June 2009 Archives

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

Fresh News

Fuel price hike after crude rates stabilize, says Deora Times of India Earlier speaking at an oil industry meeting, Deora said the Indian government and the petroleum and natural gas ministry is making every effort to insulate ... No immediate hike in petro prices: DeoraHindu Centre may hike petrol, diesel pricesEconomic Times Murli Deora hints at hiking Petrol, Diesel PricesBreakingNewsOnline. SahilOnline -Times of India -Economic Times all 36 news articles »

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Full Story: Fuel price hike after crude rates stabilize, says Deora - Times of India

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

The decision by the monetary policy committee (MPC) of the SA Reserve Bank to keep the repo rate on hold at 7.5 percent has been met with more brickbats than bouquets.

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Harmony Gold, named the preferred bidder for Pamodzi Gold's Free State assets this week, might spend about R100 million in the first year to restart production, Bob Atkinson, Harmony's chief operating officer said on Friday. 2009-06-28 06:00:01 The world's rich lost a fifth of their wealth last year and the number of dollar millionaires fell 15 percent as the financial crisis wiped out two years of growth, a study showed this week.

Full Story: Medvedev closes Africa tour with oil co-operation pledge - Business Report

By MARK WILLIAMS – 1 day ago After running up every day for nearly two straight months, gasoline prices have fallen this week — as they typically do a little before or after the Fourth of July holiday.

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With the economy weak, analysts say prices should remain stable for the rest of the summer, barring a major hurricane, geopolitical events, a collapse in the dollar or some other development that could push oil prices higher. Here are some questions and answers about what to watch for with gas prices in the coming months.

Full Story: Meltdown 101: Have gas prices peaked for summer? - The Associated Press

NEW YORK -(Dow Jones)- The number of rigs drilling for oil and natural gas inthe U.S. rose in the week ended June 26 , marking the second increase in the rigcount since April.

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The number of oil and gas rigs rose to 917, up 18 rigs from the previous week,according to rig data from oil-field services company Baker Hughes Inc (BHI).The number of gas rigs fell by five rigs to 687 from last week, while the oilrig count rose 23 rigs to 219. The number of miscellaneous rigs remained flat at11 rigs. A glut of inventory has beleaguered the natural gas industry amid slumpingdemand from industrial consumers. The lack of severe weather such as hurricaneshas also caused supply to outstrip demand, causing prices to remain depressed.

Full Story: Baker Hughes: US Oil Gas Rig Count Rises 18 To 917 This Week - CNNMoney.com

Panaji (PTI): Union Minister of Petroleum and Natural Gas Murli Deora on Saturday said that the Government is monitoring the international crude oil prices before deciding on the petroleum product price hike.

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"Unfortunately, the prices of crude oil have gone up recently. We are just watching the situation. We are concerned about the hike in the crude oil prices," Mr Deora told reporters here. "We have to wait a little more to see whether they (international prices) stabilise. We can think something only when volatility is reduced. That's why we have not taken any decision," the minister said.

Full Story: Centre monitoring crude oil prices before petro hike: Deora - Hindu

Oil PSUs ahead in investment announcements in '08-09 Economic Times NEW DELHI: Despite pressures of reducing margins on account of non entry of reforms in oil and gas, public sector petroleum and natural gas companies took ... and more »

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Full Story: Oil PSUs ahead in investment announcements in '08-09 - Economic Times

BARRY O'HALLORAN US OIL company Marathon is selling its share of the Corrib natural gas field off the west coast to Canadian rival Vermilion in a deal potentially worth $400 million (€285 million).

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Both groups announced the sale early yesterday. Marathon said that it has agreed to sell its 18.5 per cent stake in the Corrib field, off the Mayo coast, to Vermilion, for an initial payment of $100 million, once the deal goes through later this year. The sale will end Marathon’s long-term involvement in Ireland, and means that the Corrib’s other owners, exploration giants Shell and Statoil Hydro, will have a new partner on the project, Vermilion.

Full Story: Oil giant Marathon sells interest in Corrib gas field for $400m - Irish Times

Oil and gas cos face unstable policy regime in India Economic Times 24 Jun 2009, 1557 hrs IST, PTI NEW DELHI: Global consulting firm Ernst and Young has said oil and gas companies in India face unstable policy regime on top ... and more »

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Full Story: Oil and gas cos face unstable policy regime in India - Economic Times

The biggest government-owned company, Oil and Natural Gas Corporation, posted a 16 per cent decline in net profit at Rs 2,627 crore in the fourth quarter of 2008-09, on the back of lower crude oil production during the period. For the year, the company’s net profit declined 3 per cent to Rs 16,126 crore from Rs 16,702 in the previous year.

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A further drop in net profit was prevented due to a smaller subsidy payout of Rs 852 crore during the January-April quarter, though the oil and gas producer shelled out Rs 28,225 crore as subsidy-sharing, higher than the Rs 22,001 crore in 2007-08, with oil marketing companies Indian Oil Corporation, Hindustan Petroleum and Bharat Petroleum. The decline in profit was despite the highest ever sales income of Rs 63,949 crore, which was up 6 per cent from Rs 60,137 crore in 2007-08. In the fourth quarter ending March 31, the fall in international crude oil prices saw the company’s gross realisation fall half to $47.85 from $100.37 in January-April 2009. But, the net realisation after a low subsidy sharing, was only little less at $43.4 a barrel, compared to $49.66 last year in the same quarter.

