Category Archives: OilGas
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GAIL, IGL walk away with Reliance gas; bid at USD 11 per million BTU
Posted on February 13, 2024 by Diligentia News in OilGas.State-owned gas utility GAIL (India) Ltd and the nation’s largest city gas operator Indraprastha Gas Ltd have walked away with most of the coal seam gas that Reliance Industries Ltd auctioned, sources said. Reliance earlier this month conducted an e-auction for sale of 0.90 million standard cubic metres per day of gas it will produce […]
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BPCL plans an oil trading desk in Singapore, Dubai
Posted on February 13, 2024 by Diligentia News in OilGas.Bharat Petroleum Corporation (BPCL) is planning to open a trading desk in Singapore or Dubai to expand its global reach, sourcing, and trade in crude oil as well as finished products, according to industry officials aware of the development. BPCL will set up the desk this year, sources added. The Singapore desk, sources said, would […]
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India fuel demand surges, refiners’ margins to stay strong, mid-single-digit growth in India’s petroleum products: Fitch
Posted on February 13, 2024 by Diligentia News in OilGas.India’s demand for petroleum products is expected to increase by a mid-single-digit percentage in the financial year ending March 2024, following a 10 per cent post-pandemic recovery in 2022-23, according to Fitch Ratings, as reported by ANI. Both petrol and diesel sales saw robust 4-6 per cent increases in the first nine months of 2023-24, […]
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India and Russia in talks over long-term oil deals – Bloomberg
Posted on February 13, 2024 by Diligentia News in OilGas.State oil refiners in India are negotiating long-term agreements for supplies of crude with Russian energy giant Rosneft, Bloomberg reported this week, citing people with knowledge of the matter. According to the report, Indian Oil, Bharat Petroleum, and Hindustan Petroleum are taking part in the discussions, aiming to sign deals for a steady supply instead […]
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PSU Three more LNG terminals to be set up in Bangladesh
Posted on February 12, 2024 by Diligentia News in OilGas.The government has a plan to establish three additional liquefied natural gas (LNG) terminals alongside the existing two for re-gasifying imported gas. Two of these will be situated in Moheshkhali and Matarbari in Cox’s Bazar, while the third will be at Payra, with two being floating and one land-based. The capacity of the existing Floating […]
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Oil Markets Are Much Tighter Than Oil Prices Suggest
Posted on February 12, 2024 by Diligentia News in OilGas.Oil prices have continued trading in a narrow range in the new year with fears about weak fundamentals and the threat of a recession outweighing geopolitical risks. Last week, Commodity analysts at Standard Chartered argued that oil fundamentals were in better shape than the market was giving it credit for, and the market is heavily […]
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Indian Biogas Association pitches for ₹300 bn investment for compressed biogas plants
Posted on February 12, 2024 by Diligentia News in OilGas.Indian Biogas Association has recommended an investment of ₹300 billion for machinery and equipment required for biomass supply to compressed biogas plants to ensure 12 MMTA of LNG import reduction. “Utilising agricultural residues like paddy straw for bioenergy production and soil enrichment instead of burning those offers a dual benefit as it provides renewable energy […]
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After LPG and PNG now get uninterrupted LNG
Posted on February 12, 2024 by Diligentia News in OilGas.The world’s largest deal for liquefied natural gas (LNG) has been signed between India and Qatar. With this, India will continue to get uninterrupted LNG for the next 20 years. Petronet’s renewal of 7.5 million tonnes per annum liquefied natural gas (LNG) purchase contract from Qatar for 20 years from 2029 is possibly the largest […]
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Tapping into Earth’s Natural Hydrogen Reserves
Posted on February 9, 2024 by Diligentia News in OilGas.Many climate experts and energy industry insiders believe that hydrogen will be an essential part of achieving global climate goals because of its utility in hard-to-decarbonize heavy industry. Hydrogen can be burned at high heat like fossil fuels, but unlike coal, oil, or natural gas, it leaves behind nothing but water vapor when combusted. This […]
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OPEC+ Oil Output Books Steepest Decline Since July
Posted on February 9, 2024 by Diligentia News in OilGas.Oil production by the members of the OPEC+ group fell by the most in six months in January, an S&P Global Platts survey has shown. Cuts agreed last year and field outages in Libya contributed to a combined 340,000-bpd monthly decline in OPEC+ production, the survey revealed, with the total at 41.21 million barrels daily. […]
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