July 2009 Archives

Mumbai, July 28 Anil Ambani group company Reliance Power plans to raise over Rs 20,000 crore in the current fiscal to finance various projects, including the 4,000 MW Krishnapatnam ultra mega power project (UMPP).

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A shift in passenger traffic towards economy airlines and improved market share helped no-frills airline SpiceJet to emerge from losses and post a net profit of Rs 26.34 crore during the quarter ended June 30, 2009. Since the global economy is projected to contract by 1.4 per cent in 2009 and the domestic credit growth scenario is grim (growth down to 16 per cent from 28 per cent in November 2008) and inflationary pressures on the increase, industry feels that stimulating aggregate demand may be necessary to kickstart the economy.

Full Story: Anil fires fresh salvo at Oil Ministry - Chandigarh Tribune

NEW DELHI: The Chennai-based engineering, procurement and construction company, BGR Energy Systems, has won a $80.5-million contracts by Iraq’s State Company for Oil Projects (SCOP) in a global bidding that saw participation of companies such as OGI – Ireland, Petrel – UK, Snamprogetti - Italy and Equinox – Canada.

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According to BGR Energy, the contracts are for the development of two gasfields in Iraq- viz., Akas and Al-Mansuria. The scope of the new contracts includes engineering, procurement and supply of key utilities viz., turbo gas generators, water system plant, fire and gas detection, fire water System and instrumentation air system. This is SCOP’s fourth consecutive order to the Rs 1,922-crore to BGR Energy. Both the projects are of 110mm standard cubic feet per day high-pressure gas processing fields and will be completed over 18 months.

Full Story: BGR Energy to develop two gas fields in Iraq - Express Buzz

Hyderabad: The Andhra Pradesh government will participate in the country’s largest auction of oil and gas blocks through the eighth round of the New Exploration Licensing Policy (Nelp), two senior state officials said. This would make Andhra the second state in India after Gujarat to bid for oil and gas blocks through Nelp.

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“The chief minister Dr. Y.S. Rajasekhara Reddy has asked two of the government corporations, AP Industrial Infrastructure Corp. Ltd (APIIC) and AP State Power Generation Corp. Ltd (AP Genco), to form a joint venture,” said an official at the chief minister’s office, or CMO. The state government has instructed the two corporations to “appoint a leading domestic or international consultant to prepare a detailed roadmap before participating in the Nelp bids,” said a top APIIC official. Both the officials didn’t want to be named.

Full Story: Andhra Pradesh govt to bid for oil and gas blocks under Nelp-8 - Livemint

The benchmark indices ended the first day of the week on a flat note after seeing consolidation throughout the session. On the one side, FMCG, realty, power, metal and select telecom stocks witnessed buying interest while on the other side, oil & gas, private banking and select auto stocks were under pressure.

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The broader indices outperformed the benchmark indices; both BSE Midcap and Smallcap indices went up 1.4% each. The market breadth was positive; about 1,746 shares advanced while 1,034 shares declined on the BSE. Nearly 388 shares remained unchanged. The 30-share BSE Sensex witnessed a swing of 234.63 points between an intraday high of 15,463.09 and low of 15,228.46, before closing at 15,375.04, down just 3.92 points. The 50-share NSE Nifty shut shop at 4572.30, up 3.75 points, after seeing a swing of 68.25 points between day's high/low of 4596.75 and 4528.50, respectively.

Full Story: Mkts close flat; oil & gas, pvt banks dip, FMCG, power up - Moneycontrol.com

At 12 hours IST - the markets were extremely volatile in trade. Reliance Industries, ONGC, ICICI Bank, Hero Honda, Maruti, HDFC Bank, SAIL, Tata Motors, Idea, BPCL and Cipla were under selling pressure. Ranbaxy Labs was down, after seeing jump in initial trade.

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However, buying continued in power, realty, FMCG, technology, metal and PSU banking stocks along with Bharti Airtel and Reliance Communication. The Sensex rose 5 points, to 15,384 and the Nifty gained just 2 points at 4,570. The broader indices gained 1% each. The market breadth was in favour of advances; about 1746 shares advanced while 967 shares declined on the BSE. Nearly 453 shares were unchanged.

Full Story: Mkts extremely volatile; oil & gas, auto, pvt banks dip - Moneycontrol.com

Oil India, the nation’s second biggest state-run explorer, is planning to invest around Rs 2,335 crore during the fiscal. Of this, the company will invest around Rs 1,430 crore in exploration and production and Rs 495 crore towards revamping its ageing fields.