Full Story: ONGC posts 16% dip in Q4 net profit - Business Standard

Indian Express

Sensex bounces back; Oil & Gas, power up Economic Times, India MUMBAI: Benchmarks bounced back in the positive terrain on Tuesday as sentiments turned bullish with the positive European markets. Buying activity in heavyweight Reliance Industries also helped the benchmarks to erase losses. ... Sensex rebounds; Oil & Gas, PSU lead Business Standard Mkts weak amid volatility; oil & gas, power, telecom down Moneycontrol.com Sensex recovers; Oil & gas leads Myiris.com Reuters India - Business Standard all 252 news articles

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Full Story: Sensex bounces back; Oil & Gas, power up - Economic Times

MUMBAI (Reuters) - India's Oil and Natural Gas Corp has struck oil and gas in three new blocks, the Economic Times reported on Tuesday, citing the state-run explorer's chairman R.S. Sharma.

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The gas find in the Krishna-Godavari basin off India's east coast could have an estimated reserve of 10 trillion cubic feet of gas, the newspaper said, quoting an unnamed senior company official. The company found oil in Charada-3 offshore block in Cambay basin, off the west coast, and oil and gas in Matar in Vadodara district of Gujarat state.

Full Story: ONGC finds oil, gas in 3 blocks - paper - Reuters India

Oil stocks fell on reports oil and gas producers could be forced to pay royalties to the government on the basis of sale prices in the future rather than the present system of 'wellhead value', threatening profits of oil companies such as ONGC, Reliance Industries and Cairn India. The new method, which is now being examined by the oil ministry, could represent a fundamental overhaul of the system of calculating royalties, and boost revenues for the cash-strapped exchequer, weighed down by mounting deficits, reports suggest.

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India's largest private sector firm by market capitalisation Reliance Industries was down 2.73% to Rs 1,984. The stock declined sharply last week hit by an unfavourable court ruling on gas sales. Lower oil prices also weighed on oil exploration shares. Oil fell towards $69 a barrel on Monday, extending the previous session's drop of more than 2%, as bearish sentiment over gasoline markets in the United States. US crude for July delivery fell 39 cents to $69.16. The fall in crude oil prices would result in lower realizations from crude sales for oil exploration firms.

Full Story: Oil & gas stocks slide in weak markets - NDTV.com

ONGC strikes oil & gas in three basins Economic Times, India NEW DELHI: Government-owned Oil & Natural Gas Corporation (ONGC), has struck oil and gas in three basins. The country's largest oil producer has found oil in the Cambay basin, Vadodara district (Gujarat) and gas in the Krishna-Godavari (KG) basin. ... ONGC strikes oil, gas in three new blocks: report domain-B Govt plans to raise APM gas price by 17 pct Indian Express Oil, Gas Producers Likely To Come Under Royalty Net RTT News Commodity Online - Economic Times all 22 news articles

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Full Story: ONGC strikes oil & gas in three basins - Economic Times

OIL and gas producers Oil Search Ltd and Santos Ltd have hailed as a "key marketing milestone" an announcement by PNG LNG joint venture leader ExxonMobil that they are nearing deals for further sales from their Papua New Guinea liquefied natural gas (LNG) project.

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ExxonMobil said today that the project participants had "reached alignment on the commercial terms" with three major LNG buyers in the Asian region, for approximately 4.3 million tonnes per annum. This follows an earlier announcement of agreement to commercial terms with another major Asian buyer for two MTA in sales.

Full Story: ExxonMobil nears new PNG gas deal - Melbourne Herald Sun

Oil, gas producers face royalty shock Economic Times, India NEW DELHI: Oil and gas producers could be forced to pay royalties to the government on the basis of sale prices in the future rather than the present system of 'wellhead value', threatening profits of oil companies such as ONGC, Reliance Industries and ...

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Full Story: Oil, gas producers face royalty shock - Economic Times

The government is planning to relaunch the eighth phase of bidding for oil and gas blocks under the New Exploration and Licensing Policy (Nelp-VIII) in the second week of August.

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The round was earlier launched on April 9, but the roadshows for it were stalled after it was felt that clarity on tax holiday was needed prior to the commencement of bidding. The eighth round will offer 70 oil and gas blocks covering an area of 170,000 sq km. This is the highest number of blocks to be offered in any round. The revised roadshow schedule is likely to include Mumbai, Calgary, Perth, Brisbane, London and Perth. “We expect to relaunch the eighth round in August after Parliament session comes to an end. We expect the clarity on tax-related concessions for gas production to be in place by then. Investors should know in advance the various incentives before they bid for any block,” V K Sibal, director general, DGH, told Business Standard.

Full Story: Govt to relaunch Nelp-VIII bidding in Aug - Business Standard

Oil cos may have to pay royalty Economic Times, India NEW DELHI: Oil and gas producers could be forced to pay royalties to the government on the basis of sale price in the future rather than the present system of “well-head value”, threatening profits of oil companies, such as ONGC, Reliance Industries ...

