Category Archives: OilGas
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IOC, GAIL, ONGC fined for third straight quarter for failure to appoint directors
Posted on February 26, 2024 by Diligentia News in OilGas.State-owned oil and gas giants including IndianOil, ONGC and GAIL (India) have been slapped fines for the third straight quarter for failing to meet listing norm requirements of having the requisite number of directors on their board. Stock exchanges have fined oil refining and fuel marketing giant Indian Oil Corporation (IOC), explorers Oil and Natural […]
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Standard Chartered Sees Oversupplied Gas Markets, Tightening Oil
Posted on February 23, 2024 by Diligentia News in OilGas.Last year, the month of January recorded an oil mega-surplus of 3.4 mb/d, the third biggest surplus in the first month of the year over the past two decades. January is a seasonally slow month for oil markets due to weak demand. The entire first quarter of 2023 saw oil markets oversupplied with global oil […]
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Woodside to Sell $1.4 Billion Stake in LNG Project to Japan Power Giant
Posted on February 23, 2024 by Diligentia News in OilGas.Australia’s Woodside has struck a deal to sell a 15.1% stake in the Scarborough LNG project to JERA—the biggest power utility in Japan. The deal is valued at $1.4 billion and will secure long-term liquefied gas supply to JERA’s clients. Per Woodside, the sale would include a payment of $740 million as a price tag […]
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China Seeks Cheap Spot LNG Supply as Prices Dip to Three-Year Low
Posted on February 23, 2024 by Diligentia News in OilGas.Chinese LNG importers are on the lookout for cheaper supply of liquefied natural gas on the spot market as prices in North Asia have halved from October levels and slid to a nearly three-year low last week, traders familiar with the deals told Bloomberg on Thursday. Shenzhen Energy Group and China Gas Holdings Ltd have […]
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Natural Gas Price Drop Could Spell Doom for Producers
Posted on February 23, 2024 by Diligentia News in OilGas.Natural gas prices have continued to fall, with a mild winter and overproduction that has seen producers in the American shale patch attempt to dial down output only to have oil companies producing gas as a byproduct throw a spanner in the plans. For commodities traders, the floor is probably around $1.50, with February prices […]
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ONGC slow on exploring reserves
Posted on February 23, 2024 by Diligentia News in OilGas.A lone international contractor hired to delineate hydrocarbons in Bangladesh’s offshore blocks did little over the past two years, while the country suffers fuel shortages, sources say. India’s oil-and-gas-exploration company named ONGC Videsh Ltd (OVL) is currently the only international oil company (IOC) that has rights to explore untapped offshore in some blocks in the […]
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Russia’s Disrupted Oil Trade Crimps Margins for Indian Refiners
Posted on February 23, 2024 by Diligentia News in OilGas.India’s state-run refiners are facing a shift in fortunes as once cheap Russian oil becomes more expensive and less accessible, squeezing profits for companies that had been benefiting from Moscow’s war in Ukraine Attacks in the Red Sea have driven up freight rates, while tougher US sanctions have stranded some Russian cargoes destined for India, […]
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India’s January crude imports hit 21-month high
Posted on February 23, 2024 by Diligentia News in OilGas.India’s crude oil imports jumped to a 21-month high in January as the world’s third-biggest oil importer and consumer shipped in more fuel to meet surging demand led by strong industrial activity. Crude oil imports in January rose 9.5% month-on-month to 21.39 million metric tons, and were up 5.7% on a year-on-year basis, Petroleum Planning […]
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LNG tankers may be converted to floating storage in India
Posted on February 23, 2024 by Diligentia News in OilGas.A Japanese-Indian consortium is considering turning two LNG tankers into floating storage and regasification units to help meet growing demand in the South Asian economy, according to two people familiar with the matter. The units, with a capacity of 138,000 cubic meters each, are currently being leased by Petronet LNG Ltd. to import the super-chilled […]
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Upstream E&P companies shifting focus to longer contracts with lengthy lead times: Transocean
Posted on February 22, 2024 by Diligentia News in OilGas.Oil and gas exploration and production (E&P) companies are increasingly directing their attention towards securing longer-term offshore deepwater contracts, accompanied by extended lead times until the commencement of these contracts, according to top executives at Transocean, a leading deepwater drilling company. According to S&P Global Commodity Insights, the executives made these remarks on February 20 […]
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