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The company is planning to float an initial public offering (IPO) this September to raise around Rs 2,500 crore to fund its various exploration and production activities. It will offer 26.4 million equity shares to the public in the IPO, while the government will simultaneously sell 10 per cent of its stake in the company to other state refiners. OIL was to launch its IPO last November, but the stock market conditions made it defer the plan.

Full Story: OIL to float Rs 2500-cr IPO in Sept - Business Standard

(AP)– 4 hours ago BAGHDAD — Iraq has removed a small gas field in Basra from a list of 11 oil and gas fields being offered for development in its second round of postwar bidding.

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A top Iraqi official overseeing oil and gas licenses said Sunday that Iraq's state-run South Oil Co. will instead develop the Siba field in Basra rather than put it up for bidding. Nine international oil companies have qualified to take part in the second round of bidding slated to begin later this year.

Full Story: Iraq pulls Basra gas field from bidding round - The Associated Press

BAGHDAD -- Iraq has removed a small gas field in Basra from a list of 11 oil and gas fields being offered for development in its second round of postwar bidding.

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A top Iraqi official overseeing oil and gas licenses said Sunday that Iraq's state-run South Oil Co. will instead develop the Siba field in Basra rather than put it up for bidding. Nine international oil companies have qualified to take part in the second round of bidding slated to begin later this year.

Full Story: Iraq pulls Basra gas field from bidding round - Forbes

OSHKOSH, Wis. - Nearly 100 workers at the GE Oil and Gasfacility in Oshkosh will be laid off.

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The company says 93 jobs will be cut by mid-September. That'sabout one-third of the manufacturing facility's 270 employees. Human resources director Jim Mutsch says the move was promptedby difficult business conditions in the oil and gas industry.

Full Story: GE Oil and Gas to lay off 93 from Oshkosh site - Chicago Tribune

NEW YORK -(Dow Jones)- The number of rigs drilling for oil and natural gas inthe U.S. rose this week as producers looked to signs of economic recoverydespite week energy prices.

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The number of oil and gas rigs climbed to 943, up 23 from the previous week,according to rig data from oil-field services company Baker Hughes Inc (BHI).The number of gas rigs was 675, an increase of 10 rigs from last week, while theoil rig count rose to 257, an increase of 13 rigs. The number of miscellaneousrigs was unchanged at 11. The Dow Jones industrial average climbed above 9,000 for the first time sinceJanuary this week on positive economic data and some better-than-expectedcompany earnings. Oil and gas producers have been looking for signs of economicrecovery that could boost the demand for the fuels.

Full Story: Baker Hughes: US Oil, Gas Rig Count Rises 23 To 943 This Week - CNNMoney.com

Schlumberger CEO Andrew Gould said Friday that volatility in crude oil prices is still spurring oil companies to postpone or cancel projects, but predicted activity could start to rebound next year if prices finish 2009 at a high enough level.

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“It really, really does depend on where prices will be at the end of the year, not where they are today,” Gould said in a conference call, acknowledging his current outlook is “less pessimistic” than it was a few months ago. But if crude prices do not stabilize by year end, oil companies may make additional cuts to capital spending programs in order to protect cash flows, he said.

Full Story: Volatile oil prices cloud outlook for services companies - Houston Chronicle

Indian Express

RIL net slips 12% as refining margins halve Economic Times On outlook, he added that the contribution of the oil and gas business would grow but interest costs, which were partially capitalised this quarter, ... RIL net dips 12%, 3rd time in rowTimes of India RIL net profit falls 11.5%Business Standard Recession spoils RIL showCalcutta Telegraph Daily News & Analysis -Sify -Business Standard all 82 news articles »

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Full Story: RIL net slips 12% as refining margins halve - Economic Times

Indian Express

RIL net dips 12%, 3rd time in row Times of India Oil and gas, the smaller unit within its portfolio, contributed Rs 1864 crore to revenues. RIL earned $7.5 on every barrel of crude processed during the ... RIL net profit falls 11.5%Business Standard Recession spoils RIL showCalcutta Telegraph Reliance Industries net profit dips 11.5 percentSify Economic Times -Hindustan Times -Hindu all 84 news articles »

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Full Story: RIL net dips 12%, 3rd time in row - Times of India

