• Over 20% of the World’s Oil Refining Capacity Is at Risk of Closure

    Posted on March 29, 2024 by Diligentia News in OilGas.

    More than 20% of the total global refining capacity is at some risk of closure as refining margins are set to weaken alongside demand, while carbon taxes could also burden many refiners, Wood Mackenzie has said in a recent report. Overall, based on expected net cash margins in 2030, Wood Mackenzie has identified 121 out […]

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  • Adani Power enters into 20-year PPA with Reliance Industries

    Posted on March 29, 2024 by Diligentia News in OilGas.

    Adani Power’s wholly-owned subsidiary Mahan Energen Limited (MEL), which recently bagged a big coal block in Chhattisgarh for commercial coal mining, has entered into a 20-year, long-term Power Purchase Agreement (PPA) with Reliance Industries Limited (RIL). The agreement is for the supply of 500 MW of electricity under the captive user policy as defined in […]

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  • Numaligarh Refinery partnered with Assam Gas Company Limited

    Posted on March 29, 2024 by Diligentia News in OilGas.

    Yet another Landmark Moment. Numaligarh Refinery Limited has partnered with Assam Gas Company Limited by Signing of Sales Purchase Agreement on 27th of March 2024 at Corporate office of NRL in presence of Shri Bhaskar Jyoti Phukan, Managing Director, NRL, Shri Nikunja Borthakur, Sr. CGM (Corp. Affairs), MD, AGCL, Shri Gokul Chandra Swargiary along with […]

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  • Transporting crude oil from Russia to India offers huge margins

    Posted on March 29, 2024 by Diligentia News in OilGas.

    Discounted seaborne crude oil flowing from Russia to India, which accounts for more than one-third of New Delhi’s overall imports, has opened up avenues to make huge margins — sometimes to the tune of $23 a barrel — from transporting the critical commodity. he findings form part of a report by the Oxford Institute for […]

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  • Indian refiners buy more US crude amid tighter sanctions on Russian oil

    Posted on March 27, 2024 by Diligentia News in OilGas.

    More than 250,000 barrels per day of U.S. crude is set to arrive in India next month, the highest in more than a year, ship tracking data showed, amid tighter enforcement of sanctions on Russian crude. India, the world’s third-biggest oil importer and consumer, is looking to diversify its oil supplies as fresh U.S. sanctions […]

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  • LNG importers rush to buy spot cargoes as price hits 3-year low

    Posted on March 27, 2024 by Diligentia News in OilGas.

    Power companies and refineries are doubling down on spot liquefied natural gas (LNG) as prices have hit a three-year low, according to industry officials aware of the development. LNG importers Gail, Gujarat State Petroleum Corporation (GSPC), Torrent Gas, Bharat Petroleum Corp (BPCL) and Indian Oil Corp (IOC), among others, are buying spot cargoes as the […]

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  • LNG imports increase 37.5% in February 2024

    Posted on March 27, 2024 by Diligentia News in OilGas.

    INDIA’s imports of liquefied natural gas (LNG) are up 37.5% in February 2023 over the corresponding period of the previous year, according to a monthly report by the Petroleum Planning Analysis and Cell (PPAC). The total LNG import in February 2024 was 2,522 million standard cubic meters (MMSCM) against last February’s 1,834 MMSCM. According to […]

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  • French Bank Pulls Funding for Two LNG Projects

    Posted on March 26, 2024 by Diligentia News in OilGas.

    French lender Credit Agricole has declared it will no longer finance the Rovuma LNG project in Mozambique and the Papua LNG project in Papua New Guinea. The bank cited its commitments to reduce exposure to the oil and gas industry as the basis for its decision, according to a Reuters report on the news. Rovuma […]

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  • Russia Demands Oil Producers Slash Output for OPEC+

    Posted on March 26, 2024 by Diligentia News in OilGas.

    Russia’s government has ordered oil companies to lower their output in the second quarter so that the country can meet its OPEC+ production target of 9 million barrels per day (bpd) by the end of June. Previously, Russian Deputy Prime Minister Alexander Novak announced that Russia would cut oil output and exports by an extra […]

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  • Russia Delivers Oil to North Korea in Defiance of UN Sanctions

    Posted on March 26, 2024 by Diligentia News in OilGas.

    Russia has supplied oil directly to North Korea this year as both regimes are openly defying UN sanctions on sales of petroleum to Pyongyang in response to its nuclear weapons tests, satellite images shared exclusively with the Financial Times have shown. North Korea has been under UN Security Council sanctions since 2017, but Russia is […]

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