Category Archives: OilGas
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QatarEnergy Nearing Agreement for LNG Supply to India
Posted on January 25, 2024 by Diligentia News in OilGas.Qatar Energy is on the verge of finalizing a substantial, long-term agreement to supply liquefied natural gas (LNG) to buyers in India. This impending deal, anticipated to feature more competitive pricing and flexible terms, is poised for completion either by the end of this month or in early February. If successfully sealed, the new contract […]
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Baker Hughes Reports Profit Growth on Strong LNG Demand
Posted on January 24, 2024 by Diligentia News in OilGas.Oilfield service provider Baker Hughes reported higher-than-expected profit growth for the final quarter of last year attributing it to strong demand for its services from the LNG industry. Baker Hughes reported net income attributable to the company of $439 million for the three-month period, which was $257 million higher than a year earlier. The company […]
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Traders Turn Bearish on U.S. Oil
Posted on January 24, 2024 by Diligentia News in OilGas.Traders are selling West Texas Intermediate futures in anticipation of further strong production growth. As a result, prices are weakening further despite the uncertainty of such an outlook. In fact, expectations from the industry and the EIA are for much slower U.S. oil production growth this year. But that has had no effect on trader […]
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Oil and Natural Gas Corporation Limited Approves Formation of Wholly Owned Subsidiary for Green Energy and Gas Business
Posted on January 24, 2024 by Diligentia News in OilGas.The Board of Directors of Oil and Natural Gas Corporation Ltd. at its meeting held on January 23,2024 has inter-alia, considered and accorded approval for formation of a wholly-owned subsidiary company. The proposed name of the company is “ONGC Green Limited” subject to approval of the Ministry of Corporate Affairs, Govt. of India. The wholly-owned […]
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India starts bidding for Jammu-Srinagar natural gas pipeline
Posted on January 24, 2024 by Diligentia News in OilGas.India’s Petroleum and Natural Gas Regulatory Board (PNGRB) has started the bidding process for the 325-km Jammu-Srinagar natural gas pipeline. The pipeline’s initial capacity will be 2 million cu m/day (MMcmd). Bids for construction, operation, and future expansion work are due May 13, 2024. The Jammu-Srinagar pipeline will extend GAIL (India) Ltd.’s 2-MMcmd Gurdaspur-Jammu pipeline. […]
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China Takes Advantage of Lower Oil Prices to Build Inventories
Posted on January 22, 2024 by Diligentia News in OilGas.China is taking advantage of the slide in oil prices, which began in October, to ramp up its stockpiling of cheaper crude. In December alone, China is estimated to have sharply boosted the volume of crude going to storage for the highest rate of stockpiling in six months, according to estimates by Reuters columnist Clyde […]
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Reliance to commission new energy giga complex this year
Posted on January 22, 2024 by Diligentia News in OilGas.Billionaire Mukesh Ambani’s Reliance Industries Ltd will commission a new energy giga complex in Gujarat in the second half of 2024, the company said in an earnings statement and investor call. Reliance is building a giga complex spread over 5,000 acres in Jamnagar in Gujarat. The complex comprises five giga factories for photovoltaic panels, fuel […]
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Russia Tops List of China’s Oil Suppliers in 2023
Posted on January 22, 2024 by Diligentia News in OilGas.Russia became China’s largest oil supplier last year, selling it a record 107.02 million tons of crude, according to Chinese customs data, as cited by Reuters. The total amount equaled a daily import rate of 2.14 million barrels, far ahead of Saudi Arabia, whose oil exports to China slipped to a daily average of some […]
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OIL, GMC sign MoU to convert municipal solid waste into CBG
Posted on January 22, 2024 by Diligentia News in OilGas.In a move towards environmental sustainability and cleaner energy solutions, Oil India Limited (OIL) and Guwahati Municipal Corporation (GMC) have inked a memorandum of understanding (MoU) on Saturday to collaborate on the transformation of municipal solid waste (MSW) into compressed bio gas (CBG). The MoU has been signed by NRL’s Managing Director Bhaskar Jyoti Phukan […]
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India defers $602 million plan to fill parts of strategic petroleum reserve
Posted on January 22, 2024 by Diligentia News in OilGas.India has deferred a 50-billion-rupee ($601.78 million) plan to fill parts of its strategic petroleum reserve, keeping in mind emerging trends in oil markets, the finance ministry said on Saturday. In the federal budget for 2023-24, the government had outlined a plan to purchase crude oil worth Rs 50 billion for caverns in the southern […]
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