"FYOOL" APP TO PROMOTE AN ATMANIRBHAR INDIA

 

FYOOL, an outstanding cashback app has hit the android market. It is offering up to 50% cashback on Petrol, Diesel, CNG along with Alcohol. The FYOOL cashback app is one of its kind in the growing technology. It is aiming to promote the growth of the middle class people in the current scenario.

This creative venture is the brainchild of Mr. Raunak Sharma. He is a Delhi based entrepreneur who is neither a technocrat nor Management student with any high-profile degree. The move was taken to connect people and their needs. The Fyool App launched on October 27, 2020 with a magnanimous offer offer of 100% cashback to the first five hundred users who downloaded it within 24hours.It is available for download on the Google Play Store and for IOS users it will be available from next month. The users are supposed to upload a photo of their Petrol, Diesel, CNG, alcohol bills to avail the cashback.  The cashback can be spent on anything like, household items, groceries, etc.

The app promises to help people save their hard-earned money. This was created with an intention to uplift the common man's life. This unexpected pandemic has burdened people's lives and this app would help in creating an additional income.The app is completely ‘made in India’, thus promoting the Atmanirbhar Bharat scheme started by the government of India. The app is completely beneficial to the people who needs to buy fuel on a daily basis.

~ Anisa Gaffar

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SEE MORE: DOES THEORITICAL KNOWLEDGE MATTER?

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COVID -19 Effect: Government extends BPCL Privatisation deadline till Nov. 16

 

In the current scenario where India’s economy is not doing well so to boost the slowing down economy the Central Govt. is planning strategic disinvestment of its stake in major 26 PSU’s along with India’s second-largest oil marketing company The Bharat Petroleum Corporation Ltd.

Presently BPCL operates four refineries at Mumbai, Kochi, Bina, and Numaligarh with a combined capacity to convert 38.3 million tons of crude into fuel. It also owns 15,078 petrol pumps and 6,004 LPG distributors across the country. The Mahratna firm employees around 12,000 people and also clocked a net profit of ₹ 7,132 crores.

The NDA government is planning strategic disinvestment of BPCL. Last year on November 26, 2019, the Union Cabinet approved for auctioning all the stakes of BPCL that government holds and raise around ₹40,000 crore in the financial year 2020-2021. “The BPCL will be completely sold by March 2021,” said Finance Minister Nirmala Sitharaman. She added the BPCL privatization on track and lots of private firms are interested to buy stakes.

As per the report published in The Indian Express, Govt. has decided to extend the deadline for bidding of BPCL for the fourth time in a row from September 30,2020  to November 16,2020 due to the COVID-19 global pandemic. The report also says the big global energy firms like Saudi Aramco, Abu Dhabi National Oil Co. (ADNOC), Rosneft of Russia, British Petroleum, and Exxon Mobil intended to participate in the bidding process.

To rescue the current economic crisis the decision in itself is a prudent move by the Central Government. It's going to be a great opportunity for India to attract foreign investors and foreign investors to get access to the world’s fastest-growing energy market.

~ Yogendra Singh

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SEE MORE: SOP's Rules & Regulations to be revised by Petroleum Ministry After Baghjan's IncidentPsO

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SOP's rules & regulations to be revised by Petroleum Ministry after Baghjan's incident

 

Baghjan oilfield incident at Assam’s Tinsukia district leads to the changes in standard operation procedure (SOPs) and rules and regulation for the entire oil and gas industry. Referring to Baghjan's incident we know it causes a lot of damage and loss of life and the property, also  there has been a bad impact on the nearby areas because of the heat and noise generated from the blowout well of Baghjan field.

Being  aware of  the Baghjan oilfield incident the central the government said in the parliament that the SOP of oil and gas industries are being revised for making improvement in order to prevent such accidents in the future. In a written reply in the Lok Sabha on September 19, 2020 Minister of Petroleum and Natural Gas Mr. Dharmendra Pradhan said that in the most incident of gas leakage in any pipeline the oil and gas wells are closed immediately to prevent fire and loss of the oil and gas after carrying out leakage  rectification job, operations are normalized and production is restored.

After the incident the minister of petroleum and natural gas constituted 3 member inquiry committee to inquire into the Baghjan incident, in addition, the ministry also orders the Directorate General of Mines and Safety (DGMS) and Oil Industry Safety Directorate (OISD) to form committee and appoint them for making new SOPs. The OISD & DGMS is responsible for audits including External safety audits & Surprise safety Audits at periodic intervals to cover all the existing installations; pre-commissioning safety audit of all new facilities being added to the existing installation & new installation being set up, before commissioning of the facilities Mr. Pradhan said.

