Stocks to open higher; oil & gas stocks in focus
Economic Times
Sectorwise, oil & gas stocks will be in action after the government hiked fuel prices. The hike will aid margins for state-owned refiners forced to sell at ...
Market eases early gains; oil & gas stock surgeEconomic Times

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Full Story: Stocks to open higher; oil & gas stocks in focus - Economic Times

BP AND China National Petroleum have won the right to develop Rumaila, the largest Iraqi oil field, as the war-torn country seeks to more than double production over the next six years.

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The BP-led group beat a bid from Exxon Mobil Corporation and Malaysia's state oil company, an oil ministry spokesman in Baghdad said yesterday. Six oil and two gas fields in the bidding round may yield $US1.7 trillion ($A2.1 trillion) in profit over 20 years for Iraq, said Oil Minister Hussain al-Shahristani. "This is the only resource of wealth available to us at this time," Prime Minister Nuri al-Maliki said in a speech at the start of the licensing round in Baghdad, where foreign oil companies are bidding for service contracts.

Full Story: BP-led group wins bid for Iraqi oil field - The Age

The markets closed on a flat note as it was a consolidation day post Friday's rally. Shares of oil & gas, metal, real estate, banking (barring ICICI Bank) and select infrastructure companies helped the benchmark indices. However, selling in technology and cement along with HDFC, Tata Motors, Suzlon, Sun Pharma, Reliance Communication, ITC, Idea, Tata Power and Hero Honda put pressure on the markets.

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Sensex was edging towards 15000 mark. But both indices gave up all those gains in the last half an hour of trade and turned choppy. Nifty rose 0.35% or 15.45 points, to settle at 4,390.95, after seeing a day's high/low of 4439.95 and 4350.90, respectively.

Full Story: Mkts end flat; oil & gas, metal, realty up, IT, cement dip - Moneycontrol.com

Buying was seen in metal, power (barring Suzlon Energy), realty, select banking and oil & gas stocks. However, technology, cement stocks along with HDFC, Sun Pharma, ITC, L&T, Tata Motors, Maruti, Bharti and ICICI Bank were under pressure.

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Nifty fell 19 points, to 4,356. Among the broader indices, the BSE Midcap and Smallcap indices were up 1% each. Cement stocks like ACC, Ambuja Cements and Grasim fell 1.5-3%. Technology stocks like Infosys, Wipro and TCS lost 1-2.7%. However, in the realty space, DLF and Unitech gained nearly 4%.

Full Story: Mkts quiet; IT, cement dip, realty, metals, oil & gas gain - Moneycontrol.com

BAGHDAD: A heavy sandstorm blanketed Iraq's capital yesterday, closing Baghdad airport and delaying the country's first oil bidding process in 30 years.

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Visibility was only a few metres and most of the few people on the streets were wearing masks. Doctors at hospitals said that people were coming in complaining about shortness of breath and other problems. Iraq had planned to award eight oil and gas fields to international oil companies for long-term development today and tomorrow. But the airport closure prevented company representatives from landing in Baghdad.

Full Story: Sandstorm delays Iraq oil tenders - The Australian

BAGHDAD, June 30 (Reuters) - Iraq will auction off eightgiant oil and gas fields on Tuesday in its first major tendersince 2003, giving oil firms a foothold in a country that mayhold some of the world's largest untapped energy reserves.

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Private jets flew representatives from leading global firmslike Exxon Mobil and Total into Baghdad, acity still ringed by blast walls and gripped by violence, toplace their bids for the 20-year development contracts. The companies are wading into a morass of controversysurrounding the deals, which some Iraqi lawmakers condemn asillegal and which even some within the state-run oil industryhave criticised for selling Iraq's vast oil wealth short.

Full Story: Iraq launches historic oil and gas auction - guardian.co.uk

EAC.N ) said it would acquire oil and gasproperties in the mid-continent and East Texas from EXCOResources Inc ( XCO.N ) for $375 million in cash.

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The company said it would fund the acquisition partly fromits sale of properties in Rockies and Permian basin to oil andgas company Encore Energy Partners LP ( ENP.N ) for $190 million,and from borrowings under its credit facility. Separately, Encore Energy Partners said its acquisition ofproperties in Rockies and the Permian would be accretive to itsdistributable cash flow per unit.

Full Story: Encore Acquisition to buy properties from EXCO - Reuters

Reliance Industries, ONGC, DLF, BHEL, Jindal Steel, Axis Bank, Sterlite, NTPC, SAIL, SBI, ICICI Bank, L&T and HDFC Bank were leading counters, gained 1.5-8%. However, the selling in Infosys, ITC, TCS, HDFC, Tata Motors, Suzlon, Wipro, Sun Pharma, Grasim and Idea was putting pressure on the markets as well as adding to the volatility.

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Nifty gained 55 points at 4,430. About 918 shares advanced while 310 shares declined on the NSE. Broader indices were up 1.8-2%. On the sectoral front, BSE Realty, Metal, Oil & Gas, Bank, Power and Capital Goods indices gained 2-4%. However, IT Index slipped 1%.

Full Story: Mkts northbound led by oil & gas, banks, realty, metals - Moneycontrol.com

Natural gas is emerging as the preferred hydrocarbon fuel of the future becau-se of its cost efficiency in power generation, fertiliser production, domestic use and even as an auto fuel. A sharp rise in India’s gas production following the discovery and development of gas fields on the East Coast is bringing about a transition, where the gas distribution business is emerging as the new sunshine sector. So much so that the industry is now in for major re-rating in the medium term.

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At present, oil constitutes 28 per cent of total primary commercial energy consumption in the country, while natural gas accounts for 8 per cent. Coal continues to be the dominant fuel, accounting for 57 per cent of total energy consu-mption. This shows the huge potential for the gas distribution business.

Full Story: Stepping on the natural gas - mydigitalfc.com