April 17 (Reuters) – Oil prices extended losses on Wednesday as worries about global demand due to weak economic momentum in China and a likely rise in U.S. commercial stockpiles outweighed supply fears from heightened tensions in the Middle East. Brent futures for June fell 40 cents, or 0.44%, to $89.62 a barrel by 0632 GMT, while U.S. crude futures for May fell 48 cents, or 0.56%, to $84.88 a barrel. Oil prices have softened so far this week as economic headwinds pressured investor sentiment, curbing gains from geopolitical tensions, with market’s eyeing on how Israel might respond to Iran’s ..read more

After floating bids for offshore oil and gas exploration, Petrobangla now plans to invite international bidding for onshore hydrocarbon exploration. “We’re now working on preparing the bidding documents for onshore oil and gas exploration,” said Petrobangla Chairman Zanendra Nath Sarker while speaking at a workshop of the energy reporters at the capital’s Petrocentre. He noted that his organisation will appoint a foreign consultant to assist Petrobangla in attracting the international oil companies (IOCs). Petrobangla organised the workshop for the members of the Forum for Energy Reporters Ban ..read more

Bangladesh is facing a complex transition from coal-based energy, said the Global Energy Monitor in its Boom and Bust Coal 2024 report published on 11 April. This year’s report, published globally, sheds light on Bangladesh’s coal energy landscape and emphasises the importance of using renewable energy. It calls for a shift from coal-based energy to renewable energy sources. The report highlighted Bangladesh’s economic burden due to its excessive reliance on imported coal amidst fluctuations in foreign exchange rates, alongside various countries around the world. The Business Standard Google N ..read more

Pahela Baishakh, the first day of Bengali New Year-1431, is being celebrated across the country today with festivity, upholding the rich cultural values and rituals of the Bangalees A huge number of people are expected to join the “Nabo Barsho” festivities across the country, particularly in the capital city. Pahela Baishakh is one of the most colourful festivals through which the Bangalees bid farewell to the old year and welcome the New Year. On this occasion, people from all walks of life wear traditional Bengali dresses. Young women wear white sarees with red borders and adorn themselves w ..read more

Twenty coal mines are likely to become operational by the end of this year, a move that will reduce coal imports and help meet rising power demand. Peak power demand in the country is likely to cross 400 GW by 2030. According to an official source, these 20 coal blocks include seven of Coal India and three of Singareni Collieries Company Ltd (SCCL). They will contribute another 100 million tonne (MT) in three to four years. State-owned Coal India accounts for over 80 per cent of domestic coal output. SCCL is jointly owned by the Telangana government and the Centre on a 51:49 equity basis. The ..read more

The survey also highlights a surge in coal power proposals in India, with 11.4 GW of new proposals introduced by both public and private sector entities, the highest since 2016. This includes the revival of several long-stalled projects, indicating a significant shift towards expanding coal power infrastructure. New Delhi: India’s coal power sector saw a significant shift in 2023, adding 5.5 gigawatt (GW) of new coal power capacity, an amount equal to what the European Union retired, according to the Global Energy Monitor’s annual survey. This marks a doubling of new coal capacity added compar ..read more

SINGAPORE, April 12 (Reuters) : Oil prices rose on Friday as heightened tensions in the Middle East raised the risk of supply disruptions from the oil-producing region, though prices are set for weekly losses amid expectations of fewer U.S. interest rate cuts this year. Brent crude futures climbed 51 cents, or 0.57%, to $90.25 a barrel by 0420 GMT, while U.S. West Texas Intermediate crude futures rose 61 cents, or 0.72%, to $85.63. The gains erased some losses from the previous session, which was dominated by worries about stubborn U.S. inflation that dampened hopes for an interest rate cut as ..read more

The government will not provide energy including gas and electricity to any new industrial entities if they are not situated in government designated economic zones or industrial areas. Mentioning the e cabinet committees decision, taken on March 21, the central bank in a circular issued on Monday, (April 8, 2024) has directed banks to take clearance certificates given by the utility service providers from the newindustrial units, when they will apply for loans. “Planned industrialisation is a must to ensure economic prosperity and establishing industries at specific locations will ensure prop ..read more

LITTLETON, Colorado, April 4 (Reuters): Coal is on course to overtake natural gas as the primary source of electricity in Bangladesh, worsening regional emissions and complicating global efforts to cut use of high-polluting fossil fuels. Bangladesh power firms more than doubled coal-fired electricity generation in 2023 from 2022 to a record 17 terawatt hours (TWh), data from energy think tank Ember shows. Over the same period, natural gas-fired electricity output increased by just 4.7% to 47.44 TWh. The sharp jump in coal use relative to natural gas use resulted in a large swing in the country ..read more

Prime Minister Sheikh Hasina today called upon the Russian state-run ROSATOM to set up another nuclear power plant at Rooppur, if there is any scope for that. The premier made the request when ROSATOM Director General Alexey Likhachev called on her at her official residence Ganabhaban here. Briefing the reporters after the meeting, Prime Minister’s Speech Writer Md Nazrul Islam said that Sheikh Hasina asked them to go for constructing new plants on the site of Rooppur Nuclear Power Plant (RNPP) after completion of the ongoing project. She also pointed out that a technical survey needs to be co ..read more