Category Archives: OilGas
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The U.S.’s Hopes In Iraq Have Ended With The Oil-For-Gas Deal With Iran
Posted on August 4, 2023 by Diligentia News in OilGas.Ever since the U.S. officially ended its ‘combat mission’ in Iraq on 31 December 2021, it has been looking for a way back into the huge but still relatively untapped oil and gas regions of the country, as analysed in depth in my new book on the new global oil market order. Iraq knows this […]
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PetroChina, other global oil companies keen to build reserves in India
Posted on August 4, 2023 by Diligentia News in OilGas.PetroChina and global commodity traders Vitol, Glencore and Trafigura are among the nearly two dozen companies that have expressed interest in building India’s new strategic petroleum reserves (SPR), junior oil minister Rameswar Teli told the Lok Sabha on Thursday. India plans to build two commercial-cum-strategic oil storage facilities with a combined capacity of 6.5 million […]
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Russia To Cut Oil Exports By 300,000 bpd In September
Posted on August 4, 2023 by Diligentia News in OilGas.Russia will cut oil exports by 300,000 barrels per day in September, Deputy Prime Minister Alexander Novak has announced. Russia has already pledged to cut oil output by around 500,000 bpd from March until year-end. “Within the efforts to ensure the oil market remains balanced Russia will continue to voluntarily reduce its oil supply in […]
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After parliamentary panel flags limited CBG progress, state oil firms cancel 87 LoIs
Posted on August 4, 2023 by Diligentia News in OilGas.State-run oil and gas companies have cancelled letters of Intent (LoIs) issued to 87 “non-serious candidates” for setting up of compressed biogas (CBG) plants after a parliamentary panel recommended the review of LoIs, citing limited progress in building CBG plants. Oil and gas companies issue LoIs to entrepreneurs to procure CBG from them. The entrepreneurs […]
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India, Sri Lanka to begin talks on petroleum pipeline project
Posted on August 4, 2023 by Diligentia News in OilGas.New Delhi and Colombo are set to begin technical discussions that could pave the way for a multi-product petroleum pipeline between the two South Asian nations, Mint has learnt. The project, which was announced during president Ranil Wickremesinghe’s visit to India in July, is expected to help Sri Lanka improve its energy security at an […]
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India sees 34 per cent fall in oil imports from Saudi Arabia; imports from Russia increase
Posted on August 3, 2023 by Diligentia News in OilGas.India’s crude oil imports from Saudi Arabia declined by 34 per cent in July, according to energy cargo tracker Vortexa. A Moneycontrol report said that India imported 484,000 barrels of crude oil per day in July, compared to 734,000 barrels per day (bpd) in June. The decline in India’s imports came after the West Asian […]
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$85 Is Just The Beginning Of The Oil Rally
Posted on August 3, 2023 by Diligentia News in OilGas.Earlier this week, media reported that oil production from the members of OPEC had fallen to the lowest since 2021—or 2020, depending on the source—thanks to voluntary production cuts from Saudi Arabia and involuntary declines in Nigeria, Angola, and Libya. The news naturally pushed oil prices higher. Yet they have already begun to climb as […]
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Essar Oil and Gas Exploration and Production to invest Rs 20 billion in Bengal CBM block
Posted on August 2, 2023 by Diligentia News in OilGas.Essar Oil and Gas Exploration and Production on Monday reported a net profit of Rs 3.35 billion in the financial year ended March 31, helped by reduced operating costs and higher prices. It reported a Rs 2.12 billion in net profit a year ago. The company plans to invest Rs 20 billion in the next […]
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Europe’s LNG Imports Fall To 20-Month Low
Posted on August 2, 2023 by Diligentia News in OilGas.LNG imports into Europe fell in July to the lowest level since November 2021 as low European benchmark natural gas prices are discouraging traders to ship many cargoes to the continent right now. Europe’s LNG imports declined by 7% year over year in July, to 8.6 million tons, the lowest import volumes since November 2021, […]
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Petronet expects lower price in Qatar LNG contract renewal, eyes more term deals
Posted on August 2, 2023 by Diligentia News in OilGas.India’s largest importer of liquefied natural gas (LNG) Petronet LNG expects to extend its term contract with Qatar at prices lower than what the West Asian gas exporter offered in recent contracts with countries like China and Bangladesh. Additionally, the company is in talks with various international suppliers for more term deals as India seeks […]
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