February 2009 Archives

GE Energy Financial Services, a unit of General Electric Co., on Friday said it is investing $150 million in a partnership with Houston-based ATP Oil & Gas Corp., which will own and operate a floating oil and gas production unit in the deep water Gulf of Mexico.

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GE Energy Financial Services' investment will give it a 49 percent limited partnership stake, its first investment in a floating oil and gas production facility. ATP Oil & Gas will hold the remaining 51 percent stake and will serve as managing partner. The unit, named ATP Innovator, covers the area the size of a football field 80 miles south of New Orleans in the Gulf of Mexico. It processes up to 20,000 barrels of oil per day and 100 million cubic feet per day of natural gas, which it supplies to the U.S. market.

Full Story: GE Energy Financial Services partners with ATP - Forbes

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Reliance, RPL set to merge Economic Times, India MUMBAI: Reliance Industries will combine with Reliance Petroleum to create a mammoth oil and gas giant with a projected topline, comprising nearly 20% of the combined turnover of the 30 companies in the BSE Sensex. The two companies said in separate ... Analysts see big benefits for RIL Business Standard RIL set to get even bigger after gobbling up RPL Times of India India's Reliance: Chevron Will Exit Huge Refining Venture CNNMoney.com Economic Times - Economic Times all 97 news articles

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Full Story: Reliance, RPL set to merge - Economic Times

Weakness in the broad market, a retreat in crude-oil prices and evenprovisions contained in the Obama administration's budget blueprint weighed onenergy stocks Friday.

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The Amex Natural Gas Index (XNG) surrendered 3.3% to 324 in the early going --though it has since pared its losses -- while the Amex Oil Index (XOI) fell 3%to 821 and the Philadelphia Oil Service Index (OSXX) gave up 2.5% to 118. In energy trading, crude prices fell $2.24 to $42.98 a barrel, pulling backfrom one-month highs set earlier this week.

Full Story: Energy Shares Hit On Crude Prices, Weak Stocks, Obama Budget - CNNMoney.com

The ruble is dropping, oil production is declining, foreign capital is fleeing, currency reserves are dwindling. Short-term, the Kremlin is struggling to deal with the worst economic crisis in a decade.

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Long-term, though, the Kremlin appears to know exactly what it wants. And with the cut of a ribbon and the stroke of a pen last week, it staked its claim to what could be the start of a major shift in international energy politics. Russia launched its first liquefied natural gas plant on the Pacific island of Sakhalin, the first facility of its kind for shipping Russian gas abroad. And in Beijing, Russian and Chinese officials signed a major long-term oil contract and pipeline deal.

Full Story: Analysis: oil, gas deals give Russia long-term win - Forbes

Petrobras, Starfish Find Oil, Gas in Onshore Potiguar Block Bloomberg 27 (Bloomberg) -- Petroleo Brasileiro SA, Brazil’s state-controlled oil company, and Starfish Oil & Gas SA found evidence of oil and natural gas at an onshore block in Brazil’s Potiguar Basin, the country’s petroleum regulator said. ...

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Full Story: Petrobras, Starfish Find Oil, Gas in Onshore Potiguar Block - Bloomberg

02.26.09, 06:45 PM EST Those earning more than $200,000 and businesses, that's who. A look at the details.

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WASHINGTON, D.C.--The White House's $3.6 trillion budget, outlined Thursday, provides a broad plan for government spending during the next decade and a road map for slashing the deficit from $1.75 trillion to $533 billion by 2013. But its true value may be in what it says about how Americans will be taxed during that same period. Specifics of the Obama administration's budget plan won't be unveiled until April--standard procedure for a first-year president. But many of the broad strokes are campaign promises finally put to paper, causing worry from some quarters of the business community. "There's a significant business tax increase suggested in this budget," says Clint Stretch, a tax expert at Deloitte Tax LLP in Washington.

Full Story: Who Will Pay For Obama's Plans? - Forbes

The Sensex pared all its losses during last half an hour of choppy session to close on a positive note as traders settled February F&O series. Auto and Oil & Gas stocks traded higher, while Banks and Realty stocks ended lower. Positive opening of the European markets and higher US index futures led the upmove.

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``Although the future is still uncertain, the near term expectation of support from Government should limit weakness to provide near term stability,`` said J. Moses Harding, head, global markets group. The fear of extension of current weakness into 2010 should limit gains around 9200-9500 for Sensex and to about 2860-2960 for Nifty, he added.

Full Story: Sensex ends higher led by auto, oil & gas stocks - Myiris.com

By Paul Davidson, USA TODAY President Obama's proposed 2010 budget takes pointed aim at oil and gas companies, eliminating myriad tax breaks and proposing new fees on the providers.

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The plan put out Thursday would repeal tax breaks intended to spur oil and gas exploration and penalize companies that don't develop wells on land leased from the government. It could raise tens of billions of dollars the next decade. 'Good news' for lower, middle classes The industry says the blueprint would discourage investment aimed at cutting oil imports.

Full Story: Obama's budget plan targets oil, gas tax breaks - USA Today

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Mohammed Sanusi Barkindo, has attributed the dwindling rate of investment in the Nigerian oil and gas sector to the current global financial crisis.

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He also said the federal government, as part of the energy sector reform was planning massive investments in the NNPC by capitalising the subsidiaries. Speaking during an inspection visit to Mosimi Depot, a unit of the Products and Pipelines Marketing Company (PPMC) a subsidiary of the NNPC, Barkindo said the slow pace of investments was not peculiar to oil and gas companies or Nigeria, but a global issue.

Full Story: Oil, Gas: Global Crisis Hurting Investments, Says Barkindo - THISDAY

Major losers in the sectoral indices were BSE Realty (3.05%), Oil & Gas (2.74%), Metal (2.60%) and IT (2.42%). There were no major gainers in the sectoral indices.

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Overall market breadth was negative. Out of the total 2,271 shares traded at BSE, 809 advanced, 1,361 declined while 101 remained unchanged. On the other hand, ACC (4.85%), Reliance Energy (4.80%), Maruti Suzuki India (4.77%), Grasim Industries (4.65%), Wipro (4.61%), and Oil & Natural Gas Corporation (4.37%) were the major losers in the Sensex.

Full Story: Sensex down 190.86 pts, led by Realty, Oil & Gas - Myiris.com