Category Archives: OilGas
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China Is Quietly Building A Green Energy Empire In Latin America
Posted on July 14, 2023 by Diligentia News in OilGas.China is rapidly expanding its green energy production and growth potential and, in doing so, is quickly gaining influence in key emerging markets around the world. While China is busily making inroads in renewable energy markets in Southeast Asia, Africa, and even the West, nowhere has its sphere of influence grown more rapidly or completely […]
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Indian Importers Of Russian Oil Brace For Banking Problems
Posted on July 14, 2023 by Diligentia News in OilGas.Indian refiners buying Russian crude are preparing for problems with their bankers as the flagship Russian oil grade topped the G7-imposed price caps. In a report citing sources from three Indian refiners, Bloomberg wrote today that the companies were bracing up for more requirements from banks before they grant them the loans to buy the […]
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Lower prices help RIL-BP, Nayara treble share in June diesel sales
Posted on July 14, 2023 by Diligentia News in OilGas.Reliance-BP and Nayara Energy have nearly tripled their share of the country’s diesel sales to 9.4% in June from a year earlier, using price discounts to regain domestic customers they had lost last year while focusing on the high-margin export market. RIL-BP’s share in total diesel sales rose to 4% in June from 1.2% in […]
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India not looking to cut excise duty on fuel right now: Revenue Secretary Sanjay Malhotra
Posted on July 14, 2023 by Diligentia News in OilGas.India is currently not looking at lowering the excise duty on petroleum and diesel with rates already quite low following the two cuts administered in November 2021 and May 2022, Revenue Secretary Sanjay Malhotra told Moneycontrol in an interview. “The government continuously monitors inflation and takes measures on excise as well as customs side to […]
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U.S. Shale Challenges OPEC With Record Production In 2023
Posted on July 13, 2023 by Diligentia News in OilGas.Last year, oil prices hit multi-decade highs shortly after Russia invaded Ukraine, prompting the Biden administration to urge U.S. producers and OPEC to ramp up production at a faster clip so as to rein in spiraling oil prices. However, Saudi Arabia and its allies responded by doing the exact opposite, cutting production when oil prices […]
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Russia’s Urals Oil Breaches $60 Price Cap For The First Time
Posted on July 13, 2023 by Diligentia News in OilGas.Russia’s flagship crude grade, which has been trading consistently below the price cap set by the G7 and the European Union, climbed above $60 per barrel on Wednesday. That’s supported by Argus Media data, cited by Bloomberg. It is now, for the first time, that observers can judge if the price cap is actually working. […]
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Petroleum Ministry lowers domestic content criteria, purchase preference advantage for homegrown firms in oil & gas PSUs LSTK, EPC projects
Posted on July 13, 2023 by Diligentia News in OilGas.Prime Minister Narendra Modi’s push for Make in India suffered a setback on Tuesday with Petroleum Ministry lowering the domestic content criteria as well as purchase preference advantage for homegrown firms in lumpsum turnkey (LSTK) or engineering, procurement and construction (EPC) projects floated by oil and gas public sector undertakings (PSUs To give preference to […]
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Demand for term LNG contracts firms amid supply security concerns
Posted on July 13, 2023 by Diligentia News in OilGas.LNG term contract volumes have leapt this year, as energy security becomes paramount worldwide, with markets — most notably among them China — snapping up deals to head off potential shortages, industry sources and analysts have told S&P Global Commodity Insights. While long-term deals have become increasingly appealing to buyers, short and medium-term arrangements have […]
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Iraq Takes First Step Towards Becoming The World’s Biggest Oil Producer
Posted on July 12, 2023 by Diligentia News in OilGas.Iraq’s parliamentary oil and gas committee plans to increase the country’s oil production to more than five million barrels per day, according to the release of committee minutes last week. As analysed in full in my new book on the new global oil market order, not only could this be done with relative ease by […]
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Government floats tender to set up 4,50,000 ton green hydrogen production facility in India
Posted on July 12, 2023 by Diligentia News in OilGas.Solar Energy Corporation of India (SECI) has floated a tender for setting up a production facility of 4,50,000 tonne of green hydrogen in India under the Strategic Interventions for Green Hydrogen Transition (SIGHT) scheme. SECI is a Government of India enterprise under the administrative control of Ministry of New & Renewable Energy (MNRE). It is […]
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