Category Archives: OilGas
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Cairn to double annual capital expenditure to $1 billion for 5 years
Posted on February 22, 2024 by Diligentia News in OilGas.Cairn Oil & Gas will spend about $1 billion in capital expenditure (capex) annually for the next five years as it ramps up exploration activities across 12 key project areas. This will be double the $500 million worth of capex incurred annually by the company in the past couple of years, company officials told Business […]
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Work on offshore breakwater at Dabhol LNG moves ahead
Posted on February 22, 2024 by Diligentia News in OilGas.This 2.3 km long structure aims to reduce the action of the swell on the unloading vessels alongside. Concrete Layer Innovations (CLI) has been working with the contractor to assist with the manufacture, reuse and installation of the 9 and 12 m3 ACCROPODE™ I blocks that cover the armor of the structure. “The design of […]
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India exported USD 6.65 billion oil products derived from Russian oil to sanctioning nations
Posted on February 22, 2024 by Diligentia News in OilGas.Over one-third of India’s export of oil products to the G7-led coalition countries were derived from Russian crude, a European think-tank said, highlighting how the partners shunned buying Russian crude and imposed price caps but a loose policy on refined products allowed third countries to use Russian oil and legally export products to them. While […]
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Russia’s disrupted oil trade crimps margins for Indian refiners
Posted on February 22, 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 LNG Terminal Plans In Iraq Face Visa Hurdles
Posted on February 22, 2024 by Diligentia News in OilGas.Plans to set up a liquified natural gas terminal in Iraq are yet to take off, as Iraq is yet to issue visas to officials from Indian oil and gas and EPC (engineering, procurement and construction) companies amid persistent security concerns in the country. A team of officials from state-run companies, including Indian Oil Corp […]
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Shale Patch M&A Might Be Booming, But Refineries Are Left Behind
Posted on February 21, 2024 by Diligentia News in OilGas.After a two-year hiatus, deal-making in the U.S. shale patch has hit high gear with the U.S. energy sector leveraging high stock prices to go on a $250 billion buying spree in 2023. Last quarter alone, U.S. oil majors Exxon Mobil Corp. (NYSE:XOM), Chevron Corp. (NYSE:CVX) and Occidental Petroleum (NYSE:OXY) struck deals worth a combined […]
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Russia’s Seaborne Crude Flows at Risk as India Shuns Key Grade
Posted on February 21, 2024 by Diligentia News in OilGas.Russia’s seaborne crude shipments fell for a second week, with difficulties selling a key Pacific grade to India set to further snarl flows in the coming week. Moscow has been struggling to get its Sokol crude into India, the main market for the grade produced by the Sakhalin 1 project, with the Asian nation’s refiners […]
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Russia’s crude oil delivery problems to India aren’t over yet
Posted on February 20, 2024 by Diligentia News in OilGas.Nearly 15 million barrels of Russia’s Sokol crude — meant for delivery to India — are sitting on tankers idling off the coasts of Malaysia and South Korea. They show little sign of moving. Twelve tankers are anchored, holding the key Russian crude grade. Most haven’t moved far for more than a month, vessel tracking […]
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Warm Winter Drags U.S. Natural Gas Prices to Three-Decade Low
Posted on February 20, 2024 by Diligentia News in OilGas.One of the warmest winters on record in the United States has created a natural gas glut, dragging benchmark gas prices to their lowest levels in three decades and prompting producers, who were pumping at record rates, to scale back drilling activity. The front-month U.S. benchmark price at the Henry Hub settled on Friday at […]
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Mitsui OSK Lines: Steering India’s LNG supply
Posted on February 20, 2024 by Diligentia News in OilGas.The $11-billion Japanese shipping major Mitsui OSK Lines (MOL) owns or operates over 800 vessels of all types, including oil and gas, dry bulk commodities, chemicals, and automobile freight carriers. Ajay Singh, a board member of the 140-year-old MOL, is based in Tokyo and responsible for the group’s businesses in the Indian subcontinent and West […]
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