"Also Minister Pradhan advised the Ministry to visit the Oil & Gas industry, to audit the safety measurements in the industry and report to Ministry as soon as possible. To bring new reforms into action".

The new rules and standard operation procedure will definitely help the industry to set new machinery and to increase safety measurements so any incident and untoward can be prevented to happen.

~ Yogendra Singh

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SEE MORE: CAIRN VS. GOVERNMENT: RAJASTHAN'S OIL BLOCK DISPUTE

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Cairn vs. Government: Rajasthan oil block dispute

 Cairn India’s Rajasthan oil block license extension is stuck in a dispute over cost and the firm is surviving on monthly extensions by the government, sources said. 

The government had agreed in October 2018 to extend the contract by 10 years for Barmer fields in Rajasthan after the expiry of the initial 25-year contract period on May 14, 2020. The extension was subject to Vedanta Group firm agreeing to raise the share of the government’s profit from oil and gas produced from the block by 10 percent. 

While Cairn protested against the additional payout and took the government to court, the extension was subsequently held up due to the government claiming additional profit petroleum after re-allocating Rs 2,723 crore common cost between different fields in the block and disallowance of Rs 1,508 crore cost on a pipeline, sources privy to the development said. 

Now the government wants the company to clear the dues before the extension is granted, they said adding the company has disputed the demand and issued a notice of arbitration to resolve the differences. 

Pending resolution, the government first gave the company a three-month extension of the production sharing contract (PSC) for the Rajasthan block, which houses the prolific Mangla, Bhagyam and Aishwariya oilfields, till August 15, 2020. 

It subsequently extended the PSC by 15 days and then by a month till September 30, sources said. 

According to Hindustan Times, a company spokesperson said, “The Rajasthan PSC allows extension on the same terms for a period of 10 years in case of commercial gas production and we are accordingly eligible for the extension.” The block, it said, produces more than 20 percent of India’s crude oil production and has the potential to double this over the next 3 years. 

“This requires a reduction in fiscal levies and administrative support for timely approvals,” the spokesperson said. “We have referred a few matters to arbitration that we were not able to mutually resolve.” The company, however, didn’t provide details. 

“We are hopeful to see some positive outcomes, we are committed to producing in this block and contribute significantly towards a self-reliant economy,” the spokesperson added. 

Sources said the Directorate General of Hydrocarbons (DGH), the upstream nodal authority of the Oil Ministry, on October 26, 2018, granted its approval for a ten-year extension of the Production Sharing Contract (PSC) for the Rajasthan Block (RJ), with effect from May 15, 2020 subject to payment of additional profit petroleum.

~ Rishab Soni

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SEE MORE: IOC PLANNING A FUTURE IN HYDROGEN

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IOC planning a future in Hydrogen

 “Indian oil corporation to deploy 50 buses around the capital powered by a blend of hydrogen and CNG”, Chairman Shrikant Madhav Vaidya said. The fleet is to serve the public and is planned to start as soon as this year, potentially creating a new market for producer trying to rebound from its first annual loss in at least 20 years. 

Hydrogen is versed as a fuel of the future and has been praised as a key to fight climate change by energy enthusiasts all over the world. “Hydrogen seems to be the most disruptive and has the potential to grow 10 times between now and 2050”, said Giovanni Serio, global head of research at Vitol Group. ”It could be the one to solve the problem of storing energy and also addressing later the demand from the transportation sector.” 

According to a report by BloombergNEF, nearly $11 trillion of investment in production, storage and transport infrastructure is needed for hydrogen to meet about a quarter of the world’s energy needs by 2050. 

Hydrogen is considered advantageous in many ways because of its high energy density, the flexibility of production sources, a wide range of applications, and no greenhouse emission, but there are some downsides as well. As the current production methods are polluting and the explosion of hydrogen tanks in South Korea and Norway last year have brought up safety concerns as well. 

That aside, IOC isn’t the only one to look hydrogen as the future, China-based, Sinopec will integrate hydrogen into its retail fuel stations around Beijing and Norway’s Equinor ASA is building a large carbon capture and storage facility that could be a source of hydrogen. So, it can be concluded that soon hydrogen is to be seen in the energy sector as a brand new commodity and will play a visible role in the transition of the energy sector. 

