April 2009 Archives

At 10:24 hours IST, the benchmark indices were trading marginally lower amid volatility. Telecom, oil & gas, technology, FMCG, select power and metal stocks and individual stocks like BHEL, HDFC and ICICI Bank were under pressure. However, SBI, L&T, Axis Bank, M&M, DLF, Maruti and Ambuja Cements were witnessing buying interest.

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Weak Asian markets also weighed on our markets. Hang Seng, Nikkei, Kospi and Taiwan Weighted fell 1-1.5%. Shanghai and Straits Times declined 0.7-0.9%. The market breadth was negative; about 1376 shares advanced while 1590 shares declined. Nearly 141 shares were unchanged.

Full Story: Mkts decline on weak Asian cues; oil & gas, telecom, IT dip - Moneycontrol.com

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India proposes gas highway from Turkmenistan Times of India, India The Turkemenistan government made no commitments on giving natural gas for the projects. "The Secretary met Tachberdi Tagiev, Deputy Prime Minister in charge of Oil and Gas, and Annaguly Deryaev, Minister of Oil and Gas, to discuss issues of bilateral ... India proposes international gas pipeline from Turkmenistan domain-B Bid to tap foreign gas reserves Your Oil and Gas News (press release) all 5 news articles

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Full Story: India proposes gas highway from Turkmenistan - Times of India

The markets were subdued in the opening trade on the back of weak numbers from the largecap stocks like ICICI Bank, Ranbaxy Labs and profit booking in oil & gas, power,  auto and select technology and financial stocks. Negative Asian cues also weighed on the markets.

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Among the frontliners, DLF, Axis Bank, ICICI Bank, Ranbaxy Labs, HCL Tech, Maruti, Unitech, SBI, Tata Motors, HDFC, Reliance Capital , Reliance Power, Reliance Infrastructure, Tata P ower, Wipro and Infosys were the gainers. However, Birla Power, Orchid Chem, Aban Offshore, Petronet LNG, Strides Arcolab and United Phosphorous were the gainers in the early trade.

Full Story: Mkts weak on negative Asian cues; oil & gas, IT down - Moneycontrol.com

THE drop in oil prices is reducing income in the Middle East and threatening the economic stability of producing countries, said the Oil Minister of Qatar, the world's largest supplier of liquefied natural gas.

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"For the first time in a quarter century, world demand for oil is falling; the price has collapsed since July 2008," Abdullah Bin Hamad Al-Attiyah said at the Asia Ministerial Energy Roundtable in Tokyo yesterday. "Companies almost everywhere are freezing investment and re-evaluating energy projects based on high prices." Crude oil traded in New York has fallen 65 per cent from $US147.27 a barrel on July 11. LNG prices are set using a formula based on the price of crude. The number of oil and gas rigs operating worldwide has plunged 34 per cent since September following the drop in prices, according to data published by Baker Hughes Inc. Qatar approved a budget on April 4 that forecasts the country's first deficit this decade. The oil and gas market presented a "high-level risk" to investors in projects, Mr Al-Attiyah said, and governments must frame policies to help protect their investments.

Full Story: Falling oil prices hit Middle East producers - The Age

Vote in Florida House on offshore drilling bill could come Monday Backers see a boon for state's economy; critics see environmental risk.

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TALLAHASSEE - The House cleared the way Friday for a vote on offshore drilling, setting up a potential showdown with the Senate over how the state produces energy. Supporters and business groups have hailed the offshore drilling bill, calling it a boon to the state's economy and a way to help wean the nation off its addiction to foreign oil. Environmentalists and other opponents, though, say it's a risky proposition that could end up fouling state waters and endangering the lucrative tourism industry.

Full Story: Vote in Florida House on offshore drilling bill could come Monday - Florida Times-Union

23 hours ago HOUSTON (AP) — The number of rigs actively exploring for oil and natural gas in the United States fell by 20 this week to 955, down nearly half from a year ago.

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Of the rigs running nationwide, 742 were exploring for natural gas and 202 for oil, Houston-based Baker Hughes Inc. reported Friday. A total of 11 were listed as miscellaneous. A year ago, the rig count stood at 1,842. The U.S. count is down 53 percent since the end of August as weak energy demand has hampered oil-field activity.

Full Story: Number of active oil rigs falls by 20 - The Associated Press

TEHRAN (FNA)- Oil Minister Gholam Hossein Nozari announced on Saturday that two giant oil and gas fields have been found in southern and southwestern Iran.

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Speaking to reporters, Nozari said that the discovered oil field was located in Sarvak layer of Band-E- Karkhe oil field in Iran's southwestern province of Khozestan. Nozari further pointed out that the new gas field found in Iran's southern province of Fars is located in "Sefid-Baghoon" field and has 6 trillion cubic feet (c/f) of gas reserves.