Indian Express

RIL Q1 profit may see a marginal dip Economic Times But RIL's upstream (oil & gas) business is likely to make up for some of the losses in the refining business, which contributes two-third of its overall ... India Reliance Q1 net down as refining margins fallReuters Reliance Industries Q1 net profit down 11.6%Business Times (subscription) Reliance Net Falls on Lower Margins; Misses Estimate (Correct)Bloomberg Forbes -Business Standard all 53 news articles »

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Full Story: RIL Q1 profit may see a marginal dip - Economic Times

Stock Watch

Top oil companies to report lower Q1 profits Economic Times "The increase in oil and gas production, and ramp up of production at the new refinery, should help Reliance post higher profit numbers in quarters to come ... Oil And Natural Gas Chairman: 1Q Subsidy Burden INR4.29 BlnWall Street Journal Discounts to state refiners hits ONGC's profitZee News ONGC net falls 27% on lower crude, subsidy discountsTimes of India Hindu -Economic Times -Economic Times all 73 news articles »

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Full Story: Top oil companies to report lower Q1 profits - Economic Times

DENVER -- Colorado regulators are asking a judge to stop a company from calling people on the phone and allegedly offering securities in oil and gas wells.

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In a lawsuit filed in Denver District Court Thursday, Colorado Securities Commissioner Fred J. Joseph alleges HEI Resources Inc., Heartland Energy Inc. and associated companies operate call centers in Colorado that solicit investments nationwide to drill wells in Texas, including some that fail to produce and are abandoned. The suit says the companies aren't registered to sell securities in Colorado and the scheme is meant to defraud investors.

Full Story: Colo. wants to stop calls for oil, gas investments - Forbes

HOUSTON (Dow Jones)--Occidental Petroleum Corp. (OXY) Thursday said its second-quarter profit fell 70% from a year earlier on lower oil and natural-gas prices, although the results came in well ahead of the previous quarter's and beat market expectations.

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Occidental, the fourth-largest U.S. oil and gas company by market capitalization, has suffered along with the rest of the industry as prices fell from record highs a year ago. The company, which specializes in developing older fields in the U.S., announced Wednesday what is believed to be the largest new oil and ... Email Newsletters and Alerts The latest news and analysis delivered to your in-box. Check the boxes below to sign up.

Full Story: Occidental Petroleum 2Q Net Falls 70% On Lower Prices - Wall Street Journal

BY JOHN KELL AND KATHY SHWIFF Occidental Petroleum Corp.'s second-quarter profit dropped 70% on lower oil and natural-gas prices, but production and volume improved.

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Email Newsletters and Alerts The latest news and analysis delivered to your in-box. Check the boxes below to sign up. We invite everyone with an interest in rural India to join our discussion group. Tell us what you think of our WSJ.com Rural India page, what you'd like to see it cover and features you'd like us to add. We also encourage you to share your experiences, tho...

Full Story: Occidental Petroleum's Net Takes Hit From Lower Oil Prices - Wall Street Journal

Oil And Natural Gas Chairman: 1Q Subsidy Burden INR4.29 Bln Wall Street Journal The oil and gas explorer, which will report first-quarter results later Thursday, had to take a subsidy burden of INR98.11 billion in the year-earlier ... and more »

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Full Story: Oil And Natural Gas Chairman: 1Q Subsidy Burden INR4.29 Bln - Wall Street Journal

The equivalent of 150 million to 250 million barrels of oil was found in a field that is 80% owned by the Westwood company, with two-thirds of the new source believed to be natural gas.

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Occidental Petroleum Corp. said it had discovered oil and natural gas in a Kern County field that might represent the biggest find in California in more than 35 years. The nation's fourth-biggest oil company said Wednesday that it had found the equivalent of 150 million to 250 million barrels of oil, adding that two-thirds of the new source was believed to be natural gas. The Westwood company owns 80% of the Kern County field; Chevron Corp. of San Ramon, Calif., owns the rest.

Full Story: Oxy Petroleum's oil and gas discovery may be California's largest ... - Los Angeles Times

, 07.22.09, 05:00 PM EDT Both Occidental and Diamond Offshore report earnings and await global demand.

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Occidental Petroleum , an exploration and production oil and gas company, and Diamond Offshore Drilling , a drilling contractor, report second-quarter earnings. - people ) is extremely well-positioned with its low exposure to the U.S. gas market, stable domestic production and growth opportunities in the Middle East, according to Barclays Capital analyst Thomas Driscoll.

Full Story: Recessions Holds Down Oil Earnings - Forbes

The government will relaunch the country's largest-ever auction of oil and gas blocks on August 8 and will extend the last date of bidding by two months to mid-October.

