Category Archives: OilGas
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GAIL profit before tax jumps 75% to ₹115.55 billion; advances net zero target to 2035
Posted on August 30, 2024 by Diligentia News in OilGas.GAIL (India) Limited reported a 75% increase in its Profit Before Tax (PBT) for the fiscal year 2023-24, reaching ₹115.55 billion up from ₹65.84 billion last year, said Chairman and managing director Sandeep Kumar Gupta during the company’s 40th Annual General Meeting (AGM). The chairman added that the Profit After Tax (PAT) saw a substantial […]
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Goldman Sachs Cuts Its Expected Oil Price Range by $5
Posted on August 29, 2024 by Diligentia News in OilGas.Weaker Chinese oil demand, high inventories, and rising U.S. shale production have prompted Goldman Sachs to reduce its expected range for Brent oil prices by $5 to $70-$85 per barrel. Commercial inventories have been stable in the peak summer demand season, contrary to expectations of drawdowns, analysts at the Wall Street bank wrote in a […]
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Hydrogen – Making India self-reliant: Alok Sharma, Director (R&D), IndianOil
Posted on August 29, 2024 by Diligentia News in OilGas.India’s journey towards energy self-reliance is being significantly bolstered by the potential of hydrogen as a sustainable energy source. The hydrogen market outlook is promising, with key insights from industry experts and strategic national missions setting the stage for a transformative energy landscape. Hydrogen Market Outlook The global hydrogen market is experiencing a dynamic shift, […]
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Fears of U.S. Economic Hard Landing Erase Gains from Libya Oil Shutdown
Posted on August 29, 2024 by Diligentia News in OilGas.Oil markets have failed to build any kind of sustained momentum over the past couple of weeks, with persistent fears of a hard landing for the U.S. economy outweighing supply disruptions. Crude oil futures surged more than 3% on Monday after Libya’s rival eastern government said it is shutting down oil production and exports, adding […]
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Oil and gas PSUs carry out a third of annual capex in April-July
Posted on August 29, 2024 by Diligentia News in OilGas.Public-sector oil and gas companies have spent over Rs 380.419 BILLION as capex in the first four months of the current financial year 2024-25, nearly 32.4% of the annual capex target of Rs 1200 billion, provisional data from the Petroleum Planning and Analysis Cell showed. The capital expenditure during the period was driven by Oil […]
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GAIL (India) Ltd. Eyes Expansion with New Ethane Cracker, LNG Deals, and Net Zero Target
Posted on August 29, 2024 by Diligentia News in OilGas.GAIL (India) Ltd. hosted its 40th Annual General Meeting (AGM) for the fiscal year 2023-24, where Chairman Sandeep Kumar Gupta revealed plans to explore the feasibility of setting up a world-scale greenfield ethane cracker. This move reflects GAIL’s confidence in the growth of its petrochemical sector and its ambition to solidify its position as a […]
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Global LNG markets heading towards supply glut
Posted on August 29, 2024 by Diligentia News in OilGas.After two volatile years in terms of natural gas supplies and pricing in CY2022 and CY2023, the global liquified natural gas (LNG) markets are now moving towards significant supply glut with large capacity additions planned from CY2024 to CY2028, stated a report by ICRA. It further added that about 193 MMT of the LNG production […]
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GSPC seeks LNG cargo for Oct-Nov delivery, sources say
Posted on August 28, 2024 by Diligentia News in OilGas.India’s Gujarat State Petroleum Corp (GSPC) is seeking a liquefied natural gas (LNG) cargo for delivery between Oct. 23 and Nov. 5 to the Dahej terminal, two industry sources said on Tuesday. The tender closes on Aug. 27. Share This
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India’s crude oil production falls 2.9% in July 2024; petroleum product output sees 7.1% growth
Posted on August 28, 2024 by Diligentia News in OilGas.India’s crude oil and condensate production declined by 2.9% in July 2024, registering a total output of 2.4 million metric tonnes (MMT), according to data released by the Petroleum Planning and Analysis Cell (PPAC). The decline is in comparison to July 2023, where production figures were higher. State-owned Oil and Natural Gas Corporation(ONGC) led the […]
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Exxon says oil and gas will still be the dominant sources of energy by 2050
Posted on August 28, 2024 by Diligentia News in OilGas.Contrary to forecasts for oil demand to peak in the coming years, Exxon Mobil says oil and gas will remain the dominant sources of energy until the middle of this century. The oil major said in an outlook published this month that global oil demand will remain above 100 million barrels a day through 2050, […]
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