Full Story: Iran Discovers 2 Giant Oil, Gas Fields - Fars News Agency

Florida Chief Financial Officer Alex Sink took a swing at a proposal to open Florida’s coastline to oil exploration, saying it would jeopardize the state’s public land and threaten the tourist industry.

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Florida speaker designate Rep. Dean Cannon, R-Winter Park, unveiled a proposal April 21 to open the state’s coastline to oil and gas exploration, reversing a 30-year-old ban on such drilling. Environmentalists staunchly oppose drilling, which is scheduled for a vote in the House. A similar measure has been stalled in the Florida Senate Sink said bringing drilling rigs within three miles of the Florida coast would allow pipelines to land on environmentally sensitive beaches. She also said it would threaten fisheries and other marine-related businesses and damage the tourist industry, which heavily promotes the state’s scenic beaches.

Full Story: Sink opposes offshore drilling - Bizjournals.com

The University of Tennessee on Friday delayed plans for oil and gas drilling in a forested tract in the Cumberland Mountains.

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"We understand the need to balance the benefits of this project with the needs of public policy and the importance of gathering more input from broad constituencies," UT vice president Hank Dye said. Environmentalists claimed UT's plans to lease drilling rights on 8,600 rugged acres near Wartburg in Scott and Morgan counties could set a precedent and could place public lands across the state in jeopardy during a down economy.

Full Story: Tenn. university withdraws oil, gas drilling plan - Forbes

RIO DE JANEIRO (Dow Jones)--Brazilian state-run oil firm Petroleo Brasileiro (PBR) continued to boost oil and natural gas output in March as several new platforms ramped up production, the company said Friday.

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Petrobras said that overall daily oil and gas production reached an average 2.538 million barrels of oil equivalent, or BOE, in March. That was ... Email Newsletters and Alerts The latest news and analysis delivered to your in-box. Check the boxes below to sign up.

Full Story: Brazil Petrobras March Overall Gas, Oil Prod 2.538M BOE/Day - Wall Street Journal

Profile , Research ), Australia's second-largest oil and gas producer,posted a 20 percent rise in first-quarter output on a year ago,but also cut back its spending plans amid lower global demand.

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Woodside, which is spending large amounts on theconstruction of the A$12 billion Pluto gas export project inwestern Australia, said it would cut 2009 capital expenditureby about A$600 million ($424.3 million) to around A$6.6-A$6.7billion. The Perth based producer, which operates the North WestShelf liquefied natural gas (LNG) project in western Australia,said it would shut several of the LNG production trains at theNorth West Shelf project for about a month in May and in thethird quarter for routine maintenance.

Full Story: Woodside Q1 output rises, cuts '09 spending f'cast - Reuters India

MUMBAI, April 22 (Reuters) - India's largest energy group,Reliance Industries Ltd ( RELI.BO ), is expected to report asecond consecutive drop in quarterly profit as the globaleconomic crisis squeezed demand and shrank refining margins.

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Reliance, valued at $54 billion, should show significantgrowth in coming quarters from gas sales it started pumpingthis month from its deep-sea field off India's east coast. By the year-end gas output from the Krishna-Godavari Basinis expected to reach a peak production of 80 million standardcubic metres a day -- a level the upstream regulator has saidcan be sustained for six years. [ID:nDEL327402] [ID:nDEL459719] "The major value driver going ahead for Reliance is the E&P(exploration and production) business," said Deepak Pareek, ananalyst at Angel Broking, adding the gas sales from the Bay ofBengal field would boost revenue and earnings.

Full Story: RPT-PREVIEW-Margin squeeze to hit Reliance; ONGC profit to rise - Reuters

Mumbai (PTI): Anil Ambani group firm Reliance Natural Resources Ltd, engaged in sourcing, supplying and transporting fuels, today posted a jump of 4.32 per cent in its consolidated net profit at Rs 71.54 crore for the fiscal ended March 31, 2009.

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The firm had a net profit of Rs 68.58 crore for the financial year ended March 31, 2008, the company said in a statement. Reliance Natural Resources Ltd's (RNRL's) total income is up by 13.47 per cent at 416.78 crore in 2008-09 compared to Rs 367.30 crore in the year-ago period.

Full Story: rnrl's net profit up 4.32 per cent at Rs 71.54 cr in FY 09 - Hindu

Of DOW JONES NEWSWIRES LONDON (Dow Jones)--U.K. Chancellor of the Exchequer Alistair Darling said Wednesday that he will introduce tax incentives to encourage the development of smaller oil and gas fields in the North Sea with the aim of squeezing an extra 2 billion barrels equivalent out of the rapidly declining region.

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Industry experts welcomed the measures but questioned whether they would help enough companies struggling with economically challenging field developments and said they offered little to halt the collapse in exploration drilling. Email Newsletters and Alerts The latest news and analysis delivered to your in-box. Check the boxes below to sign up.