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The first of the promotional roadshows for 70 blocks offered under the eighth edition of New Exploration Licensing Policy (NELP) and 10 coal-bed methane (CBM) areas will be held in Mumbai on August 8, a Petroleum Ministry official said. India had on April 9 launched the eighth round of auction to give away blocks for exploration under NELP with August 10 being the last date for bidding. But it was deferred over ambiguity on tax holiday for natural gas.

Full Story: Govt to relaunch NELP VIII on August 8 - Business Standard

ranged at 4450-4500. However, buying continued in Maruti, L&T, Reliance Infrastructure, SAIL, Tata Steel, Wipro, Idea, HUL, Ranbaxy, Grasim and Sun Pharma.

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The Sensex was down 108 points, to 15,082 and the Nifty fell 28 points, to 4,474. The broader indices were quiet in trade. The market breadth was mixed; about 610 shares advanced while 617 shares declined on the NSE. Top losers - TCS was at Rs 480.80, down 3.86%; M&M was at Rs 775, down 2.74%; ACC was at Rs 825.50, down 2.39%; BHEL was at Rs 2,221.30, down 2.39%; Sterlite Industries was at Rs 595.55, down 2.37%; GAIL was at Rs 325.75, down 3.87% and Suzlon Energy was at Rs 91.90, down 2.44%.

Full Story: Mkts subdued; banks, oil & gas, power, realty decline - Moneycontrol.com

Pakistan's Oil & Gas to Invest $800 Million on New Projects Bloomberg July 22 (Bloomberg) -- Oil & Gas Development Co., Pakistan's biggest explorer, plans to spend more than $800 million on ...

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Full Story: Pakistan's Oil & Gas to Invest $800 Million on New Projects - Bloomberg

The Bombay high court upheld the deal between the two brothers as valid in June, forcing the hand of the Union government. Counsel for Anil Ambani have alleged that the SLP was intended to favour Mukesh Ambani by blocking the gas deal.

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Among other things, the petition seems to imply that the government knew little about the gas deal entered into by the two brothers when the Reliance empire was carved up in 2005. It also seems to suggest that oil and gas exploration contractors under the New Exploration Licensing Policy (NELP) cannot price their products as they deemed fit. The first claim in the petition is that it did not know that its contractor Reliance Industries Ltd (RIL) had promised a substantial amount of gas to prospective customers without its permission. According to this argument, contractors are not allowed to enter into supply contracts without first getting the recipient, the quantity and the prices approved by the government.

Full Story: Government plea in Ambani gas war may be misleading - Daily News & Analysis

Venture Production, the Aberdeen-based oil and gas company, has announced disappointing news on its Andrea gas field in the the southern North Sea.

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The Andrea well had been expected to produce between three and 44 million barrels of oil equivalent, but work has now been suspended for assessment. If Andrea had fulfilled the upper end of expectations, this could have boosted Venture's reserves by 20% and added strength to its argument that Centrica's bid was too low.

Full Story: Setback for oil and gas company - BBC News

Oil & gas space will continue to outperform: G Shah Moneycontrol.com Gautam Shah, Technical Analyst at JM Financials is of the view that oil and gas space will continue to outperform. Shah told CNBC-TV18, "Oil and gas space ... and more »

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Full Story: Oil & gas space will continue to outperform: G Shah - Moneycontrol.com

Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Natural gas futures finished slightly higher Monday,supported by positive economic data and rising crude oil prices.

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Some better-than-expected company earnings, a rise in a measure of economicactivity and news that commercial lender CIT Group Inc. (CIT) struck a deal toavoid bankruptcy helped boost energy commodities Monday. Traders have beenlooking for signs of economic recovery that could point to a rebound in oil andgas demand.

Full Story: US GAS: Futures End Slightly Higher With Oil, Equities - CNNMoney.com

) said it sold all ofits U.S. oil and gas operations to a segment of National FuelGas Co ( NFG.N ) for about $40 million.

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Ivanhoe said the net proceeds, after repayment of debt andtransaction expenses, of about $34 million will be used toadvance the initial stages of its heavy-oil projects Tamarackin Western Canada and Pungarayacu in Ecuador. As of June, Ivanhoe's U.S. assets produced about 645 grossbarrels per day of oil in California and Texas. The sale alsoincludes certain exploration acreage in California.