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Full Story: Oil cos may have to pay royalty - Economic Times

The key benchmark indices pared gains in volatile afternoon trade led by a decline in oil & gas, realty and power stocks. The benchmark Sensex was down 26 points at 14,239 levels and the Nifty slipped 0.5 per cent to 4,226 levels.

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“In the medium term, 4080 is a critical level. Till the market stays above this level it would be in the safe territory,” said Salil Sharma, Partner, Kapur Sharma & Co. Oil & gas, realty and PSU stocks were under pressure while some buying interest was seen in capital goods, IT and pharma stocks. The PSU index on the BSE fell 1.8 per cent and the oil & gas index lost 2 per cent. The BSE realty index was down 0.8 per cent.

Full Story: Sensex slides amid choppy trade - NDTV.com

PEKAN: The government will consider designating the new RM2 billion Tanjung Agas Oil & Gas and Maritime Industrial Park in Tanjung Agas here as a free trade zone (FTZ) once it is fully operational in 2016.

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PEKAN: The government will consider designating the new RM2 billion Tanjung Agas Oil & Gas and Maritime Industrial Park in Tanjung Agas here as a free trade zone (FTZ) once it is fully operational in 2016. Prime Minister Datuk Seri Najib Razak, describing the private project as iconic for Pahang and the country, said the Federal Government was fully supportive of the park, which covers 1,620ha.

Full Story: RM2b oil and gas park might be free trade zone - New Straits Times

HOUSTON -- The number of rigs actively exploring for oil and natural gas in the United States rose by 23 this week to 899, the second time this year the weekly count has increased.

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Of the rigs running nationwide, 692 were exploring for natural gas and 196 for oil, Houston-based Baker Hughes Inc. The only other time this year the count increased was the first week of April. A year ago, the rig count stood at 1,906. The U.S. count is down 56 percent since the end of August as weak energy demand has hampered oilfield activity.

Full Story: Number of active oil rigs rises by 23 - Forbes

(Adds details, comments) OSLO, June 19 (Reuters) - Royal Dutch Shell has made apromising gas discovery at its Gro prospect in the NorwegianSea, which may be the largest find off Norway in years, companyand government officials said on Friday.

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Shell and the Norwegian Petroleum Directorate (NPD) said thesize of the find was uncertain but gave a preliminary estimateof between 10 billion and 100 billion cubic metres of gas. The Ormen Lange gas field was Norway's last big find in1997, with recoverable resources of 394 billion cubic metres ofgas, and some preliminary reports said the Gro discovery couldbe as large or even larger than Shell-operated Ormen Lange.

Full Story: Shell makes Norway gas find, will develop quickly - guardian.co.uk

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BSE Oil & Gas Index top loser...down 10.7% India Infoline.com, India The BSE Oil & Gas Index (down 10.7%): The BSE Oil & Gas index slipped the most. Reliance Industries was the biggest loser. The stock slumped by 13.6% after RNRL won the gas supply case. The Bombay High Court upheld the maintainability of the RNRL plea ... Indian shares fall 1.8 pct; cement, steel drop Reuters Nifty falls below 4400; RIL, ONGC disappoint Economic Times Nifty breaks 4400; RIL, ONGC, NTPC, RComm, SAIL, SBI drag Moneycontrol.com Moneycontrol.com all 74 news articles

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Full Story: BSE Oil & Gas Index top loser...down 10.7% - India Infoline.com

) signed two petroleum explorationpermits offshore Morocco with ONHYM, which represents theinterests of the Kingdom of Morocco in the exploration andproduction of hydrocarbons and mining resources.

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AIM-listed Serica, which has operations in the UK NorthSea, Ireland, Spain, Indonesia and Vietnam, said the twopetroleum pacts were for the contiguous areas of Sidi MoussaOffshore and Foum Draa Offshore. The agreements are for up to eight years and together covera total area of about 12,700 square kilometres in the sparselyexplored Agadir Basin, about 100 kilometres south west of theMoroccan city of Agadir, Irish company Island Oil & Gas said ina separate statement.

Full Story: Island Oil & Gas unit, Serica win 2 exploration permits - Reuters

At 2.13 pm, the benchmark indices gained strength again on the back of buying in capital goods, technology, metal, realty, financials and auto stocks. Reliance Industries also got back into the green, as the company is likely to approach Supreme Court in the next week in RIL-RNRL case, reports CNBC-TV18 quoting sources. ONGC was also supporting the markets.

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Nifty gained 61 points, to 4,312. The market breadth was also positive; 641 shares advanced while 600 shares declined on the NSE. Among the broader indices, the BSE Midcap Index was up 1.2% and Smallcap Index gained 0.6%. 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: Nifty trades above 4300; cap goods, metals, oil & gas up - Moneycontrol.com

The natural gas sector needs necessary impetus in the upcoming budget, since natural gas is considered as a fuel for the future and is a cleaner source of energy as compared to conventional fuels. The companies focusing on the natural gas value chain are looking forward to much awaited clarification on availability of tax holiday for production of natural gas. A clarification to this effect should also have a positive impact on the global upstream companies who may consider bidding under the proposed eighth round of New Exploration and Licensing Policy (NELP) and fourth round of auction of Coal Bed Methane (CBM) blocks.