Full Story: UK Govt Aims To Boost Oil,Gas Devt With Tax Cuts - Wall Street Journal

0857.HK ) plans to add 300 new gas stationsover the next seven years in eastern Jiangsu province, atraditional bastion of its rival Sinopec Group, a newspaperreported on Wednesday.

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"PetroChina is planning to ramp up investment in Jiangsu tobuild more gas stations. And by the end of 2015, the number ofstations in the province will be increased to at least 800,"Beijing Business Today cited an unnamed PetroChina source assaying. Currently PetroChina has about 500 oil stations in Jiangsu,while rival Sinopec has about 2,500, the paper said.

Full Story: PetroChina to add 300 gas stations in Jiangsu by 2015 - Reuters

6 hours ago CALGARY — Husky Energy Inc. (TSX:HSE) says it plans to spin off its Southeast Asian oil and gas assets into a new company.

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John Lau says he discussed the possibility at a board meeting prior to his company's annual general meeting Tuesday. He says the new company could potentially be listed on both Toronto and Hong Kong stock exchanges.

Full Story: Oil and gas company Husky says it plans to spin off southeast Asia ... - The Canadian Press

OIL Search and its major partner ExxonMobil have signed an agreement to supply 2 million tonnes of liquefied natural gas a year from its Papua New Guinean project to an Asian buyer.

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This is good news for Oil Search whose total oil and gas production dropped almost 12per cent from 2.15 million barrels of oil equivalent in the December quarter to 1.9 million in the March quarter. The bulk of that, 1.63 million barrels, came from oil production. The steep fall in the oil price affected revenue for the March quarter, which reached $US71.4 million ($A102 million), from $US137.9 million in the previous quarter.

Full Story: Oil Search signs natural gas deal - The Age

, India’slargest energy explorer, plans to spend 66 billion rupees ($1.3billion) this year to maintain output from aging fields.

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The producer wants to sustain output levels in areas offthe nation’s west coast, including Bassein, which supplies 33percent of India’s current gas output, Sudhir Vasudeva , directorof offshore operations, said in an interview in New Delhi. Maintaining production is key for ONGC, which hasn’t beenable to produce oil or gas from any of the 105 fields it won inIndia’s exploration auctions since 1999. The decline in crudeprices has forced the explorer to hold off on increasing outputat the overseas fields acquired last year.

Full Story: ONGC to Spend $1.3 Billion to Maintain Output at Aging Fields - Bloomberg

HOUSTON (Dow Jones)--Oil and gas drilling activity is still falling, and it's unclear when it will rebound, Halliburton Co. (HAL) Chief Executive David Lesar ...

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Full Story: CORRECT:UPDATE:Halliburton CEO: Unsure When Decline Will Bottom Out - Wall Street Journal

The fleet of Super Puma helicopters operating in the UK will begin to return to service on Tuesday after a North Sea crash which killed 16 people.

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The two types of Super Puma helicopter have been checked by ground staff and repairs made to gearboxes after the crash on 1 April which killed 16. Industry body Oil and Gas UK said the fleet of 25 helicopters would gradually return to the air from Tuesday.

Full Story: Helicopters to return to service - BBC News

Energy giant Imperial Oil is appealing a Court of Queen's Bench ruling that found it responsible for hydrocarbon contamination at a Bragg Creek ranch.

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"We believe our employees acted appropriately at all times and that our operating practice and actions we took were responsible and appropriate," Imperial Oil spokesman Pius Rolheiser said. Agnes Ball launched the lawsuit in 2004, arguing that a sour gas pipeline leak had contaminated a portion of her ranch and sickened cattle grazing nearby.

Full Story: Imperial Oil appeals gas leak lawsuit - Calgary Herald

The Bureau of Land Management says its most recent sale of oil and gas leases in Montana and North Dakota totaled more than $13.7 million.

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Missouri Royalty Corp. of Bismarck had the highest per-acre bid of $4,900 for a 992-acre parcel in Mountrail County. Of the 67 parcels offered Tuesday, 51 were in Montana and 16 in North Dakota. BLM says all the North Dakota parcels drew bids. The agency says six parcels in Montana did not get bids. Bids for leases in Montana totaled just under $600,000.

Full Story: BLM oil, gas leases hit $13.7 million in Mont., ND - Forbes

  Sawyer Pankratz, 5, with Premier Gordon Campbell at rally at the Fort St. John Curling Club.

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A new tax proposed by the New Democratic Party for oil and gas producers will stifle future investment in B.C., Premier Gordon Campbell said Thursday. "The investments [oil and gas companies] are looking at in the future are going to shrink," Campbell said, standing in front of an Encana drill rig just south of Dawson Creek.

Full Story: Campbell courts oil and gas sector - Canada.com

WASHINGTON, April 18 (UPI) -- A U.S. Interior Department program to award oil and gas leases in the Beaufort and Chukchi seas off Alaska must be retooled, an appellate court says.