~ Rishab Soni

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SEE MORE: BHAVNAGAR, GUJARAT TO HOLD WORLD'S FIRST "cng" TERMINAL

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JOURNEY OF DIGITAL TRANSFORMATION FROM UPSTREAM OF OIL & GAS TO PROCESSING FACILITIES

Coronavirus has a serious impact on global oil demand and prices, with the WTI / Brent crude oil benchmarks plummeting since January 2020. Low prices, coupled with an unprecedented decline in demand, will be difficult for the upstream sector in the near term, particularly for regions with unfavourable economies of production. In the current scenario of a historically low-price environment, the debt-ridden US shale / tight oil industry will see the biggest hit, with drilling capital budgets cut, operations shortened, and production declining.     

       

IIoT (Industrial Internet of Things), Digital Oilfield 4.0 and Industry 4.0 are some of the truly important terms describing digital transformation in today's oil and gas industry. It was no surprise that a recent survey pointed out that while most executives agreed that digital transformation would be an important source of growth for them over the next few years, they still lack a clear perspective on where and how to embark on the "right" digital journey to maximize the production the potential of their assets, particularly given the wide range of complex applications.

Comprehensive approach

Digital transformation is not just about technology. It offers a comprehensive approach to transforming operations – such as changes to existing workflows, operations and business models. For example, improving the process requires monitoring of key performance indicators (KPIs) and alerting stakeholders to any significant deviations from the targets. This requires an understanding of the process context for assessing the various options; taking a decision on the most appropriate corrective action; and finally ensuring that a decision is taken. An effective closed-loop performance management platform, combined with analytics, can help companies unlock additional millions of dollars of value.

Production to Processing - Application

Predictive analytics predicts the performance behaviour of operating assets and processes. These analyses leverage advanced pattern recognition, statistical models and machine learning technology to model the operating profile and processes of the asset and predict future performance, recommending appropriate, timely action to improve production uptime and optimize operating conditions. Some of the key areas in which analytics have been successfully deployed are:

• Production Allocation & Planning: Advanced simulation and analytics tools can be used to model and predict the performance of producing wells, allowing proper production recording and planning and uncovering production potential in existing assets
• Gas lift Optimization: Advanced analytics can be used to optimise the allocation of injection gas to boost production in oil field
• Gathering Network: Analytics can be used to model fluid flow behaviours in pipeline- multi-phase or single-phase flow - to predict pipeline holdup and potential slugging in the network, optimizing the designs to reduce CAPEX, production and transportation costs
• Asset Optimization: Predictive asset analytics have been gaining grounds in oil and gas operations to help reduce abrupted equipment failure that can cause costly production outages
• Process Optimization: Process optimization analytics reconcile dynamic process data – such as pressure, flow rate, and temperature - in real-time and predict the optimum operating model based on thermodynamic laws and its physical properties

Did you read "Impact of COVID - 19 in Oil Market"

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IEA - IMPACT OF COVID-19 IN OIL MARKET

     Global demand for oil is expected to decline as a result of the global outbreak of COVID-19, limiting travel and broader economic activity. Here in this article we will address the major threats facing the oil sector according to the current oil market forecast by the International Energy Agency. The IEA published its medium-term outlook, examining the key issues in the global demand, supply, refining and trade till 2025.

"The Corona Virus crisis is adding to the uncertainties the global oil industry faces as it contemplates new investments and business strategies. The pressures on companies are changing. They need to show that they can deliver not just the energy that economics rely on, but also the emissions reductions that the world needs to help tackle our climate challenge. - Dr. Birol"

The arrival of Corona Virus is shaking the global oil market that was already facing challenges. On the demand side, the growth of the oil market in 2019 was significantly weaker than expected and new vehicle efficiency measures began to weigh on transport fuels. Refining capacity additions in recent years have outstripped demand growth, bringing tough competition to an industry that is already challenged by tightening product specifications, in particular the new International Maritime Organization (IMO) bunker rules introduced at the beginning of 2020.

Geopolitics remains a wild card on the supply side. Production losses from Iran, Libya and Venezuela have increased to 3.5 mb/d since the beginning of 2018. Even before the outbreak of COVID-19, markets had been over-supplied, leading OPEC+ producers to reduce their output. Looking beyond the short term, the oil market appears to have been comfortably supplied through 2025.

