Category Archives: OilGas
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Parliament Introduces Bill for Oil and Gas Policy Stability
Posted on August 7, 2024 by Diligentia News in OilGas.The Oilfields (Regulation and Development) Amendment Bill, 2024, was introduced in the Rajya Sabha to improve investment in the oil and gas sector. The Bill aims to stabilize policies, facilitate international arbitration, and extend lease durations to address long-standing concerns from investors. The Bill proposes that the terms of a petroleum lease will stay the […]
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China’s Falling Diesel Demand Dampens Oil Outlook
Posted on August 2, 2024 by Diligentia News in OilGas.The property sector crisis and the rise of LNG use in trucking have weighed on China’s diesel demand this year, dampening the prospects of oil demand growth in the world’s top crude importer, which has been a key driver of global demand growth for years. Diesel demand in China is particularly weak and analysts expect […]
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Oil Prices Set for Another Weekly Loss Despite War Premium
Posted on August 2, 2024 by Diligentia News in OilGas.Despite a surge in oil prices this week on expectations of a major escalation in the Middle East, the benchmarks were set for their fourth weekly loss in a row as demand concern outweighed the war premium. Both Brent crude and West Texas Intermediate were up earlier in the day, but overall prices were down […]
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Govt. slashes windfall tax on petroleum crude to Rs 4,600 per tonne, price to be effective from Aug 1
Posted on August 2, 2024 by Diligentia News in OilGas.The government on July 31 slashed windfall tax on domestically produced crude oil to Rs 4,600 per tonne from Rs 7,000 per tonne. The tax is levied in the form of Special Additional Excise Duty (SAED). The SAED on the export of diesel, petrol and jet fuel or ATF has been retained at nil. The […]
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IOC gets nod from board to construct greenfield marketing terminal at Bihta, Patna
Posted on August 1, 2024 by Diligentia News in OilGas.Indian Oil Corporation (IOC) has received the stage-I approval from its Board of Directors for the construction of a greenfield terminal at Bihta in Patna, Bihar, on Barauni-Kanpur product pipeline and Patna-Motihari-Baitalpur Pipeline. The project will involve re-sitement of the existing marketing terminal and pipeline pump station in Patna. It will have an estimated cost […]
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Oil Prices Soar After Israel Kills Hamas Leader and Hezbollah Senior Commander
Posted on July 31, 2024 by Diligentia News in OilGas.Geopolitical risk has well and truly returned to oil markets after Israeli strikes killed Hamas leader Ismail Haniyeh and senior Hezbollah military commander Fuad Shukr. Oil prices spiked immediately on the news and have continued to climb, with WTI rising toward $77 and Brent breaking back well above $80. The first of Israel’s two strikes […]
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India’s refining capacity to hit 309.5 MMTPA by 2028; GVA of petroleum products at ₹2120 billion
Posted on July 31, 2024 by Diligentia News in OilGas.India’s refining capacity is projected to increase to 309.5 million metric tonne per annum (MMTPA) by 2028, said Suresh Gopi, Minister of State in the Ministry of Petroleum and Natural Gas, in a written reply in Rajya Sabha. This is an increase from the current capacity of 256.8 MMTPA, with domestic consumption of petroleum products […]
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America overtook UAE as India’s second largest LNG supplier in 2023
Posted on July 31, 2024 by Diligentia News in OilGas.The US displaced the UAE to emerge as India’s second largest supplier of liquefied natural gas (LNG) in 2023, accounting for 3.09 million tonnes (MT). LNG is emerging as a substitute fuel in the transition towards green energy. Analysts attributed the development to weakening LNG prices in international markets as well as India’s proximity, via […]
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HPCL scouts for LNG deals, hopes to start LNG terminal by December
Posted on July 31, 2024 by Diligentia News in OilGas.India’s Hindustan Petroleum Corp Ltd is scouting for liquefied natural gas (LNG) import deals as it expects to start its 5 million ton per year (tpy) LNG terminal in western India by end of this year, its head of finance said on Tuesday. “We will be undertaking commissioning activity in November or December depending on […]
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Oil Prices Continue to Fall Amid Growing Concerns Over Chinese Demand
Posted on July 30, 2024 by Diligentia News in OilGas.Crude oil prices declined further early on Tuesday after more economic reports from China suggested weaker-than-expected economic growth. Brent crude slipped below $80 a barrel, with West Texas Intermediate trading just above $75 per barrel earlier today. This move in prices came as Reuters reported on a poll among economists expecting China’s manufacturing activity to […]
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