Category Archives: OilGas

  • Wood Mac Shaves 1 Million BPD off Global Oil Demand Forecast

    Posted on March 1, 2024 by Diligentia News in OilGas.

    Wood Mackenzie has revised its global oil demand forecast downward by 1 million barrels per day to 1.9 million bpd for 2024, with the biggest increases in demand coming from China and India. Citing a Wood Mac briefing during an Energy Institute conference in London, Reuters reported on Thursday that Wood Mac’s VP of oils […]

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  • IndianOil cancels tenders for 10 KTA green hydrogen unit

    Posted on March 1, 2024 by Diligentia News in OilGas.

    The Indian Oil Corporation (IOCL) has cancelled its tender to set up the first green hydrogen plant in the company’s Panipat Refinery and Petrochemical Complex in Haryana, amid a lacklustre response and allegations that the tender norms favoured a joint venture that included the state-run oil marketing company. The Independent Green Hydrogen Producers Association, which […]

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  • Govt hikes windfall tax on petroleum crude

    Posted on March 1, 2024 by Diligentia News in OilGas.

    The government hiked its windfall tax on petroleum crude to Rs 4,600 a metric ton from Rs 3,300 with effect from March 1, according to a government order released on Thursday. India also cut the windfall tax on diesel to zero from Rs 1.50 per litre effective March 1, the order showed. The tax on […]

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  • Cochin Shipyard Ltd launches India’s 1st hydrogen cell ferry

    Posted on March 1, 2024 by Diligentia News in OilGas.

    Leading central public sector undertakings (PSUs) are betting big on hydrogen fuel, realising the clear shift that is likely to happen in the sustainable energy sector in the country in the coming years. The latest to join the bandwagon is Cochin Shipyard Ltd (CSL) after it launched the country’s first hydrogen fuel cell ferry on […]

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  • Centre Hikes Natural Gas Prices to $8.17 Per MmBtu

    Posted on March 1, 2024 by Diligentia News in OilGas.

    The price of domestic natural gas has been increased to $8.17 per million metric British thermal units (mmBtu) for March from $7.85 in the previous month, the Ministry of Petroleum and Natural Gas reported. The domestic natural gas price, however, will continue to remain at $6.5 for the month, as per the formula used for […]

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  • India’s green hydrogen sector will need $4-12 billion support: A&M report

    Posted on March 1, 2024 by Diligentia News in OilGas.

    India’s green hydrogen sector will need substantial support, estimated at $4 to $12 billion, combined until 2030, to achieve scale, according to consulting firm Alvarez & Marsal. In a report released this week, the firm estimated green hydrogen’s trade opportunity for the world at $24–36 billion by 2030. The firm said the estimated support is […]

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  • World’s Top Oil Trader Sees Oil Demand Peak After 2030

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

    A slower pace of the energy transition will push peak oil demand beyond 2030, according to the world’s biggest independent oil trader, Vitol Group. “Oil demand has a good few number of years still to climb … before it plateaus,” Vitol’s chief executive Russell Hardy said at the International Energy Week in London, as carried […]

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  • Mahanagar Gas acquires 30.97% share in three-wheeler EV company 3ev Industries

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

    Mahanagar Gas said on Tuesday that it has entered into a shareholders’ agreement with 3EV Industries Private Limited to acquire 30.97 percent shareholding in the company that manufactures and operates three-wheeler electric vehicles (EVs). “… we wish to inform that subsequent to execution of Share Subscription Agreement (“SSA”), Mahanagar Gas Limited (“Company”) has entered into […]

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  • India Could Become a Key Player in the $500-Billion Green Hydrogen Market

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

    India could become a key market player in the global green hydrogen industry, which is set to create $500 billion in economic opportunities, consulting firm Alvarez & Marsal said in a new report this week. India could be at the forefront of green hydrogen development, thanks to its competitiveness in producing clean energy — abundant […]

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  • India looks elsewhere for oil as US sanctions crimp Russia trade

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

    Tightening enforcement of US sanctions is denting India’s oil trade with Russia, forcing processors to consider other supplies, according to refinery executives familiar with the matter. Russia is still the dominant supplier to India, but there are signs refiners are buying more from elsewhere. Overall imports from Saudi Arabia are 22% higher this month than […]

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