Category Archives: OilGas
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IOC, GAIL fined for second straight quarter for failing to meet listing norms
Posted on November 27, 2023 by Diligentia News in OilGas.State-owned oil and gas giants including IndianOil and GAIL (India) Ltd have been slapped with fines for the second quarter in a row for failing to meet listing requirements of having the requisite number of independent directors on board. Stock exchanges have fined oil refining and fuel marketing giant Indian Oil Corporation (IOC), explorers Oil […]
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ONGC charges premium over Brent in oil deals with BPCL, HPCL
Posted on November 27, 2023 by Diligentia News in OilGas.India’s top oil and gas producer ONGC has signed term contracts with refiners to sell crude oil it produces from Mumbai offshore fields at a premium to international benchmark Brent, sources said. Oil and Natural Gas Corporation (ONGC) has signed deals to sell about 4.5 million tonne of crude oil each to Bharat Petroleum Corporation […]
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Govt announces mandatory biogas blending in CNG, PNG
Posted on November 27, 2023 by Diligentia News in OilGas.In a bid to promote bio-fuel in the country, the government on Saturday announced the phase-wise mandatory blending of compressed bio-gas (CBG) in compressed natural gas (CNG) and piped natural gas or PNG. In a meeting held by the National Biofuels Coordination Committee, it was decided that there will be a Central Repository Body (CRB) […]
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Oil And Gas Investment Could Halve By 2030 To Meet Climate Goal: IEA
Posted on November 24, 2023 by Diligentia News in OilGas.The current $800 billion invested annually in the global oil and gas sector could be halved by 2030 if a goal to limit global warming to 1.5 degrees Celsius is to be reached, the International Energy Agency (IEA) said in a report Thursday. The report added that no new long-lead-time oil and gas sector projects […]
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India’s net oil, gas import bill down 25% in April-October amid lower international prices
Posted on November 24, 2023 by Diligentia News in OilGas.India’s net oil and gas imports in value terms for April-October of 2023-24 (FY24) declined by nearly a fourth on a year-on-year basis to $68 billion due to relatively subdued prices of crude oil, natural gas, and petroleum products globally, latest government data shows. This decline in the value of oil and gas imports came […]
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Traders offer sanctioned Iranian crude to India as Chinese purchases peak
Posted on November 24, 2023 by Diligentia News in OilGas.Suppliers of sanctioned crude oil led by Iran are making a beeline for Indian shores, after India encouraged imports of cheap Russian crude last year defying western pressure and sanctions, permitting Moscow to capture over 40 per cent of India’s oil market. Traders in the Middle East have approached Indian state-run refiners in the last […]
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Margins of Indian refiners likely to be under pressure in 2024
Posted on November 24, 2023 by Diligentia News in OilGas.Margins of Indian petrochemical companies like Reliance Industries, GAIL, and Indian Oil are likely to remain under pressure in the upcoming year. According to brokerage firm Prabhudas Lilladher, Chinese plans to reduce dependence on oil imports coupled with low demand environment in Europe are expected to be the reasons behind such margin pressure. “China, the […]
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India ups LNG imports in October
Posted on November 24, 2023 by Diligentia News in OilGas.India’s liquefied natural gas (LNG) imports rose in October compared to the same month last year, according to the preliminary data from the oil ministry’s Petroleum Planning and Analysis Cell. The country imported 2.34 billion cubic meters, or about 1.71 million tonnes of LNG, in October, a rise of 18.2 percent compared to the same […]
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Oil Prices Remain Depressed After OPEC+ Shocked Markets
Posted on November 23, 2023 by Diligentia News in OilGas.Crude oil prices remained depressed in morning trade today in Asia following the Wednesday slump. Yesterday’s drop in prices was caused by news that OPEC+ is delaying its meeting, originally scheduled for this Sunday, to next Thursday. The latest EIA oil inventory report then added to downward pressure on oil prices by showing a sizeable […]
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OPEC gains India oil market share in October, Russia slips
Posted on November 23, 2023 by Diligentia News in OilGas.OPEC’s share in India’s oil imports in October hit a 10-month high as refiners bought more crude from Saudi Arabia and the United Arab Emirates after discounts narrowed for Russian oil that month, trade data showed. Russia’s share of the Indian market in October slipped to the lowest in nine months, according to Reuters calculations […]
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