Category Archives: OilGas
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LNG imports increase 37.5% in February 2024
Posted on March 27, 2024 by Diligentia News in OilGas.INDIA’s imports of liquefied natural gas (LNG) are up 37.5% in February 2023 over the corresponding period of the previous year, according to a monthly report by the Petroleum Planning Analysis and Cell (PPAC). The total LNG import in February 2024 was 2,522 million standard cubic meters (MMSCM) against last February’s 1,834 MMSCM. According to […]
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French Bank Pulls Funding for Two LNG Projects
Posted on March 26, 2024 by Diligentia News in OilGas.French lender Credit Agricole has declared it will no longer finance the Rovuma LNG project in Mozambique and the Papua LNG project in Papua New Guinea. The bank cited its commitments to reduce exposure to the oil and gas industry as the basis for its decision, according to a Reuters report on the news. Rovuma […]
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Russia Demands Oil Producers Slash Output for OPEC+
Posted on March 26, 2024 by Diligentia News in OilGas.Russia’s government has ordered oil companies to lower their output in the second quarter so that the country can meet its OPEC+ production target of 9 million barrels per day (bpd) by the end of June. Previously, Russian Deputy Prime Minister Alexander Novak announced that Russia would cut oil output and exports by an extra […]
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Russia Delivers Oil to North Korea in Defiance of UN Sanctions
Posted on March 26, 2024 by Diligentia News in OilGas.Russia has supplied oil directly to North Korea this year as both regimes are openly defying UN sanctions on sales of petroleum to Pyongyang in response to its nuclear weapons tests, satellite images shared exclusively with the Financial Times have shown. North Korea has been under UN Security Council sanctions since 2017, but Russia is […]
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ONGC’s Bihar mission to strike oil & gas riches
Posted on March 26, 2024 by Diligentia News in OilGas.Oil and Natural Gas Corp (ONGC) is set to drill a well in Bihar this year, aiming to uncover potential oil and gas reservoirs. This venture not only marks Bihar’s entry into India’s oil domain but also heralds exploration across the vast Ganga basin, spanning Bihar, Uttar Pradesh, and Punjab. Sushma Rawat, ONGC’s exploration director, […]
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Red Sea Crisis Adds 100,000 Bpd to Global Oil Demand
Posted on March 21, 2024 by Diligentia News in OilGas.The threat of attacks by Yemeni Houthis on vessels crossing the Red Sea have added 100,000 bpd to global oil demand as ships choose to divert to a longer route around Africa. This is according to the chief executive of commodity trading major Vitol, Russel Hardy, who said that “We have had to re-orientate so […]
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Three-Year Low in LNG Price Prompts Asia Buying Spree
Posted on March 21, 2024 by Diligentia News in OilGas.A substantial decline in LNG prices has led to an increase in purchases on the spot market from Asian buyers, such as China, India, and Southeast Asian nations. According to analysts cited by Reuters, this could see China break its own LNG import record, set back in 2021, and boost India’s intake of liquefied natural […]
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Saudi Aramco To Expand Natural Gas Output Capacity by 60%
Posted on March 21, 2024 by Diligentia News in OilGas.After scrapping oil capacity expansion plans earlier this year, Saudi state oil giant Aramco is now poised to boost natural gas output by 60% by 2030, Reuters reports, citing an Aramco executive on the sidelines of the Houston CERAWeek energy conference. In the third quarter of last year, Saudi Arabia made two significant natural gas […]
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Oman Takes The Lead in Green Hydrogen
Posted on March 21, 2024 by Diligentia News in OilGas.Hydrogen produced with renewable power had a significant breakthrough this month, with the signing of an offtake agreement between a European buyer and an Indian producer in Oman. Yara, the Norwegian fertilizer and industrial chemicals producer, entered a long-term contract with ACME Cleantech Solutions Pvt. Ltd. to supply 100,000 tonnes per annum (mtpa) of ‘green’ […]
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StanChart: Oil Demand Set for All-Time High in May
Posted on March 21, 2024 by Diligentia News in OilGas.Crude oil futures have rallied close to a five-month high with concerns about tightening supplies driving up prices in recent days, only coming down to earth on Wednesday and paring some of those gains while awaiting an interest rate signal from the U.S. Federal Reserve. According to StoneX energy analyst Alex Hodes, Ukraine’s recent attacks […]
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