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Further, the tax holiday for city gas distribution and rationalisation of regulatory issues around gas pricing and gas allocation are the other important benefits, which may provide necessary boost to the sector. The upstream sector of the industry also looks forward to rationalisation of the tax holiday on commercial production of mineral oil by providing them the flexibility to claim the tax holiday in a block of ten to fifteen years, in order to enable them enjoy the benefit of tax holiday in a real sense. In addition, oil marketing companies, which have been negatively impacted due to volatile price of crude oil, are eagerly awaiting deregulation of pricing of petroleum products. The wish list of the industry also includes grant of infrastructure status, removal of Minimum Alternative Tax and abolition of service tax on mining services.

Full Story: Oil & Gas sector industry wish list for Budget: EY - Moneycontrol.com

At 13.43 hrs IST, the m arkets slid for the second time after smart recovery from the morning sell-off. The BSE Midcap & Smallcap index lost 4% each. Heavy selling pressure in realty, metal, power, oil & gas, cement and capital goods stocks pulled the Nifty below 4250 level.

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Nifty was down 121 points at 4,235. About 547 shares advanced while 2229 shares declined on the BSE. Nearly 371 shares were unchanged. On the sectoral front , BSE Realty Index plunged 8% and Metal fell 5.7%. Power Index was down 4.6% and Capital Goods slipped 3.8%. Oil & Gas Index declined 2.8%. Auto, Bank, Healthcare and TECk indices lost 1-1.5%. However, IT Index was up just 0.3%.

Full Story: Nifty tests 4250; realty, metals, infra, oil & gas dip - Moneycontrol.com

By Tina Seeley and Daniel Whitten June 17 (Bloomberg) -- A Senate energy panel approvedlegislation that would require utilities to get as much as 15percent of their power from renewable sources and open more ofthe eastern Gulf of Mexico to oil and gas drilling.

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The Senate Energy and Natural Resources Committee voted 15-8 today for the measure, which would also expand oversight ofoil, natural gas and power markets. “None of us, given the chance to be a single author, wouldhave written the bill that we have written in this committee,”said Democratic Senator Jeff Bingaman of New Mexico, thecommittee’s chairman. “It’s one which will help not only toenable us to produce new sources of energy but to use our energysources more wisely.” The Senate energy plan doesn’t include requirements toreduce greenhouse gas emissions because a different committeehas jurisdiction over that issue. The House Energy and CommerceCommittee approved legislation last month that would require a17 percent reduction in emissions by 2020, in addition toimposing a renewable power requirement.

Full Story: Senate Panel Backs Renewable Power Rules, Drilling - Bloomberg

Nifty below the 4450 level. On the global front, European markets were down 0.5% each, which also weighed on our markets.

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Nifty slipped 104 points, to 4,413. Even the broader indices like the BSE Midcap and Smallcap indices fell 1.7-2%. The market breadth turned negative; about 1040 shares advanced while 1723 shares declined. Nearly 383 shares were unchanged. All the sectoral indices were in the red. Metal, Realty, Oil & Gas and Capital Goods indices declined 2-4%. Power, FMCG, Auto and Bank indices lost 1-1.7%.

Full Story: Mkts extend losses; metals, oil & gas, cap goods tank - Moneycontrol.com

Published: June 17, 2009 Gas prices have climbed nationally for almost 50 straight days as speculation about an economic recovery seems to have trumped market fundamentals.

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The national average rose a half-cent yesterday to $2.674 per gallon, according to auto club AAA, Wright Express and the Oil Price Information Service. How much higher will prices at the pump go? AAA predicts increases through the July Fourth holiday, but not dramatic swings such as those that walloped the nation last summer when prices topped $4 per gallon.

Full Story: Gas prices still climbing - Richmond Times Dispatch

Straits Times

China to build oil and gas pipeline to Myanmar Times of India, India The visit follows Myammar prime minister's General Thein Sein meeting with Chinese premier Wen Jiabao last April when the two discussed issues of cooperation in oil, gas and other economic areas. "The section of the pipelines in Myanmar will be built ... Construction of Sino-Myanmar oil-and-gas pipelines to begin in Sept. Xinhua China to build Myanmar oil, gas lines CCTV China to build oil and gas pipelines across Myanmar in Sept China.org.cn Reuters India - Straits Times all 16 news articles

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Full Story: China to build oil and gas pipeline to Myanmar - Times of India

The Sensex today opened 42 points lower at 15,196, owing to weak global cues. Thereafter, the index rebounded into the positive zone to touch a high of 15,261.

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The index, however, failed to hold gains and slipped after the Bombay High Court's verdict on the RIL-RNRL gas dispute case. Heavy selling by foreign investors pushed the index to touch a low of 14,807, down 454 points. The index kept on plunging on account of profit booking in the oil & gas, metal, capital goods, realty and auto stocks.

Full Story: Sensex ends below 15K on RIL-RNRL verdict - Business Standard

At 13.46 hrs IST- the markets continued to trade weak. Oil & gas, capital goods, auto and metal stocks were witnessing heavy selling pressure. Stocks like Reliance, Infosys, ICICI Bank, L&T and HDFC were the negative contributors to the Sensex . However, some buying interest was seen in FMCG and banking stocks.

