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Indian state-owned Oil and Natural Gas Corporation (ONGC) has recently approved its business roadmap entitled “ONGC Energy Strategy 2040”, which aims to double its oil and gas output, to triple its refining capacity and to diversify into renewables by 2040.

In the 2018/2019 fiscal year, ONGC extracted 34 Mt of crude oil and over 30 bcm of natural gas; 29% of its oil and 16% of its gas production came from fields located outside India. To double its oil and gas output by 2040, the group will focus on difficult plays (high-pressure high temperature, ultra-deepwater) and will ramp up production in host countries reinforcing a positive government-to-government relationship with India. With 35 Mt/year of oil refining capacity through two joint ventures (HPCL and MRPL), ONGC is targeting to raise its capacity to around 90-100 Mt/year by 2040.

ONGC will also invest in renewables targeting to create a 5-10 GW portfolio focused on offshore wind power.

The Bulgarian national nuclear operator Natsionalna Elektricheska Kompania (NEK) has accepted Russian nuclear group Rosatom’s application to participate in the procedure for selecting a strategic investor for the 2,000 MW Belene nuclear project (northern Bulgaria). Four other companies expressed their interest in the project, namely China National Nuclear Co…

The Russian government is considering transferring the operation of oil intake terminals to state-owned oil pipeline company Transneft. Currently, most of the hubs receiving crude oil from fields, before injecting it into Transneft’s pipeline network, are controlled by privately-owned companies.

The Indian government, through the Directorate General of Hydrocarbons (DGH), has decided to increase the submission cycle of Expression of Interest (EoI) under the Open Acreage Licensing Programme (OALP) from twice a year to three times a year.

Castle Wind, a joint venture of EnBW North America and Trident Winds, has signed a memorandum of understanding (MoU) with power utility Monterey Bay Community Power (MBCP) to conclude a power purchase agreement (PPA) for generation from a proposed 1 GW offshore floating wind project off the city of Morro Bay, California (United States).

The Finnish power transmission system operator Fingrid has signed contracts to acquire new 400 MVA 400/120 kV power transformers to be installed at substations in Pyhäselkä and Petäjävesi. Those acquisitions are linked to a larger project called Forest Line, which aims to improve power transmission between the south and the north of Finland.

Papua New Guinea is seeking to renegotiate the terms of the agreement on the Papua LNG project with Total, sending a negotiation team to the company. The previous agreement was reached in April 2019 with the country’s administration at the time, the new government, however, promised to increase benefits for the state and the citizens when it took power in May 2019. …