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A three-judge U.S. Court of Appeals panel in Washington ruled Friday that the Interior Department under the Bush administration failed to carry out a proper assessment of the environmental risks of the move to award drilling leases in the icy Alaskan waters, the Los Angeles Times reported. The leasing program was a response by the administration to thwarted efforts to open up Alaska's Arctic National Wildlife Refuge to drilling, the newspaper said.

Full Story: Court halts Alaska drilling lease program - United Press International

HOUSTON -(Dow Jones)- The number of rigs drilling for natural gas in the U.S.declined this week as producers continued to scale back exploration andproduction amid sliding energy prices, while the number of oil rigs showed aslight increase.

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The total number of oil and gas rigs fell to 975, down 30 from the previousweek, according to rig data from oil-field services company Baker Hughes Inc. (BHI). The number of gas rigs was 760, a drop of 30 rigs from last week, whilethe oil-rig count increased to 250, an increase of one rig. The number ofmiscellaneous rigs declined by one to 10 rigs.

Full Story: Baker Hughes: US Oil, Gas Rig Count Down 30 To 975 This Week - CNNMoney.com

An appeals panel rules that the Interior Department didn't adequately analyze a Bush administration plan to auction off leases in the Arctic seas.

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Reporting from Washington and Nuiqsut, Alaska -- A federal appeals court dealt a blow Friday to oil and gas industry efforts to allow drilling in the fertile energy-producing regions in the icy seas north of Alaska. The Bush administration had started to auction off leases in the Arctic waters along Alaska's coast, which are expected to produce billions of barrels of oil. But a three-judge U.S. Court of Appeals panel in Washington ruled that the Interior Department had failed to properly assess the environmental impact of the leases. The court halted the program pending a full review.

Full Story: Drilling off Alaska can't proceed without further environmental review - Los Angeles Times

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Govt defers roadshows for NELP Times of India, India The anomaly arose after the 2008-09 budget scrapped the seven-year tax holiday on natural gas production from auctioned fields. The industry and the oil ministry opposed this later on the ground that oil and gas occur together and a single well could ... Govt. defers NELP-VIII on tax break concerns Hindu Roadshows for Nelp-8 deferred on tax concerns Livemint Govt defers NELP-VIII on tax break concerns for natural gas Press Trust of India all 22 news articles

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Full Story: Govt defers roadshows for NELP - Times of India

At 10.33 am, the benchmark indices were witnessing choppy trade. It seemed like they were consolidating for the next move. Shares of oil & gas exploration, technology companies and stocks like BHEL, HDFC Bank, Cipla, HDFC, Tata Steel, Idea, Ambuja Cements and Ranbaxy Labs were under pressure.

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However, DLF, Unitech, Bharti, Reliance Communication, ICICI Bank, HUL, Grasim, Maruti, SBI, Hindalco, PNB, Reliance Capital, Siemens, Reliance Infrastructure and Tata Motors were witnessing buying interest. The broader indices continued their upsurge for the 9th consecutive session, which kept the market breadth on the higher side. BSE Midcap and Small Cap indices gained 1.2-1.8%. About 1969 shares advanced while 994 shares declined. Nearly 132 shares were unchanged.

Full Story: Mkts volatile; technology, oil & gas exploration weak - Moneycontrol.com

Oil & Gas Preview – Q4 FY09 India Infoline.com, India With product prices too following the trend, gross under recoveries for the Indian oil and gas industry are expected to fall to Rs36bn in Q4 FY09. During 9m FY09, upstream companies contributed about Rs320bn to the subsidy sharing mechanism, ... Metals Preview – Q4 FY09 India Infoline.com all 3 news articles

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Full Story: Oil & Gas Preview – Q4 FY09 - India Infoline.com

At 14:46 hours IST, the markets extended gains, as shares of banking, oil & gas, capital goods, auto, realty and private power companies were witnessing buying interest. The Sensex touched 11,000 mark while the Nifty hit 3400 level.

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Nifty was trading at 3,406, up 64 points, at 14:46 hours IST. Broader indices - Midcap and Small cap indices surged 4-4.5%. Market breadth was strong; about 2311 shares advanced while 690 shares declined. Nearly 90 shares were unchanged. Reliance Industries, ONGC and BHEL gained 1-2%. SBI, HDFC Bank, ICICI Bank, DLF, Tata Steel, Sterlite Industries, SAIL, Reliance Communication and Tata Motors shot up 3-10.5%. However, NTPC, HUL, Infosys, Bharti, BPCL, TCS, Wipro, HDFC and Grasim were losers.

Full Story: Sensex hits 11K; banks, metals, oil & gas exploration up - Moneycontrol.com

DUBAI, April 12 (Reuters) - Oman has signed a gas exploration deal with U.S.-based Harvest Natural Resources , Oman's Economy Ministry said in a statement on Sunday.