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On the sectoral front, BSE Oil & Gas index slipped 2.5%. Capital Goods, Auto and Metal indices lost 2-2.8%. Top losers on the Sensex were Sterlite at Rs 664.95 down 7.4%, Reliance Industries at Rs 2,195.50 down 6.84%, Tata Power at Rs 1,119 down 4.64%, Tata Motors at Rs 342.05 down 4.09% and M&M at Rs 753.50 down 3.8%.

Full Story: Mkts slip further; oil, cap goods, metal, auto indices lose - Moneycontrol.com

SCI, ONGC planning to revive JV, hire consultant Economic Times, India OMSL was to provide "end-to-end solutions in vessel operations" for ONGC as well as other oil and gas companies. OMSL was to develop capabilities for acquisition, repair and maintenance of offshore floating units and for undertaking repair and ...

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Full Story: SCI, ONGC planning to revive JV, hire consultant - Economic Times

ROME, June 13 (Reuters) - The chief executive of Italian oiland gas company Eni SpA ( ENI.MI ) discussed joint ventures in gaswith Libya's National Oil Corporation (NOC) at a meeting withLibyan leader Muammar Gaddafi on Saturday, an ENI spokesmansaid.

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Italian news agency Ansa quoted ENI CEO Paolo Scaroni assaying he had discussed cooperation with the NOC, particularlyconcerning the flows of larger volumes of gas towards Europe.The ENI spokesman confirmed the remarks. Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.

Full Story: Eni's Scaroni discussed gas ventures with Gaddafi - Reuters

CALGARY- Calgary’s conventional oil and gas producers are becoming increasingly dependent on natural gas at a time when its price performance is severely underperforming that of crude oil.

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A study by Bryan Mills Iradesso released Friday shows that the median gas-versus-oil weighting of junior producers in the Western Canadian Sedimentary Basin reported in the first quarter was up five percentage points over the previous year, while intermediates climbed by four points. “Given that oil sells for much higher prices in the current market, this weighting is a challenge to the industry,” said Peter Knapp, president of the communications and research company.

Full Story: Calgary oil and gas producers increasingly dependent on natural ... - Calgary Herald

Shiv Vani Oil to raise Rs 600 cr through various routes Business Standard, India PTI / Mumbai June 11, 2009, 14:49 IST Shiv Vani Oil & Gas Exploration Services today said it will raise Rs 600 crore through various domestic and international fund raising routes. The board of directors of the company at its meeting has approved the ... Shiv Vani Oil to raise Rs 600cr, stk rises Moneycontrol.com Shiv Vani Oil board OKs raising up to 6 bln rupees Reuters India News Roundup: Shiv Vani Oil to Raise Rs 600 Crore VC Circle Myiris.com - Equity Bulls all 9 news articles

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Full Story: Shiv Vani Oil to raise Rs 600 cr through various routes - Business Standard

index. Kupe is expected to produce around 254 petajoules of gasover the next 15 to 20 years, as well as a million tonnes ofLPG and 14.7 million barrels of oil condensate.

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The Kupe field is 50 percent owned by Origin, withstate-owned power company Genseis Energy holding 31 percent,and NZ Oil and Gas 15 percent, and Mitsui E&P Ltd 4 percent. Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.

Full Story: NZ Oil and Gas says first Kupe gas in Q4 - Reuters India

Nifty was facing stiff resistance at the 4650 level. Selling pressure was seen in IT, oil & gas, capital goods, banks, realty and power stocks. However, metal auto stocks were trading with good gains.

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Stocks like Reliance, L&T, Infosys, ICICI Bank and HDFC were the negative contributors to the Sensex while Bharti Airtel, HDFC Bank, ITC, NTPC and Tata Steel were the positive contributors. is confident that India would perform well in the long-term. Commenting on the market trend, he said he sees divergent trends. “We would lay greater emphasis on stock selection.” He is bullish on infrastructure, healthcare, and education sectors. In infrastructure, he prefers IRB Infra and IVRCL. “We are also fond of Educomp in the education space,” he added. Pershad is positive on Godrej Consumer, Lakshmi Energy, and Redington.

Full Story: Mkts lacklustre; IT, oil & gas down, metal auto up - Moneycontrol.com

Three British companies have been shortlisted to bid for contracts to work on Iraq's oil and gas fields, pitting themselves against 32 other non-Iraqi companies in a televised, two-day bidding procedure revealed at Baghdad's Oil Ministry.

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BP, which provided technical assistance to the Iraqi state oil company in 2004-2006, BG International and Premier Oil were among the 120 companies who put themselves forward in June last year, and which now appear on the shortlist of 35 companies who are invited to submit proposals for consideration by a panel of experts at the Ministry. Along with other oil majors including Exxonmobil and Total, they are due to present proposals on June 29 and 30 to work on one of six oil fields and two gas fields. It will be the first major foreign investment in Iraqi oil for 40 years, which has the world's third-largest oil reserves but needs massive foreign investment to resurrect the country's energy infrastructure.

