Oil & Gas
L&T wins ultra-mega Middle East gas project worth over ₹15,000 crore
Larsen & Toubro announced an ultra-mega contract exceeding fifteen thousand crore rupees. This significant project involves building gas compression facilities and related infrastructure. The contract was awarded through a letter of award issued in fiscal year twenty twenty-six. L&T Energy Hydrocarbon Onshore will execute the entire project on an EPC basis. This strategic development will significantly boost gas compression capacity and utility infrastructure.
The Hormuz crude volume debate masks the real shortage of refined fuels
The oil market is focused on disputed estimates of crude flows through the Strait of Hormuz, but Asia’s refined fuel markets show clearer signs of disruption. Imports of diesel, jet fuel and gasoline are down 21% from pre-conflict levels, while refining margins remain elevated, putting greater pressure on less wealthy Asian economies.
Centre pushes states to speed up PNG adoption, seeks district-level officers to drive LPG-to-gas transition
The Petroleum Ministry is urging states to appoint district-level officers for PNG adoption. This move aims to accelerate the transition from LPG to piped natural gas for households. PNG offers a safer and cleaner cooking fuel, reducing logistical burdens. The government is implementing regulations to prevent dual connections in PNG-available areas. This initiative strengthens India's energy transition and supply chain resilience.
India clears ₹7,000 crore LPG pipeline expansion across 6 states
India's oil regulator has approved nearly 1,800 km of new LPG pipelines. This expansion will significantly boost the country's fuel supply network. The projects aim to reduce dependence on road transport for fuel distribution. New infrastructure will enhance efficiency and reliability of inland LPG movement. This strategic development supports India's reliance on imported liquefied petroleum gas.
Hardeep Puri hails Assam Hydrocarbon Policy as landmark initiative; policy comes into force
Welcoming the policy, Puri said the initiative would put the Northeast on the path of fast-paced development while helping unlock Assam’s untapped hydrocarbon potential.
India buys its most expensive LNG in years as war upends market
Indian energy companies are paying more than $23 per mmbtu for September LNG cargoes, among the highest prices for imports since 2022, as the Iran war disrupts global supplies. GAIL India and Gujarat State Petroleum Corp. have bought cargoes at these levels, while Bharat Petroleum has also purchased LNG from the spot market.
Indian Oil close to signing LPG import deal with Algeria's Sonatrach for 2027: Sources
Indian Oil Corp has finalized a deal with Algeria's Sonatrach for LPG imports. This agreement will supply one very large gas carrier monthly starting in 2027. India is diversifying its LPG sources to reduce Middle East reliance. The nation is also increasing intake of United States LPG supplies. This move aims to ensure stable energy flows and meet domestic demand.
India reworks oil map with Venezuela as Hormuz battlefield keeps Gulf flows in doubt
India is increasing crude oil imports from Venezuela and Latin America. This diversification aims to secure supplies amid Middle East disruptions. Russian oil remains India's dominant supplier, providing a crucial hedge. The nation is also accelerating alternatives like gas and electric vehicles. This strategy enhances energy security through broader supplier and transport options.
The Iran war energy crisis is just getting started
The Iran war has severely impacted global oil refining, causing diesel and gasoline prices to remain elevated. Refined product prices have surged significantly, unlike crude oil benchmarks. Disruptions have depleted fuel stockpiles, creating a substantial shortfall in global production. This situation suggests a prolonged period of energy-driven inflation for consumers and businesses. The global energy crisis impacting economies is only just beginning.
ADNOC launches ninth spot crude tender since June, sources say
Abu Dhabi National Oil Company is offering spot crude oil in a tender. This tender is for Upper Zakum, Umm Lulu, and Das crude oil. Bids are due by August twenty-fourth and will remain valid until August twenty-sixth. Buyers can purchase on a free-on-board basis or arrange ship-to-ship transfers. The producer has sold over one hundred million barrels in previous tenders.
Must Watch
China boosts imports of Russian crude, stymieing India's refiners
China's growing demand for Russian crude oil is impacting India's supply. India's imports from Russia's European ports have significantly decreased recently. This shift means India struggles to replace its reduced Russian oil volumes. Consequently, India's total crude imports have reached their lowest point since the conflict. This situation could worsen Asia's existing refined product supply crisis.
Indian, US fuel exporters reaping bonanza amid oil supply uncertainty due to wars
India and U.S. oil refiners are benefiting from global fuel supply disruptions caused by wars in Iran and Ukraine, boosting refined fuel exports and margins. India is emerging as Asia’s swing supplier as Middle Eastern and Russian supplies tighten, while U.S. refiners expand diesel and jet fuel exports. Strong demand, lower inventories and record diesel margins are reshaping global fuel markets.
India's July crude oil imports rise over 9% month-on-month
India crude imports: On an annual basis, crude oil imports were up 13%, from 18.89 million tons in July last year, data from the Petroleum Planning and Analysis Cell showed.
Russia to receive almost 270,000 tons of refined fuel from Asia in August, data shows
Russia is importing nearly 270,000 tons of refined fuels from Asia this August. These shipments are occurring via ship-to-ship transfers to obscure their origins and routes. India supplied about one-third of these refined fuels destined for Russia. Two tankers are arriving in Russia's Far East this week with vital fuel supplies. This comes after Ukrainian attacks disrupted Russia's domestic refining capabilities.
Government offers cheaper domestic gas to city gas distributors to boost PNG connections
The government will provide cheaper domestic gas to distributors. This incentivizes converting inactive piped natural gas meters into working connections. The scheme aims to increase piped natural gas customers across India. This initiative will reduce reliance on imported Liquefied Petroleum Gas. The program is set to begin on September first.
Indian refiners face crude cost surge as Gulf premiums rise, Russian oil discounts vanish
Indian refiners are facing a sharp rise in crude procurement costs as tightening physical supplies push Gulf and West African grades to higher premiums. Russian oil discounts have largely disappeared, while Venezuelan discounts have narrowed. Refiners are turning to costlier spot markets and distant suppliers as disruptions squeeze term-deal supplies.
