Category Archives: OilGas
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Oil Prices Tumble as Traders Turn Bearish
Posted on September 10, 2024 by Diligentia News in OilGas.Rising global oil supply and weaker-than-expected demand have made traders increasingly bearish on oil prices. Hedge funds and other money managers accelerated their selling in the most traded petroleum futures contracts in the latest reporting week to September 3. Portfolio managers slashed their overall net long position—the difference between bullish and bearish bets—to the lowest […]
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ADNOC pens 15 year LNG supply HOA with IndianOil
Posted on September 10, 2024 by Diligentia News in OilGas.Abu Dhabi’s ADNOC has entered into a 15-year heads of agreement with IndianOil, the state-owned Indian energy company, for the supply of 1mn tonnes/year of LNG, as announced by the Abu Dhabi Media Office on September 9. The announcement followed a meeting between Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu […]
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Government aims to power 33% of trucks on LNG by 2030
Posted on September 10, 2024 by Diligentia News in OilGas.The Indian government is planning a major shift towards liquefied natural gas (LNG) to power a third of the country’s long-haul heavy-duty vehicle (HDV) fleet over the next 5-7 years. A draft proposal from the Ministry of Petroleum and Natural Gas outlines steps to make this transition possible, including allocating domestic gas for LNG supply. […]
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Diesel dilemma: Demand drop in India and China puts pressure on crude oil prices
Posted on September 6, 2024 by Diligentia News in OilGas.Chinese and Indian diesel markets — which account for the bulk of Asian demand — are showing signs of a slowdown, potentially leading to more weakness in crude oil prices. In China, the biggest oil importer, demand for the fuel is contracting, while in India, consumption growth has collapsed. Against that backdrop, the profits for […]
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Russia Ships LNG Straight to Storage as Sanctions Bite
Posted on September 5, 2024 by Diligentia News in OilGas.Russia has started shipping LNG from its flagship Arctic LNG 2 project—but not to customers. The shipments have been made from the Arctic project to floating storage units either in Russia or in European waters, as potential customers are unwilling to buy LNG from the facility, which has seen tightened Western sanctions in the past […]
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Govt Plans New Assessment Of Oil, Gas Reserves
Posted on September 5, 2024 by Diligentia News in OilGas.The mines and petroleum department is set to initiate a new study aimed at assessing the potential for oil and gas deposits in Rajasthan. This move is expected to further expand oil and gas exploration and extraction sector under the discovered small fields (DSF) scheme. The study will encourage companies in the sector to adopt […]
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Govt reduces natural gas price for September from $8.51 to $7.85/mmBtu
Posted on September 5, 2024 by Diligentia News in OilGas.The ministry of petroleum and natural gas (MoPNG) said that the price of domestic natural gas has been reduced to $7.85 per million metric British thermal units (mmBtu) for September 2024, down from $8.51 in the previous month. However, the price of the gas from the nominated gas fields of ONGC and Oil India has […]
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India, Brunei to expand space cooperation, discuss long-term LNG supplies
Posted on September 5, 2024 by Diligentia News in OilGas.India and Brunei on Wednesday expanded their long-standing cooperation in space to satellite development and discussed the potential for long-term LNG supplies, with Prime Minister Narendra Modi describing the Southeast Asian state as an important partner in New Delhi’s vision for the Indo-Pacific. Modi, the first Indian premier to make a bilateral visit to Brunei, […]
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GAIL issues swap tender for 3 LNG cargoes, sources say
Posted on September 5, 2024 by Diligentia News in OilGas.GAIL (India) Ltd GAIL.NS has issued a swap tender offering three liquefied natural gas (LNG) cargoes for loading in the United States in exchange for three cargoes for delivery to India, two industry sources said on Wednesday. India’s largest gas distributor is offering three cargoes for loading on a delivered ex-ship (DES) basis from Sabine […]
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India’s top oil explorer may set up refinery in Uttar Pradesh
Posted on September 4, 2024 by Diligentia News in OilGas.India’s Oil and Natural Gas Corp. is considering setting up a multibillion dollar refinery and petrochemical project in the nation’s most populous state to bolster its business as fuel demand expands. The New Delhi-based company — India’s largest crude explorer — is looking at a 9-million-ton-a-year project in Uttar Pradesh that could cost more than […]
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