Full Story: Iraq unveils foreign oil contract shortlist - Times Online

Hardy KG agrees to get oil finds claims verified by DGH Economic Times, India MUMBAI: The UK-based oil explorer Hardy Oil and Gas has agreed to get oil and gas finds vetted by the upstream regulator Directorate General of Hydrocarbons (DGH) after the Delhi-based regulator reprimanded the London-listed Hardy for “premature” ... INDIA'S DGH REPRIMANDS HARDY FOR "PREMATURE" DISCLOSURE OF GAS Trading Markets (press release) all 3 news articles

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Full Story: Hardy KG agrees to get oil finds claims verified by DGH - Economic Times

Published: June 9, 2009 The Senate Energy and Natural Resources Committee approved expanded oil and gas leasing today in the eastern Gulf of Mexico in a bipartisan vote that would upend a 2006 compromise with Florida senators that provided their state at least a 125-mile buffer in most areas until mid-2022.

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The committee voted 13-10 in favor of Sen. Byron Dorgan's (D-N.D.) plan to allow leasing as close as 45 miles from Florida's coast. It also allows leasing in a gas-rich region called the Destin Dome off the Florida Panhandle that is even closer to shore. Dorgan said the measure should be part of a bill that also addresses alternative energy and efficiency. "I am interested in doing this to increase production," Dorgan said.

Full Story: Senate Panel OKs Expanded Oil and Gas Leasing in Eastern Gulf - New York Times

Natural gas may get 7-year tax break Economic Times, India The move is also expected to generate more interest in the eighth round of bidding for oil and gas exploration blocks under the new exploration licensing policy (Nelp-VIII). The uncertainty over tax holidays started last year when the then finance ... Taxing energy Business Standard all 2 news articles

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Full Story: Natural gas may get 7-year tax break - Economic Times

NEW YORK -- Natural gas producer Cabot Oil & Gas Corp. is positioned for strong production and earnings growth, an analyst said Friday.

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UBS analyst Andrew Coleman raised his share price target by $16 to $40. He said the company's increased activity in the Marcellus shale region should push production growth beyond his current outlook of 6 percent, with a burst of growth in 2010. Coleman rates Cabot "Buy." "Running a company in the exploration and production sector should always be about blending growth and returns, and we think Cabot represents one of the best blends of both," Coleman said.

Full Story: Analyst says Cabot Oil & Gas set for strong growth - Forbes

, India’sbiggest energy explorer, said its overseas crude output willfall this year as fields age, and an increase is likely afternew areas in Brazil and Myanmar start production by 2012.

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ONGC Videsh Ltd., the unlisted overseas arm of the state-owned company, may produce 9 percent less oil and gas at fieldsin Russia, Colombia and Sudan in the year to March 31, R.S.Butola , the New Delhi-based managing director of the unit, saidin an interview. Output will probably fall to about 8 millionmetric tons, he said. That’s equivalent to 23 percent of ONGC’stotal production last year. “If we don’t buy any new assets or discover fields,production this year will be less,” Butola said by telephoneyesterday. “Low prices are also a reason we aren’t increasingoutput at new fields.” ONGC bought U.K.-based Imperial Energy Plc last year,India’s biggest overseas energy acquisition after being outbidby Chinese rivals in Nigeria, Kazakhstan and Canada. A plan toquadruple output at Imperial’s Siberian fields has been delayedbecause oil prices in New York have averaged about $49 a barrelbelow the August level, when the transaction was first announced.

Full Story: ONGC Expects Overseas Oil Output to Decline 9% as Fields Age - Bloomberg

The start of production at its oil-rich Mangala field and the rise in global prices augur well for Cairn India.

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Consequent to the announcement on May 27, 2009 regarding the likely start of crude oil production at Cairn India’s largest oil block in Rajasthan from June, there is greater visibility over the future prospects of the company. Additionally, global crude oil prices have risen by over 11 per cent since May 27 to $68-69 currently; it has nearly doubled since end-December 2008 levels. Although a few key issues that pertain to the crude oil pricing and whether cess on the crude oil produced at the Rajasthan block is to be paid or not are unresolved, indications are that clarity should emerge soon. Meanwhile, the stock is up 18 per cent since the announcement, as compared to 7 per cent rise in the BSE Sensex. While most positives seem factored in the price, there could be further upsides in the long-run.

Full Story: Cairn India: Oil gush - Business Standard

At 10:45 hours IST, the benchmark indices were trading lower, as shares of financial, oil & gas exploration, metal and realty companies were under pressure. However, there was a bit of support from technology stocks and L&T, Tata Motors and Hero Honda. There was a bit of volatility in the markets.

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Nifty fell 57 points, to 4,529. The broader indices were also following the same trend; the BSE Midcap Index lost 2.3% and the Smallcap Index declined 3%. According to Faber, India has good growth potential, but was quick to add that economic, political uncertainty remains.

Full Story: Sensex breaks 15K; banks, metal, oil & gas exploration dip - Moneycontrol.com

ISLAMABAD: Pakistan and Iran have signed an agreement to activate a bilateral gas pipeline project, without India's participation, after 14 years of negotiations over what was initially framed as the Iran-Pakistan-India (IPI) gas pipeline project.

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Sources in the ministry of petroleum and natural resources told Daily Times here on Saturday that Pakistan Interstate Gas Company (PIGC) and the Iranian National Oil Company (INOC) signed the agreement late Friday in Turkey. The official said that the agreement would be governed through a third country law that was why it was signed in Turkey.