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The deal was for the al-Ghubar block, the ministry said. Harvest Energy committed to reappraise seismic data and drill exploration wells in the block, the ministry said. Harvest would spend around $30 million to develop the block over three years, daily newspaper the Oman Observer reported.

Full Story: Oman signs gas exploration with US firm Harvest - Forbes

By Rakteem Katakey April 9 (Bloomberg) -- India started its largest auction ofoil and gas fields, offering 70 areas for exploration whenenergy producers are cutting investments because of fallingprices and the global recession.

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The nation is offering 24 deep-water blocks and 28 shallow-water blocks for exploration, Oil Secretary R.S. Pandey said inNew Delhi today. The fields on offer include 18 on-land blocks,he said. Asia’s third-largest energy consumer, seeking to cut oilimports, attracted bids for 45 of the 57 areas offered in theprevious auction last year, when crude climbed to a record.Worldwide spending on oil and gas exploration may drop 12percent in 2009 to $400 billion, Barclays Capital Research said.

Full Story: India Starts Auction of Oil, Gas Exploration Areas - Bloomberg

Sharekhan has come out with its earning estimates on Oilfield services sector for the quarter ended March 2009. According to the research firm, Shiv Vani Oil & Gas Exploration Services 's sales for the quarter ended March 2009 are expected to go up by 24.8% to Rs 222.8 crore on YoY basis.

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The company's PAT is expected to go up by 49.3% to Rs 47.5 crore on YoY basis. Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.

Full Story: Shiv Vani Oil Q4 PAT seen at Rs 47.5cr: Sharekhan - Moneycontrol.com

MOSCOW, April 11 (Reuters) - Gazprom Neft, Tatneft andLUKOIL want to take part in Iraqi oil and gas tenders, seniorexecutives of the three Russian companies were quoted as sayingon Saturday during a Moscow visit by Iraq's prime minister.

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TATN3.MM ) Deputy General Director Khamit Kaveevsaid his company wanted to renew talks on blocks 8 and 9 inIraq's western desert after initially signing a memorandum ofunderstanding in 2003, news agency RIA Novostei reported. Gazprom's ( GAZP.MM ) oil unit Gazprom Neft also intends toparticipate in tenders for six oil fields and two gas fields,Interfax reported, citing remarks by Alexander Kolomatsev, thehead of the unit's Middle Eastern projects.

Full Story: Russian firms keen to pump Iraqi oil, gas -agencies - Reuters

Washington (IANS): With $34 billion in sales from its oil and gas operations, Reliance Industries tops 47 Indian companies that figure in the Forbes list of the world's biggest 2,000 companies.

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Ranked 121st, Mukesh Ambani-led Reliance also makes it to the list of top 200 companies with two other Indian entities, State Bank of India (150) and Oil and Natural Gas Corporation (152), in the list compiled by the US business magazine. However, five Indian companies - scam-hit IT firm Satyam, realty firm Unitech, Suzlon Energy and two Anil Ambani group firms - Reliance Power and Reliance Capital - have been dropped from the Forbes 'Global 2000 List' this year.

Full Story: Reliance, State Bank among 47 Indian firms in Forbes Global 2000 List - Hindu

    NEW DELHI, April 10 (Xinhua) -- Four new regions of north Indian state Haryana have been found to be abundant in gas and oil reserves, the local Hindi daily Danik Bhaskar reported on Friday.

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    Sedimentary studies in the area have revealed that 15 billion metric tones of gas reserves are likely to be present in the area. The government is now inviting Indian and foreign firms to hunt for gas reserves in Ambala, Yamunanagar, Kurukshetra and Panchkula, said the report.     The firms will be allowed to explore a 1,930 square-kilometer area for oil and gas exploration. The areas to be explored fall under the Himalayan foreland.

Full Story: Report: India discovers huge oil and gas reserves - Xinhua

10 hours ago NEW DELHI (AFP) — India has announced the launch of its biggest-ever auction of oil and gas areas, brushing aside worries about a drop in spending by firms on energy exploration due to the global financial crisis.

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The government expects to attract three billion dollars in commitments for exploration, a senior government official said late Thursday. India is offering 70 blocks in the eighth round of the New Exploration Licensing Policy (NELP), Petroleum Secretary R.S. Pandey said.

Full Story: India to hold auction of oil and gas blocks - AFP

(Updates with production figures and adds details throughout) HOUSTON (Dow Jones)--Chevron Corp. (CVX) said Thursday it expects a sharp drop in first-quarter profit due to lower oil and natural gas prices and weak refining margins.

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In an interim report warning that profit would be "sharply lower," the oil company said that it would post charges of about $100 million for write-offs mainly associated with exploration activity. The company's international downstream earnings would include gains of about $350 million from the sales of the fuels marketing businesses in ... Email Newsletters and Alerts The latest news and analysis delivered to your in-box. Check the boxes below to sign up.

