Category Archives: OilGas
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No Ethanol-Diesel Mandate Yet, Says Petroleum Minister Hardeep Puri
Posted on July 30, 2024 by Diligentia News in OilGas.Petroleum Minister Hardeep Puri announced in Parliament on Monday that there are no current plans to mandate the blending of ethanol with diesel, describing the initiative as still in its experimental phase during Question Hour in the Rajya Sabha. Puri explained that oil marketing companies have conducted tests blending up to 7% ethanol with diesel […]
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‘Among the petroleum items, crude oil could be brought under GST first’: CBIC Chairman
Posted on July 30, 2024 by Diligentia News in OilGas.Higher duty on gold was not only fueling smuggling but also causing market distortion and revenue loss, as it led to imports in non-bullion forms under various free trade agreements (FTAs) where they qualified for lower or even nil rates, Central Board of Indirect Taxes & Customs (CBIC) Chairman Sanjay Kumar Agarwal said in an […]
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India cuts Iraq oil imports to lowest since 2020
Posted on July 29, 2024 by Diligentia News in OilGas.India’s imports of Iraqi crude oil plummeted in June to their lowest level since September 2020, industry data revealed this weekend. Indian refineries have been scaling back purchases from traditional Middle Eastern suppliers that raised prices earlier this year, the data showed. “Part of the reason is that they (Iraq) don’t have additional barrels to […]
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Russian oil prevails in India’s July imports despite refinery shutdowns
Posted on July 29, 2024 by Diligentia News in OilGas.Despite a slew of local refining shutdowns, low discounts on Russian crude and a reduction in crude output, Russia continued to prevail in India’s crude basket in July and displaced Gulf grades and US oil, according to industry sources and shipping data. Russian oil accounted for close to 43.8 per cent of India’s overall 4.52 […]
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Route clear for Mannar basin gas; in the interim, India’s LNG for Kerwalapitiya power plants
Posted on July 29, 2024 by Diligentia News in OilGas.An Indian proposal to sell liquefied natural gas (LNG) for Sri Lanka’s gas-powered generation plants is an “interim solution” until gas production finally starts in the Mannar Basin, a plan long-delayed by incomplete regulatory frameworks and political wavering. Those requirements are all now in place. The final set of laws—the Petroleum Resources (Joint Study Agreements) […]
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Oil Prices Are Set for a Third Consecutive Weekly Loss
Posted on July 26, 2024 by Diligentia News in OilGas.Crude oil prices looked on track for a third weekly loss in a row, pressured by the perception of weaker-than-desired Chinese demand. Even so, oil made some gains earlier in the week, mostly on substantial inventory draws as reported by the American Petroleum Institute and the Energy Information Administration. The latest push for oil prices […]
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ONGC signs PML deed with Coal India for Coal Bed Methane Block
Posted on July 26, 2024 by Diligentia News in OilGas.India’s Maharatna Oil PSU ONGC has signed the first-ever Petroleum Mining Lease (PML) deed with Coal India for the Jharia Coal Bed Methane (CBM) block on 24 July 2024. he agreement was signed in the presence of Bokaro’s Deputy Commissioner Vijaya Jadhav, IAS, and District Mining Officer Ravi Kumar Singh, this joint venture (JV) marks […]
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India’s natural gas consumption jumps 7.1% in June 2024: PPAC
Posted on July 26, 2024 by Diligentia News in OilGas.India’s total consumption of natural gas, including internal usage, saw a significant increase to 5,594 million metric standard cubic meters (MMSCM) in June 2024, marking a 7.1% rise from the same month last year, according to a report by the Petroleum Planning and Analysis Cell (PPAC). “The increase in natural gas consumption underlines its growing […]
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Budget 2024: Govt allocates ₹1190 billion for petroleum and natural gas, focus on strategic reserves and infrastructure
Posted on July 24, 2024 by Diligentia News in OilGas.The ministry of petroleum and natural gas has been allocated a total budget of ₹1194.0252 billion for the fiscal year 2024-2025, reflecting a significant financial commitment to bolster India’s energy infrastructure and capabilities. This allocation, comprising both budget support and Internal and Extra Budgetary Resources (IEBR), underscores the government’s focus on securing energy resources and […]
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IndianOil to triple gas sales, boost renewable energy to 31 GW by 2030
Posted on July 23, 2024 by Diligentia News in OilGas.Indian Oil Corporation plans to increase its natural gas sales threefold and expand its renewable energy capacity to 31 GW by 2030. Additionally, the company aims to establish a 5 GWh lithium-ion battery production capacity by 2031 as part of its strategy to diversify its energy portfolio. As the largest oil refiner and retailer in […]
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