Full Story: Pakistan, Iran sign gas pipeline agreement - Daily Times

The board of Oil and Natural Gas Corporation (ONGC) today approved the revised investment plan submitted by Cairn India for its Rajashtan oilfields which are owned 30 per cent by the public sector unit. This has ended the uncertainty over ONGC’s participation in the venture, which is one of the largest onshore crude oil wells discovered in the country in recent years.

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Cairn had revised the total cost for developing the three oil fields (Mangala, Bhagyam and Aishwariya) in Rajasthan to $3.60-3.80 billion (Rs 16,902-17,840 crore), including $940 million (Rs 4,413 crore) for a pipeline to evacuate the crude oil to coastal Gujarat, from $2.93 billion (Rs 13,756 crore) earlier. Cairn is the operator in the three oilfields with a 70 per cent stake, while the rest is owned by ONGC as a licensee. Consequently, Cairn will have to fund 70 per cent of this investment and ONGC, 30 per cent. ONGC had earlier withheld approval to Cairn’s revised field development plan as the liability to pay royalty on the entire crude oil production, although it is only a 30 per cent shareholder, rests with it, which has turned the project economically unviable for it. In spite of today’s approval, said an ONGC official, the company will continue to pursue with the central government the reimbursement of the royalty it will pay on behalf of Cairn.

Full Story: ONGC nod for Cairn plan - Business Standard

HOUSTON (Dow Jones)--The total number of rigs drilling for oil and natural gas in the U.S. fell this week as producers continued to curb drilling activity amid slumping energy prices.

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The number of oil and gas rigs fell to 887, down 12 from the previous week, according ... Email Newsletters and Alerts The latest news and analysis delivered to your in-box. Check the boxes below to sign up.

Full Story: Baker Hughes: US Oil, Gas Rig Count Down 12 To 887 This Week - Wall Street Journal

The BSE Oil & Gas Index (down 0.9%) : The BSE Oil & Gas index was the top loser among the Sectoral indices.

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The top losers were Hindustan Oil (down 5.5%), HPCL (down 4%), RPL (down 2.7%), Reliance Industries (down 2.6%) and IOC (down 2.5%). The top gainer in the Oil & Gas space was Gujarat NRE Coke.  The stock rallied over 40% during the week. Gujarat NRE Mineral, the Australian arm of the company announced its intentions to make off market takeover offer to acquire all the issue shares in Rey Resources Ltd.

Full Story: BSE Oil & gas index top loser in the week - India Infoline.com

Mumbai: The country’s oil regulator has called an emergency meeting with Reliance Industries Ltd (RIL) and Hardy Oil and Gas Plc. on Wednesday to discuss a claim that two of their offshore areas may hold as much as 20 trillion cu. ft of natural gas.

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Influencing stocks? V.K. Sibal, head of the directorate general of hydrocarbons. PIB The D-3 and D-9 fields off the east coast, in which RIL, India’s biggest company, owns a 90% stake, may hold as much as 9.5 trillion cu. ft and 10.8 trillion cu. ft of gas, respectively, UK-based partner Hardy Oil had said on 27 May, citing estimates by consultant Gaffney, Cline and Associates Ltd . The Directorate General of Hydrocarbons has contested the authenticity of the claims of gas reserves, The Economic Times reported on Tuesday, citing Sibal.

Full Story: Oil regulator to meet Reliance, Hardy on gas reserve claims - Livemint

By JUDITH KOHLER – 3 hours ago DENVER (AP) — The push to put a widely used oil and gas drilling process under federal oversight could gain ground with a new administration in place and concerns about the development of huge gas fields in the East.

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Democratic Reps. Diana DeGette of Colorado and Maurice Hinchey of New York plan to reintroduce a bill that would repeal a ban on regulating the process, called hydraulic fracturing, under the federal Safe Drinking Water Act. The exemption was part of the 2005 energy bill and followed an Environmental Protection Agency report that found there was little or no threat to underground drinking water from the process.

Full Story: Colo., NY reps want regulation of gas 'fracking' - The Associated Press

NEW DELHI (Reuters) - India aims to auction its remaining 1 million square kilometers (387,000 sq miles) of potential exploration areas in the next two to three years, buoyed by recent oil and gas discoveries, the upstream regulator said on Thursday.

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It recently launched its biggest-ever exploration round, offering 70 blocks as it expects companies to seize the opportunity to strike good bargains because of the economic slowdown. The discoveries, and their development, will prove useful as India imports over 70 percent of the crude it consumes and demand is expected to rise further as the economy recovers.

Full Story: India to boost offers for oil, gas exploration - Reuters

Oil India Ltd, which is engaged in the business of exploration, development and production of crude oil and natural gas, transportation of crude oil and production of liquid petroleum gas, has reported a 20 per cent increase in its net profit at Rs. 2,161.68 crore in FY 2008-09, as against 1,790.06 crore in the corresponding period last year, owing to the humungous increase in oil and gas production. Furthermore, the company’s turnover during FY 2008-09 shot up to Rs. 8,137.87 crore from Rs. 6,795.46 crore in 2007-08. Furthermore, the net worth of the company has gone up to Rs. 9,331.02 crore, which is 17.5 per cent over Rs. 7,932.97 crore in the year-ago fiscal.