Full Story: Chevron Expects 1Q Profit To Be 'Sharply Lower' - Wall Street Journal

The global economic downturn notwithstanding, the Union government has gone ahead and announced India’s biggest auction ever of 70 oil and gas blocks, setting a 10 August deadline for explorers to submit bids. It also invited bids from firms for 10 blocks of coal bed methane (CBM), a form of natural gas extracted from coalbeds and used as a fuel in several industries such as power generation, fertilizers and ceramics.

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The auction of oil and gas blocks sale is the eighth round under the so-called New Exploration Licensing Policy (Nelp) launched in January 1999. Under the policy, the government allocates the rights to explore blocks through a bidding process. The government has so far awarded 203 exploration blocks, besides 26 blocks of CBM. It attracted bids for 45 of the 57 areas offered in the previous auction last year, when the price of crude oil climbed to a record.

Full Story: Bids invited for biggest auction of oil, gas blocks - Livemint

NEW DELHI (Reuters) - India launched its biggest-ever auction of oil and gas assets on Thursday, offering 70 exploration blocks at a time when global oil demand is waning due to economic slowdown.

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India has offered 24 deepwater blocks, 28 shallow water blocks and 18 onland blocks in the auction, which will close on August 10, Oil secretary R.S. Pandey said. India has also offered 10 coal-bed methane blocks for exploration in the fourth round of offering such blocks, Pandey said.

Full Story: India launches its biggest oil, gas block auction - Reuters India

At 12.16 pm, the benchmark indices showed some recovery from the lows of the day, but were witnessing selling pressure. Shares of oil & gas exploration, banking, metal, technology, realty, major telecom and capital goods companies were down. However, the buying in select FMCG, power and auto stocks capped the losses.

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Biggest contributors in this fall were ONGC, Bharti, Reliance Industries, SBI, Infosys, Reliance Communication, HDFC Bank, ICICI Bank, DLF, BHEL and TCS. However, NTPC, Power Grid, ITC, Tata Motors (up 5%), HUL, Ambuja Cements and Ranbaxy were the gainers. Nifty was trading at 3,198, down 58 points, at 12:16 hours IST. However, broader indices - BSE Midcap Index was up nearly 1% and Small cap Index gained over 1.5%.

Full Story: Mkts southbound; banks, metals, oil exploration dip - Moneycontrol.com

New Delhi, April 7: Oil multinationals are likely to stay away from the bidding for new oil blocks in India later this week as the financial crisis is forcing them to reconsider their plans.

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Domestic players such as Oil and Natural Gas Corporation, Oil India and Reliance are likely to bid for the 70 blocks to be offered under the new exploration and licensing policy (Nelp). The country is launching the bidding process at a time when global majors such as Royal Dutch Shell, Exxon Mobil and Conoco Phillips have revisited their growth plans and slashed their exploration and production budget.

Full Story: Oil hunt fails to excite biggies - Calcutta Telegraph

At 14:56 hrs IST, the markets extended gains and were trading higher. The Nifty surpassed the 3300 mark while the Sensex was trading above the 10700 level. Realty, FMCG, capital goods, pharma, metal, oil & gas, power and auto stocks were witnessing buying interest. Broader indices - BSE Midcap was up 3% and Small Cap gained 4%.

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Nifty was trading at 3,330, up 74 points, at 14:56 hours IST. The Nifty April Futures were trading with 14 points premium. The BSE Realty Index shot up over 4% and FMCG Index was up over 3%. Capital Goods, Healthcare, Metal and Oil & Gas indices jumped 2-2.5%. Power and Auto indices gained over 1%.

Full Story: Nifty above 3300 mark; infra, FMCG, realty, oil & gas gain - Moneycontrol.com

They include plans to explore for new oil sources in Venezuela's Orinoco belt, develop a new natural gas field and fund the upgrading of refineries.

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Venezuela has some of the world's largest oil and gas reserves but the oil price drop has hit financing. Japanese Prime Minister Taro Aso and Mr Chavez agreed to set up a working team to explore the possibility of the development of oil at Venezuela's Orinoco oil belt and liquefied natural gas, as well as funding for the operations, Japanese foreign ministry officials said.

Full Story: Japan and Venezuela trade energy - BBC News

State-run Oil and Natural Gas Corporation (ONGC) has deferred a decision on hiring a drilling rig from Reliance Industries (RIL), even as Chinese and European firms have emerged as suitors for the ultra deepsea drillship.

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The board of ONGC last week deferred a decision to hire rig from RIL on an assignment basis, a company executive said. ONGC had been talking to RIL for the past few months for hiring DD-KG-1 ultra deepsea drillship for four years at $5,10,000 per day, the same rate at which RIL had taken the rigs from Transocean Inc on a five-year lease.