Following the contraction in 2020 and the expected sharp rebound in 2021, global oil demand growth is set to decline as vehicle fuel consumption increases more slowly. Global oil demand is projected to grow at an average annual rate of just under 1 mb/d between 2019 and 2025. Petrochemicals are becoming increasingly important drivers, with naphtha, liquefied petroleum gas (LPG) and ethane responsible for half of all growth. Efforts to improve the sustainability of the plastics industry will be countered by a steady increase in consumer demand in developing countries. Bans on single-use plastics and recycling, even if fully implemented, will displace only a very small amount of oil demand. By 2025, global demand for oil has risen by a total of 5.7 mb/d, with China and India accounting for about half of growth.

At the same time, the world's oil production capacity is expected to increase by 5.9 mb/d. Non-OPEC supplies will increase by 4.5 mb/d while OPEC builds another 1.4 mb/d of crude and natural gas liquid capacity. This assumes that there is no change to the sanctions imposed on Iran or Venezuela. The United States is leading the way as the largest source of new supplies. Given its enormous resource potential, it could produce even more if prices end up higher than expected in this report. Brazil, Guyana, Iraq and the United Arab Emirates are also making impressive gains.

Strong growth in Asian oil demand creates major opportunities for oil-producing countries that can boost exports. However, growth in non-OPEC production is set to lose momentum after a few years, indicating a greater role for OPEC+ countries. The pace of expansion in the US is slowing as independent producers cut spending and scale back drilling in response to investor pressure. Deceleration in the US and other non-OPEC growth since 2022 will allow OPEC producers in the Middle East to tap into the balance of the oil market, thus increasing their importance to oil-consuming countries.

~ Rathna Bai B

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SEE MORE: Does Theoretical Knowledge Matter?

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Does theoretical knowledge matter?

       As students, we are always told by the industry experts that, “The work that you will be doing in the industry is different from that thought in your textbooks.”

So readers, in this article let me share my thoughts/viewpoints about significance of theoretical knowledge. I believe that Theory is as important as Practical Knowledge.

        Most of the college students believe that practical knowledge is the only necessity to survive in the industry. So they begin to run in order to gain practical knowledge. This results in loss of interest for theoretical knowledge. Even I too ran in the same path once. And suddenly a question arose in my mind that, “if practical knowledge is enough to survive in the industry. Then why does college syllabus give importance to theory rather than practical?” In search of answers, I turned to Google.

Knowledge is same, be it theory or practical. Is there a difference? Yes, the theory teaches you through the experience of others; on the other hand in practical, you learn through your own experience with a particular task. In theory, you get the answers for “WHY” and in practical you get the answers for “HOW”.

Importance of theoretical knowledge:

• It helps you to understand the concept behind the techniques which helps us to do differentiate why one technique works and other fails.
• Theoretical knowledge makes the way easier to practically apply things, because theory teaches you from the broader experiences of other.
•  It also helps to learn ins and outs of your field or specialization.·        
• Theoretical knowledge  also  helps to provide some ideas to solve the real world problems

Tips to gain/increase theoretical knowledge

Ø Theoretical knowledge  also  helps to provide some ideas to solve the real world problems

Ø I strongly believe that “Reading books” would enhance the theoretical knowledge.

[Note for Petroleum Engineers: I would like to suggest a book “Nontechnical guide to petroleum geology, exploration, drilling, and production” which explains the overall concepts of petroleum engineering in a nontechnical fashion.]

Ø If you are lazy to read, then “watch videos” which explains the theories based on your fields of interest. There are so many YouTube channels; free courses platforms are available online.

[Note for Petroleum Engineers: I suggest you to YouTube channel, “llau13” for understanding the important concepts of Petroleum Engineering]

Ø Here I recommend some website which are offering courses:

¨     Udemy

¨     Coursera

¨     edx

¨     MIT OpenCourseWare

Ø Finally, this will help you acquire both theoretical and practical knowledge.

¨     Doing internships: This provides a platform to putting theory in to practice.

¨     Attending workshops: Most of the workshops  explain the theory by applying them into practical

In conclusion, let me tell you that, if you do not know the concept/theory behind a machine, the practical work seems impossible. Similarly, if you do not try to see how the theoretical concepts work in real-time, then you are cramming concepts. So you need to give equal importance to both, in order to benefit maximum in the least possible time. Thus, focus on both Theoretical and Practical Knowledge.

 

By: Mohammed Zubair Ahmed M

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