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NEW DELHI: With Cairn Energy Plc voluntarily offering to meet government conditions, the Oil Ministry may find it difficult to nix its deal to sell majority stake in Cairn India to Vedanta Resources.

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The Oil Ministry has shown signs of discomfort at a non-oil firm taking control of a company whose main property is the Barmer district oilfields in Rajasthan and has been in a huddle for the past two weeks combing through the deal. The Oil Ministry has shown signs of discomfort at a non-oil firm taking control of a company whose main property is the Barmer district oilfields in Rajasthan and has been in a huddle for the past two weeks combing through the deal. "I think the ministry never had a case against Vedanta. Legally speaking, they cannot stop Cairn Energy from selling up to 51 per cent stake in Cairn India to Vedanta," a source in know of the development said.

Govt may find it difficult to say no to Cairn-Vedanta deal - Times of India

I n most places west of Manitoba, the arrival of yet another oil or gas drilling rig is cause for little notice or concern. In Quebec, a half dozen gas wells and the potential of hundreds more may be about to set off a new kind of identity crisis.

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Quebec has long nurtured an image as a green-energy titan, relying on hydro and sneering at those other energy producers in the West, with their smelly, polluting oil and gas.

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The image is in for a rough reexamination this fall as Environment Minister Pierre Arcand and deputy premier and Natural Resources Minister Nathalie Normandeau announced on Sunday that the government will launch an aggressive schedule of environmental review and legislative overhaul that could pave the way for a new natural-gas industry.

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Exploration for natural gas causes consternation in Quebec - Globe and Mail

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Israel's Leviathan Gas Field May Also Contain Oil Wall Street Journal The partners will begin drilling for the gas in October. Noble holds 39.66% of the Leviathan field; Delek subsidiaries Avner Oil and Gas Ltd. Partnership ... Leviathan partners: 4.2b barrels of oil beneath gasGlobes Netanyahu offers natural gas to GreeceHa'aretz Drilling at new Israel natgas site to start in OctReuters Africa all 10 news articles »

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Israel's Leviathan Gas Field May Also Contain Oil - Wall Street Journal

State-run Oil India said today it was eying overseas shale gas assets in a possible consortium with Indian Oil Corporation and GAIL India. The government-controlled exploration company has hired seven banks to facilitate completion of at least one overseas acquisition this financial year.

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The banks — Citigroup, Morgan Stanley, Deutsche Bank, BNP Paribas, Nomura Bank International and Merrill Lynch — were appointed over a month before. The banks would provide the company a status report on the shale gas assets available for potential bidding in the US.

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More “We are looking at acquiring international shale gas assets in the US and Australia. We want to make at least one acquisition in this fiscal,” T K Ananth Kumar, director, finance, Oil India, told reporters on the sidelines of a conference in Mumbai.

Oil India eyes shale gas assets abroad - Business Standard

Edinburgh-based Cairn Energy PLC reported Tuesday that it had discovered "early indications of a working hydrocarbon system" after drilling on the seabed off western Greenland.

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Cairn CEO Bill Gammell added that the finding confirmed the company's "belief in the exploration potential," but didn't say how much oil or gas had been discovered. Cairn CEO Bill Gammell added that the finding confirmed the company's "belief in the exploration potential," but didn't say how much oil or gas had been discovered. "The thing I would stress is the scale. The basin that we're actually drilling in right now — the Baffin Bay Basin — is the same size as the North Sea," deputy CEO Mike Watts added.

Oil or gas found off Greenland - CBC.ca

The stock hit a high of Rs 353.30 and a low of Rs 345.90 so far during the day. The stock had hit a record high of Rs 368 on 16 August 2010 and a 52-week low of Rs 245 on 24 August 2009.

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Cairn India, in which London-based Vedanta Resources recently agreed to pick up a majority stake, has informed the Indian regulator Directorate General of Hydrocarbons (DGH) about the discovery, Cairn India said in a statement. The discovery was made at the Nagayalanka-1z well in the KG-ONN-2003/1 block, which is operated by Cairn with an a 49% participating interest. State-run explorer Oil and Natural Gas Corporation (ONGC) holds a majority 51% in this block. Shares of ONGC were up 0.29% at Rs Rs 1286.60.

Cairn India, ONGC rise after striking oil & gas in KG block - India Infoline.com

KOLKATA: Cairn India has hit yet another large oil and gas reserve. This time in Andhra Pradesh’s Godavari district. With this, Cairn has been involved in at least 40 gas finds across India.

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According to a notice sent to the Bombay Stock Exchange, Cairn Energy India (CEIPL), a wholly- owned subsidiary of Cairn India, has notified the Directorate General of Hydrocarbons (DGH) of an oil and gas discovery in Nagayalanka-LZ located in the onshore block (KG-ONN-2003/1). Based on seismic 2D and 3D findings, the drilling campaign on this block was taken up earlier this year. The first two wells drilled in the region yielded no results. But the third well encountered a 200-metre thick section of tight sandstones with low porosity and permeability — indications of a reserve.

Cairn India discovers oil & gas reserve in KG basin - Economic Times

As the US shale gas revolution enters its third year, companies are making big bets to try to recreate that success with the billions of barrels of oil locked in the sedimentary rock even though geologists doubt the actual production potential.

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New technology has enabled companies to extract gas from previously uneconomic shale plays, triggering a boom in production that has driven down prices in the giant US energy market and triggering a spate of takeovers by oil majors eager to get in on the action.

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The less publicized success story has been booming oil production from shale plays like the Bakken formation in North Dakota. In the course of three years, oil production in the state's Bakken formation has jumped more than 20 fold to 135,000 barrels per day in 2009 from recoverable reserves now estimated at nearly 4 billion barrels.

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Big bets on US oil bonanza after shale gas boom - Moneycontrol.com

China Petroleum & Chemical Corp. , Asia’s biggest refiner, may extend a slump in profit from making gasoline and diesel as government price controls prevent the company from passing on higher crude-oil costs to customers.

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Margins from processing oil fell 45 percent in the first six months as crude costs surged 84 percent, the company known as Sinopec said in its earnings statement yesterday. Net income in the three months ended June 30 dropped 10 percent after rising almost 40 percent in the first quarter. China controls fuel prices to curb inflation in the world’s second-largest economy and the government has raised tariffs once this year compared with five increases in 2009. Sinopec, which gets 80 percent of its revenue from producing and selling fuels, may step up acquisitions of oil and gas fields to reduce the Beijing-based company’s reliance on refining.

Sinopec Margins Set to Extend Slump as Fuel Prices Trail Rising Crude Cost - Bloomberg

Vedanta Resources agreed to buy as much as 60% of oil & gas explorer Cairn India for $9.6 billion, opening a window of profits in an energy-deficient market, but its billionaire head, Anil Agarwal, may have to cross a few hurdles before he creates a mini-BHP Billiton.

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London-listed Vedanta would pay a total of about $8.5-9.6 billion for Cairn India, along with mining unit Sesa Goa, raising concerns that minority holders at Sesa are being dragged into an unrelated venture to fulfil Mr Agarwal’s dream.

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Vedanta proposes to buy as much as 40% of the company from Cairn UK at 405 a share, including Rs 50 a share as non-compete fees. It may raise $6.5 billion in debt, from banks led by Standard Chartered, for the deal. The deal may close by the first quarter of 2011, before which it has to convince many about the benefits, including the oil ministry, partner Oil & Natural Gas Corporation (ONGC) and Sesa shareholders.

Corporate round up - Economic Times