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According to a senior representative of the company, the quantum jump in the total income and net profit was mainly due to the increase in crude oil production from 3.11 million tonnes in 2007-08 to 3.47 million tonnes in 2008-09, a 12 per cent jump. This is the highest recorded crude oil production of the company till date, the representative added. OIL is the pioneer in exploration and production of hydrocarbons in India, and traces its roots back to Oil India Private Ltd., formed in 1959 with The Burmah Oil Company Ltd. holding two-thirds of equity and Government of India holding one-third. Oil India Private evolved into Oil India Ltd., which was an equal partnership between Burmah Oil and Government of India. In 1983 the company became a public sector undertaking of the Government of India.

Full Story: Oil India net profit for 2008-09 up by 20 per cent at Rs. 2161.68 ... - Wheels Unplugged - Indis'a Automobile Magazine

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Oil India net jumps over 20% in 2008-09 Economic Times, India 3 Jun 2009, 1537 hrs IST, PTI NEW DELHI: Oil India Ltd, the nation's second-biggest state-run energy explorer, reported a more than 20 per cent jump in net profit at Rs 2161.68 crore in 2008-09 mainly due to increase in oil and gas production. ... Oil India IPO likely in September Moneycontrol.com Oil India IPO to hit capital markets in September Myiris.com Oil India shifts focus to buying producing assets Reuters Calcutta Telegraph - Hindu all 57 news articles

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Full Story: Oil India net jumps over 20% in 2008-09 - Economic Times

At 13:30 hours IST - the markets were trading marginally lower, as Reliance Industries, Infosys, SBI, SAIL, Cairn, ICICI Bank, Bharti, NTPC, HDFC, M&M, TCS, DLF, BPCL and L&T were under pressure, down 1-4%. There was a bit of volatility in the benchmark indices.

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However, buying was seen in cement, FMCG, pharma and select metal stocks along with Reliance Communication and Tata Motors. Sensex fell 67 points, to 14,807, at 13:30 hours IST. However, the BSE Midcap Index was up just 0.3% and the Smallcap Index gained 1%.

Full Story: Mkts weak amid choppy trade; oil & gas, banks, IT down - Moneycontrol.com

At 13:04 hours IST - the markets extended losses and wiped out some of their Monday's gains. Profit booking was seen in oil & gas, power, capital goods and banking stocks along with SAIL and DLF.

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Nifty lost 71 points, to 4,459, at 13:04 hours IST. The broader indices like BSE Midcap and Smallcap indices fell 1% each. Ranbaxy Labs, Reliance Infrastructure, Jaiprakash Associates, NTPC, HDFC Bank, Suzlon Energy, PNB and Axis Bank were top losers, went down 3-7%.

Full Story: Mkts extend losses; banks, infrastructure, oil & gas slip - Moneycontrol.com

Among the frontliners, Reliance Industries, NTPC, ONGC, SBI, HDFC Bank, SAIL, Reliance Infrastructure, Reliance Communication, Bharti, BHEL, Idea and Siemens were dragging the indices lower. However, Sterlite, Cairn, Hero Honda, TCS, Ambuja Cements, Tata Steel and Tata Motors and ICICI Bank were witnessing buying interest.

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Nifty fell 58 points, to 4,471, at 12:28 hours IST. The Nifty Junes futures were trading with 12 points discount. Shipping stocks were not reacting to the news that the Baltic dry freight index had touched a new 8-month high and was up 5.35% or 187 points to 3,681 points, as they had already run-up in the last few days.

Full Story: Mkts slip on profit booking in oil & gas, power, telecom - Moneycontrol.com

Hardy's KG gas claim gets DGH's goat Economic Times, India “As they (Hardy) had access to the data, they circumvented established procedures” for announcement of oil and gas discoveries, he said in the letter. In an email reply to ET, Mr Sibal said a potential discovery is declared as a commercial discovery ... DGH complains to SEBI about Hardy Oil and Gas Central Chronicle all 2 news articles

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Full Story: Hardy's KG gas claim gets DGH's goat - Economic Times

The markets opened strong on the back of positive global cues. The 50-share NSE Nifty  touched its 9-month high in the early trade. Buying was seen in realty, metal, power, banking, capital goods and select oil & gas shares.

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Nifty rose 88 points, to 4,537. The CNX Midcap gained 2% at 5,469 and the BSE Smallcap Index went up 2.49%, to 6,135. Among the Reliance Communication, Cairn, Suzlon Energy, DLF, HDFC, Tata Steel, ACC, ICICI Bank, SAIL, Reliance Infrastructure, Axis Bank, BPCL, ONGC and Sun Pharma (post numbers) were the gainers.

Full Story: Nifty hits 9-month high; oil & gas, telecom, banks gain - Moneycontrol.com

The government will lose Rs 40,000 crore in revenues if natural gas production is given tax breaks, the revenue department in the Finance Ministry has opined, an assessment disputed by experts.

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Revenue Secretary P V Bidhe met Petroleum Minister Murli Deora on May 29 and is believed to have expressed reservation on grant of seven-year exemption from payment of income tax to natural gas production, a senior government official said. Though the Cabinet had guaranteed exemption from payment of income tax on oil and gas production from areas awarded under New Exploration Licensing Policy, the Finance Ministry last year said the fiscal incentive are only meant for oil.

Full Story: Govt to lose Rs 40k cr with tax breaks in natural gas output - Business Standard