Full Story: ONGC defers decision on hiring drilling rig from RIL - Business Standard

By BRIAN BASKIN ATLANTIC CITY, N.J. -- A contentious public hearing Monday highlighted the Obama administration's challenge to craft an energy policy that emphasizes alternative fuels but also recognizes the dominance of traditional sources.

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Opponents of offshore drilling dominated the hearing, convened by the White House to gauge public opinion on whether the government should expand oil and natural-gas production in federal waters. Drilling supporters focused on the industry's improved safety record, as well as billions of dollars in potential government revenue. Interior Secretary Ken Salazar began a series of public hearings on energy issues in Atlantic City, N.J., Monday.

Full Story: Hearing on Offshore Oil, Gas Drilling Raises Jersey Ire - Wall Street Journal

Reliance Industries, India's biggest listed firm on Thursday started pumping gas from its much talked of Krishna Godavari basin off India's east coast. The development may help India lower its energy bill coming from imports.

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Mukesh Ambani, is all set to change the very dynamics of Indian economy as RIL begins pumping natural gas to feed several hungry fertiliser and power plants, who till now were on the mercy of coal or expensive naphtha. Initially the company will produce 2.5 million cubic metres of gas, enough to fire nearly half a dozen fertiliser units and will be ramped up to 80 million cubic metres by December that would help feedstock hungry power plants, fertiliser plants, manufacturing units and also city gas distribution such as cooking gas and auto fuel, as it nearly doubles the country's gas supplies.

Full Story: RIL’s gas production begins at KG-basin - NDTV.com

Investors with a high-risk appetite can consider accumulating the stock of Welspun Gujarat Stahl Rohren, a leading manufacturer of steel pipes. At the current market price of Rs 80, the stock trades at about five times its estimated FY10 per-share earnings. Besides attractive valuations, the company’s buoyant order book and well-entrenched relationship with global oil and gas players also makes it a good investment.

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New business opportunities, in terms of setting up of pipe infrastructure network, driven by the commencement of the KG Basin gas supply by Reliance Industries and city gas distribution initiatives of the Government, also brighten prospects. Given the recent surge in the markets, phased accumulation is recommended for the stock. Over the last few months, falling crude oil prices had sent the stock price of Welspun Gujarat into a downward spiral on concerns that this would eventually lead to a drastic decline in oil and gas capital expenditure. But despite the downturn, the company has managed to add significantly to its order book, which currently stands at about Rs 9,300 crore (2.4 times FY08 revenues). Not only does that reflect well on the company’s ability to procure business during tough times, it also provides revenue visibility that is higher than that enjoyed by peers.

Full Story: Welspun Gujarat Stahl Rohren: Buy - Hindu Business Line

Chinese, European firms approaches RIL for hiring rig Economic Times, India Though ONGC has been desperately seeking a rig to probe oil and gas leads like the ultra deepsea UD-1 discovery for past two years, the board of the company last week deferred a decision to hire the rig from Reliance on assignment basis, sources said. ...

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Full Story: Chinese, European firms approaches RIL for hiring rig - Economic Times

HOUSTON (Dow Jones)--The number of rigs drilling for natural gas in the U.S. declined this week as natural gas producers continued to scale back exploration and production amid sliding energy prices, but the oil rig tally rose slightly.

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Full Story: Baker Hughes: US Oil, Gas Rig Count Up 4 To 1043 This Wk - Wall Street Journal

The markets opened strong and continued their uptrend for the third consecutive day on the back of good global cues. The Nifty crossed the 3150 level while the Sensex moved back above the 10250 level. Financials, oil & gas, metals, technology and infrastructure stocks were witnessing huge buying interest.

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Nifty was trading at 3,168, up 108 points, at 9:56 am. The CNX Midcap went up 2%, to 3,501. The advance:decline ratio stood at 12:1 in the early trade. Suzlon Energy, Reliance Infrastructure ICICI Bank, Reliance Capital, PNB, L&T, SBI, Tata Steel, HDFC, Axis Bank, Unitech, DLF, HDFC Bank, BHEL, SAIL, TCS, Wipro and Infosys were leading players in the early trade. Not a single stock was trading in the red on the NSE Nifty 50 list.

Full Story: Nifty hits 3150 led by financials, oil & gas, infra, metals - Moneycontrol.com

KABUL (Reuters) - Afghanistan plans to offer production sharing contracts on three blocks that it says contain an estimated 52 billion cubic metres (bcm) of recoverable gas reserves, and 64.4 million barrels of recoverable oil.

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The fields are in relatively secure northern Afghanistan, and most were discovered by Soviet-led exploration teams in the 1970s, but were never put into production, the country's Ministry of Mines said in a statement on its Web site (www.mom.gov.af). The fields are relatively small by global standards, but Afghanistan's economy has been shattered by three decades of war, and even a limited flow of oil and gas would likely go a long way towards meeting the country's current energy needs.

