Energy News Monitor | Volume XVII; Issue 51 orfonline.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from orfonline.org Daily Mail and Mail on Sunday newspapers.
Synopsis
Reliance and its partner UK s BP Plc last week auctioned 5.5 million standard cubic meters per day of incremental gas from the newer discoveries in the KG-D6 block, benchmarking it to a gas marker. Reliance s oil-to-chemical (O2C) business unit picked up 3.2 mmscmd gas in the auction, three sources with direct knowledge of the development said.
Agencies
Billionaire Mukesh Ambani s
Reliance Industries Ltd and its affiliates have picked up more than three-fourths of the new gas volumes from the firm s eastern offshore KG-D6 block which at current government dictated price will cost it less than half of the imported rate, sources said.
Explore Now
Nifty futures on the Singapore Exchange traded 95 points, or 0.64 per cent, higher at 15,037.50 in signs that Dalal Street was headed for a gap-up start on Monday. Here are a few stocks which may buzz the most in today s trade:
BPCL, Sun TV: BPCL, Godrej Consumer, Torrent Pharma,
Balkrishna Industries, NMDC, Sun TV, Aditya Birla Fashion, AstraZeneca Pharma and Redington India are among companies which will announce their December quarter results on Monday.
NTPC: State-run power giant NTPC said that an avalanche near Tapovan in Uttarakhand has damaged its under-construction hydropower project.
Reliance Industries: Billionaire Mukesh Ambani s Reliance Industries has picked up two-thirds of its own new gas from KG-D6 block. Reliance and its partner UK s BP Plc auctioned 7.5 million standard cubic metres per day of incremental gas from the R-series gas field in the KG-D6 block.
Gas Based Economy
The Government of India seeks to increase the share of natural gas in India’s commercial energy basket from 6.3 percent in 2019 to 15 percent by 2030 to make India a ‘gas-based economy’. To reach the target of 15 percent, annual growth in consumption of natural gas has to increase from less than 5 percent in the last decade (less than 3 percent in 2019) to well over 10 percent in the next decade. India’s natural gas consumption in 2019-20 was about 175 mmscmd. To increase consumption to 600 mmscmd by 2030, the annual growth rate in consumption has to be more than 13 percent. This is not an impossible target. In the period 2008-2018, natural gas consumption in China grew by over 13 percent. Behind this double-digit growth rate for natural gas consumption in China was an annual average economic growth rate of over 8 percent, regulatory reform for transparency and flexibility along with focussed policy mandates.
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Consolidated net profit in October-December stood at Rs 13,101 crore.
Billionaire Mukesh Ambani s Reliance Industries Ltd on Friday reported a better-than-expected 12 per cent rise in December quarter net profit on improving oil-to-chemical business, strong continued momentum in retail and steady telecom unit Jio.
Consolidated net profit in October-December stood at Rs 13,101 crore, compared to Rs 11,640 crore net earning in the same period a year back, the company said in a statement.
While oil-to-chemical or O2C business improved quarter-on-quarter, it was lower than year-ago earnings but this was more than made good by a spurt in consumer-facing businesses of telecom and retail which now contribute to 51 per cent of earnings as compared to 37 per cent a year back.