Category Archives: OilGas
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Guyana: No agreement with India to sell oil
Posted on November 25, 2024 by Diligentia News in OilGas.The Guyana government says it has not entered into any agreement with India regarding the sale of crude oil to the Asian country, even as it left open the possibility of that being undertaken in the future. “We have not discussed any element of direct transaction for the sale of our crude to India,” Vice-President […]
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India’s Domestic Oil Production Dips While Refinery Output Surges in October 2024
Posted on November 25, 2024 by Diligentia News in OilGas.India’s domestic crude oil and condensate production experienced a 4 per cent year-over-year decline in October 2024, reaching 2.3 million metric tonnes (MMT), according to recent data released by the Petroleum Planning and Analysis Cell (PPAC). Oil and Natural Gas Corporation (ONGC) remained the dominant producer, contributing 1.6 MMT, while PSC/RSC and Oil India Ltd. […]
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Gautam Adani’s company announces another 13% reduction in gas supply from GAIL
Posted on November 18, 2024 by Diligentia News in OilGas.Adani Total Gas has announced a 13 percent reduction in its gas supply from GAIL (India) starting November 16, 2024, according to reports. This follows an earlier cut of 16 percent in October under the Administered Price Mechanism (APM). The company warned that this reduction would negatively affect its profitability. In a regulatory filing, Adani […]
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BPCL CMD inaugurates BPCL’s 1st LNG Fueling Station
Posted on November 18, 2024 by Diligentia News in OilGas.Bharat Petroleum Corporation Limited, CMD G Krishnakumar, inaugurated BPCL’s 1st LNG Fueling Station at Ghar Outlet BP-Avinashi, located on National Highway 544 (formerly NH 47) in Chengapalli, connecting Salem in Tamil Nadu to Kochi in Kerala. As India’s trucking market expands from 4 million trucks in 2022 to an estimated 17 million trucks by 2050, […]
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U.S. Looks to Ensure Long-Term Demand for Its LNG in Europe
Posted on November 15, 2024 by Diligentia News in OilGas.The United States is looking to keep its LNG flowing to Europe in the long term when the EU will have standards for methane emissions for all imported fossil fuels. The EU’s methane regulation will require imports of oil and gas, including LNG, to have equally strong or more stringent requirements of thresholds for these […]
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EIA: India leads global oil consumption growth in 2024, 2025
Posted on November 15, 2024 by Diligentia News in OilGas.India has emerged as the top contributor to expected global oil consumption growth, accounting for 25% of the increase for 2024 and 2025, according to the US Energy Information Agency (EIA)’s latest Short-Term Energy Outlook (STEO). EIA expects global liquid fuel consumption to rise by 1.0 million b/d in 2024 and 1.2 million b/d in […]
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India’s oil import strategy may not witness dramatic shift in Trump era
Posted on November 15, 2024 by Diligentia News in OilGas.India is unlikely to trim its purchases of Russian crude under a new Donald Trump government, though it might explore more term import contracts and collaboration on storage with the US, analysts and trade sources told S&P Global Commodity Insights. The South Asian country, which imports as much as 85% of its needs, has pledged […]
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CBDT Grants Tax Exemption to Petroleum and Natural Gas Regulatory Board Effective from AY 2024-25
Posted on November 15, 2024 by Diligentia News in OilGas.On November 12, 2024, the Central Board of Direct Taxes (CBDT) issued a notification granting tax-exempt status to the Petroleum and Natural Gas Regulatory Board (PNGRB) under section 10(46A)(b) of the Income-tax Act, 1961. This exemption is set to be effective from the assessment year 2024-25, allowing the regulatory board relief from income tax, provided […]
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OPEC+ Faces Double Trouble: China Demand Weakness and Trump’s Policies
Posted on November 13, 2024 by Diligentia News in OilGas.The OPEC+ group has struggled to manage oil supply and prices this year. First, there was overproduction from several members, undermining the cuts from the other producers in the pact. Then came the summer and the first actual consumption data for the first and second quarters of the year, showing that China’s oil demand growth […]
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Biofuel Blending Could Save India ₹910 billion On Imports: Union Minister Hardeep Singh Puri
Posted on November 13, 2024 by Diligentia News in OilGas.Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, has stated that biofuel blending could save India 910 billion rupees on import expenses, with these savings benefiting the agricultural sector. Inaugurating the 27th Energy Technology Summit in Bengaluru, he noted that India ranks second globally in biofuel blending and is on track to achieve […]
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