Full Story: Afghanistan seeks first bids for oil and gas fields - Reuters India

NEW DELHI: India’s biggest auction of oil and gas assets, New Exploration Licensing Policy (NELP-VIII), is all set to be launched on April 9. A total of 70 oil and gas blocks would be put up for auction under NELP-VIII for domestic and foreign investors.

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“NELP-VIII is scheduled to be launched on April 9. The eighth edition of New Exploration Licensing Policy (NELP) round will feature 24 deep-sea blocks, 28 shallow-water blocks and 18 on-land areas,” Petroleum Secretary, R. S. Pandey told reporters here on Thursday. Alongside, the government would offer ten blocks for coal bed methane (CBM) exploration, he added. India had offered 57 blocks in NELP-VII last year and awarded 44 to companies such as BHP Billiton and Oil and Natural Gas Corporation (ONGC). “Reliance Industries Limited (RIL) beginning production from its Krishna Godavari basin KG-D6 block will bring in more investors,” Mr. Pandey said. The company was awarded KG-D6 block in the first round of NELP in 1999 and it began gas production on Wednesday. Stating that fears of poor showing because of global recession and economic meltdown were unfounded, Mr. Pandey said “We are confident that investors will show a lot of interest in our new offer on oil and gas assets.” Of the total committed investment of $8.33 billion received in the first six rounds of NELP, $3.887 billion had already been spent by oil and gas companies till March 2007. Of the $8.33 billion promised investment, the largest commitment of $.32 billion was received in NELP-VI where 52 out of 55 blocks on offer were grabbed.

Full Story: Eighth round of NELP to be launched on April 9 - Hindu

Kakinada: Reliance Industries Ltd. (RIL) has commenced production of gas from Dhirubhai 1 and 3 discoveries of D6 block in Krishna-Godavari basin, located off the coast in the Bay of Bengal.

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The gas from offshore is being received at its onshore facility at Gadimoga, a small village near here, and delivered to the East-West pipeline of Reliance Gas Transportation Infrastructure Ltd. (RGTIL). Production will reach peak level of 80 million metric standard cubic metres a day (mmscmd) of gas by 2010 from initial production of 10 mmscmd. A major portion of it will be sold to those fertilizer and power generation companies and at the price prescribed by Petroleum and Natural Gas Regulatory Board (PNGRB).

Full Story: Reliance begins gas production from KG basin - Hindu

Reliance Industries (RIL) today commenced production of gas from the Dhirubhai 1 and 3 discoveries of the KG-D6 block in the Krishna Godavari Basin, located off the East Coast of India, in the Bay of Bengal.

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  With this, RIL has commissioned one of the world’s largest deepwater production facility in the same block in which RIL already discovered oil reserves (Dhirubhai - 26) and commissioned trial production earlier. At peak production of oil and gas, the KG-D6 facility is expected to produce over 550,000 barrels of oil equivalent per day.

Full Story: Reliance commences gas production from KG-D6 - Business Standard

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ril's KG-D6 block gas project goes on steam Economic Times, India Reliance took just seven years from the date of discovery to begin gas production from the deep-sea KG-D6 block. "It is a landmark in the history of oil and gas production. World-over, this has created a new benchmark for deep-sea developers," said ... Govt to get $28 bn in revenues from RIL gas field Business Standard Stimulus 3: RIL gas to start flowing in a few hours domain-B Debate: How will KG Basin gas alter India's fuel economy? Economic Times Business Standard - Economic Times all 74 news articles

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Full Story: ril's KG-D6 block gas project goes on steam - Economic Times

settled over the 9900 level; both the indices recovered some of Monday's losses in the last two days. Broader indices played the key role today and remained in the limelight.

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Buying in oil & gas exploration, technology, banking, realty and private power companies' shares aided the markets to surge higher. However, Bharti Airtel, BHEL, Power Grid, NTPC, Sun Pharma, HUL, ITC, Hero Honda, Sterlite, BPCL and Grasim remained under pressure. The 30-share BSE Sensex touched an intraday high of 9,921.96, before closing the day at 9,901.99, up 1.99% or 193.49 points. The 50-share NSE Nifty went up 1.3% or 39.40 points, to settle at 3,060.35, after hitting a high of 3069.30.

Full Story: Mkts end strong led by oil & gas, IT, banks, realty - Moneycontrol.com

At 11.34 am, the benchmark indices were trading higher amid choppiness, as oil & gas, infrastructure, technology, telecom, metal and pharma stocks were supporting the markets. However, selling pressure continued in financial stocks.

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Nifty was trading at 3,012, up 34 points. Broader indices - BSE Midcap and Small cap indices were up 0.5-0.8%. Reliance Industries, Bharti, NTPC, ONGC, Reliance Communication, TCS, ITC, Infosys, BHEL, SAIL, Tata Steel, L&T and Tata Motors were the leading counters.

Full Story: Mkts gain amid volatility; oil & gas, IT, infra, telecom up - Moneycontrol.com