Category Archives: OilGas
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Assam contributes 14% of total crude oil production in the country: Minister
Posted on December 6, 2023 by Diligentia News in OilGas.Union Petroleum & Natural Gas Minister, Hardeep Singh Puri said that Assam contributes 14% of total crude oil production and1 10% of total natural gas production in the country. Answering the question related to production of petroleum and natural gas from Assam and also the steps taken by the government to reduce the import dependence, […]
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COP28: Arab Coordination Group Promises $10B To Assist Developing Nations
Posted on December 6, 2023 by Diligentia News in OilGas.The Arab Coordination Group will allocate $10 billion through 2030 to facilitate the energy transition, the group said on Tuesday during the COP28 meeting. The $10 billion in funds is designed to drive “a comprehensive and affordable transition to renewable energy in developing countries,” the ACG said on Tuesday. The funds are part of the […]
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Saudi Arabia’s Plan to ‘Artificially’ Boost Oil Demand
Posted on December 6, 2023 by Diligentia News in OilGas.As much of the world accelerates its plans for decarbonization, developing its renewable energy capacity to shift away from fossil fuels, it is becoming apparent that many major oil players are unwilling to follow this strategy to combat climate change. While countries such as the UAE and Saudi Arabia have announced ambitious green energy plans, […]
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U.S. Record-Breaking Oil Output One More Blow to OPEC
Posted on December 6, 2023 by Diligentia News in OilGas.Record crude oil production in the United States is serving a fresh blow to oil bulls and OPEC, just as the cartel was trying to push benchmarks higher by adopting deeper production cuts. The EIA reported last week that average daily production in September had remained unchanged from August when it hit the record-high rate […]
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LNG consumption, imports seeen rising
Posted on December 6, 2023 by Diligentia News in OilGas.Not just analysts see a rise in the LNG consumption but also in its imports in order to fulfill the rising demand from various sectors. India’s consumption of Liquified Natural Gas (LNG) is expected to rise further in the coming months on the back of growing demand from the fertiliser and power industries, analysts say. […]
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Current ethanol production capacity is 13.64 billion litres; sufficient to meet blending targets: Centre tells Rajya Sabha
Posted on December 6, 2023 by Diligentia News in OilGas.The current ethanol production capacity in India is 13.64 billion litres and is sufficient to meet the fuel blending targets, the Centre informed Rajya Sabha on Monday. In a written reply in the Rajya Sabha, Rameswar Teli, minister of state in the Ministry of Petroleum and Natural Gas, apprised that Uttar Pradesh, Maharashtra and Karnataka […]
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Is A New Oil Price War Looming?
Posted on December 5, 2023 by Diligentia News in OilGas.U.S. crude oil production broke another record in September, putting additional pressure on the OPEC+ group, which looks to keep oil prices above $80 per barrel by controlling “market stability.” The underwhelming OPEC+ meeting last week showed that there is dissent within the group about deeper cuts and production quotas. The Saudis rolled over their […]
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Saudi Prince Says Oil Output Cuts Could Extend Beyond March
Posted on December 5, 2023 by Diligentia News in OilGas.Saudi Energy Minister Prince Abdulaziz bin Salman told Bloomberg on Monday that OPEC+ production cuts could extend beyond March 2024 if the market requires it, criticizing commentators for failing to understand the output deal. On November 30, eight members of the expanded cartel announced voluntary cuts of around 2.2 million barrels per day for the […]
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ONGC and OIL in talks with BAPCO, JAPEX, and Mitsui to boost oil and gas production
Posted on December 5, 2023 by Diligentia News in OilGas.State-run ONGC and Oil India (OIL) are in talks with Japan Petroleum Exporation (Japex), Mitsui and Bahrain Petroleum Company (Bapco) to collaborate on enhancing domestic exploration and production (E&P) activities. “Indian National Oil Companies (NOCs) (ONGC and OIL) have executed several agreements with International Oil Companies (IOCs) (ExxonMobil, Chevron, TotalEnergies) for collaboration in E & […]
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Latest Cuts Leave OPEC with Fewer Options
Posted on December 5, 2023 by Diligentia News in OilGas.Last week, OPEC and its partners from OPEC+ agreed to deepen and extend their production cuts into the first quarter of 2024. The move, almost unanimously seen as a means to propping up oil prices, did not have the desired effect. After an initial jump, benchmarks slid again, with Brent crude dipping below $80 per […]
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