993 will have a serious ramification for the energy and steel sectors hitting their bottom lines and fines imposed alone could amount up to Rs 7,300 crore. 38 more words