Crude Oil & Natural Gas Production in India
What's the NEWS

• India's crude oil production fell by 5 per cent and natural gas output slumped by 8 per cent in the fiscal year to March 2021 as private and public sector firms produced less, government data showed.
• Crude oil production fell to 30.5 million tonnes in 2020-21 from 32.17 million tonnes a year back, according to the latest data released by the Ministry of Petroleum and Natural Gas. Oil and Natural Gas Corporation (ONGC) produced over 2 per cent less oil at 20.2 million tonnes than a year back as a nationwide lockdown that lasted over two months shut some of its fields.

Reason for Decline:

• Ageing Sources: Most of India's crude oil and natural gas production comes from ageing wells that have become less productive over time.
• Need of Intensive Technology: There is no more easy oil and gas available in India and that producers would have to invest in extracting oil and gas using technologically intensive means from more difficult fields such as ultra deepwater fields.
• Low Interest of Foreign Companies: India's efforts to attract foreign energy giants into hydrocarbon exploration and production haven't been quite fruitful.
• The government has asked ONGC to boost its investments in explorations and increase tie-ups with foreign players to provide technological support in extracting oil and gas from difficult oil and gas fields.
• The government is also reaching out to major foreign players to convey that the current system of auction and regulation is much more "open and transparent" than before.
• Climate Change: Mounting pressure due to climate change is prompting oil and gas players to diversify into clean energy.

Way Forward

• A variety of new technologies can prolong the life of ageing oil fields but the acquisition, testing and application of these technologies is capital-intensive. Thereby, the fiscal framework must ensure adequate returns for producers to deploy Enhanced Oil Recovery mechanisms.
• The current approval processes must be simplified with stipulated timelines for each sign-off, thereby avoiding cost escalations due to delays.
• Potential of Unconventional Hydrocarbons (UHC) such as Shale Oil and gas, tight oil/gas and gas hydrates must be opened now for commercial exploitation.

Britcoin
What's the NEWS
The Bank of England and the Treasury are considering creating Britcoin in the wake of declining cash payments in the region, which are partly due to the Corona pandemic.

• If passed, the digital currency would function alongside cash and bank deposits as a new type of money that households and businesses in England could use.
• It would sit at the crossroads of cash and private payment systems, and it wouldn't have to be built on distributed ledger technology.
• This ‘britcoin' will be linked to the value of the pound, making it impossible to benefit from it as an asset.
• The transition could have a positive economic effect by attracting more investment to the UK's tech sector and lowering transaction costs for foreign companies.
• In one important way, Britain's digital currency would be unique in that, if passed, it would be issued by the government.
• Only the Bahamas has such a currency at the moment, though China is testing it in a few cities.

Central Bank Digital Currency (CBDC)

• A CBDC is a virtual version of a country's fiat currency that is represented by an electronic record or digital token (or region).
• A CBDC is a centralised currency that is issued and controlled by the country's competent monetary authority.
• Each unit functions as a safe digital instrument that can be used as a mode of payment, a store of value, and an official unit of account, similar to a paper bill.

Benefits CBDC

• A CBDC seeks to combine the best of both worlds the convenience and security of digital forms such as cryptocurrencies, as well as the controlled, reserve-backed money circulation of traditional banking.
• New types of digital money could supplement the critical lifelines that remittances provide for the poor and emerging economies.
• It will safeguard citizens against financial uncertainty caused by the collapse of private payment systems.
• Ensures central banks maintain power over monetary policy in the unlikely event that payments move to cryptocurrencies over which they have no control.

AIM-PRIME
What's the NEWS

• Recently, the Atal Innovation Mission (AIM), NITI Aayog launched AIM-PRIME (Program for Researchers on Innovations, Market-Readiness & Entrepreneurship).

Know! about AIM-PRIME

• The AIM-PRIME program is aimed at promoting science based, deep technology ideas to market through training and guidance over a period of 12 months.
• AIM has collaborated with Bill & Melinda Gates Foundation (BMGF) to launch this nationwide programme which will be implemented by Venture Centre - a non-profit technology business incubator hosted by Council Of Scientific And Industrial Research-National Chemical Laboratory (CSIR-NCL).
• Candidates selected for the programme will get access to in-depth learning via a comprehensive lecture series, live team projects, exercises, and project-specific mentoring.
• They will also have access to a deep tech start-up playbook, curated video library, and plenty of peer-to-peer learning opportunities.
• Target Audience: Technology developers and incubations managers.
• Focus Areas: Science-based, knowledge-intensive, deep technology entrepreneurship.

Madhu Kranti Portal & Honey Corners
What's the NEWS

• Agriculture and Farmers' Welfare Minister Narendra Singh Tomar launched Madhukranti portal and Honey Corners of National Agricultural Cooperative Marketing Federation, NAFED in New Delhi.
• This portal is being developed for online registration to achieve a traceability source of Honey and other beehive products on a digital platform.
• This will also help in checking the quality and source of adulteration of honey.
• Madhukranti portal is an initiative of National Bee Board under National Beekeeping and Honey Mission. An MoU between National Bee Board and Indian Bank was signed for this project.

Significance:

• The portal will help in increasing income of the farmers, boost exports and increase employment generation.
• The portal will hold the database of all the stakeholders involved in honey production, marketing chains, hive production and sales.
• It will increase the reach of honey to international markets.