Full Story: Ivanhoe Energy sells US oil, gas operations for $40 mln - Reuters

July 20 (Reuters) - Hardy Oil and Gas Plc ( HAOG.L ) said thePY-3 field in India was shut down on July 5 due to unscheduledrepair and maintenance of the offshore mooring facility.

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Adverse marine conditions have made it tough for thecontractor to assess and repair to start production, the Oiland gas explorer, which has operations in India and Nigeria,said in a statement. Hardy is the operator of the PY-3 field, located off theEast Coast of India, and holds an 18 percent participatinginterest.

Full Story: Hardy Oil says India's PY-3 field closed for repair - Reuters

Business Standard

Oil min batting for Mukesh, Anil writes to PM Times of India It argued that if the gas is supplied to Dadri project, other industries in the country would suffer. Senior oil ministry officials dealing with formulation ... Reliance Natural Counters Ministry Petition in Ambani Gas CaseBloomberg Ambani group firms appropriating national resource: Govt to SCHindu RIL SUFFERS SETBACK IN GAS ROW WITH RNRLTrading Markets (press release) all 196 news articles »

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Full Story: Oil min batting for Mukesh, Anil writes to PM - Times of India

New Delhi (IANS): As the oil price is below $100 per barrel in the international market right now, India should look at entering long-term crude oil contracts and acquiring oil assets overseas, suggests the Confederation of Indian Industry (CII).

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With the price of oil hovering around $70 a barrel, CII feels there still exists a window of opportunity for India to acquire international oil acreage and to secure long term oil supply deals to secure the country's energy future at an affordable price. "The accelerated demand for energy makes it imperative for India to garner assured and continuous supply of energy at reasonable prices through internal efforts and acquiring international acreages," CII said in a statement.

Full Story: India must look for oil assets overseas: CII - Hindu

MUMBAI, July 17 (Reuters) - India's top energy firm,Reliance Industries Ltd ( RELI.BO ), is expected to post a dip inquarterly profit on tighter refining margins, while leading oilproducer ONGC ( ONGC.BO ) is forecast to say profit fell on lowercrude prices.

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Reliance, the country's largest listed company with amarket value of $60 billion, began pumping gas from its vast,newly developed field off India's east coast in April, whichshould help it offset shrinking refining margins in comingquarters. "The increase in oil and gas production, and ramp up ofproduction at the new refinery, should help Reliance posthigher profit numbers in quarters to come," said Deepak Pareek,a research analyst at Angel Broking.

Full Story: PREVIEW-India top oil companies to report lower Q1 profits - Reuters

The Sensex was up 59.31 points or 0.42% at 14312.55, and the Nifty was up 12.65 points or 0.30% at 4246.15.

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Top gainers on the Sensex were Tata Steel at Rs 396.85 up 4.38%, Tata Motors at Rs 299.10 up 3.62%, Hero Honda at Rs 1,540.10 up 3.22%, Reliance at Rs 1,922.25 up 2.52% and Wipro at Rs 422 up 2.22%. Index heavyweight Reliance was trading at Rs 1,926.20 up 2.73% from its previous close of Rs 1,875.

Full Story: Markets choppy; auto, oil & gas, FMCG, IT gain - Moneycontrol.com

LONDON, July 16 (Reuters) - The global oil and gas sector has seen a flurryof consolidation in recent weeks, as companies look to snap up assets before aneconomic recovery sends prices higher.

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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. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here .

Full Story: FACTBOX-Recent consolidation in the oil & gas sector - Reuters India

NEW DELHI: ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp (ONGC), may pick up a stake in the $1.95 billion gas pipeline that China is building for ferrying natural gas found off the Myanmar coast.

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China National Petroleum Corp (CNPC) is laying 870-km pipeline in Myanmar to transport gas found in blocks A-1 and A-3 to mainland China. Sources said, CNPC has offered 49.9 per cent stake to the consortium developing gas fields in blocks A-1 and A-3. South Korea's Daewoo Corp holds 60 per cent stake each in block A-1 and A-3 while OVL has 20 per cent interest. GAIL and Korea Gas Corp have 10 per cent each.

Full Story: OVL may join Chinese gas pipeline from Myanmar - Hindu Business Line

Shiv Vani Oil sees June qtr net profit up 16%, at Rs 42 cr Business Standard PTI / Mumbai July 13, 2009, 11:05 IST Onshore integrated services provider Shiv Vani Oil & Gas Exploration Services today said its consolidated net profit ... Shiv-Vani Oil Q1 net rises 41.91%Myiris.com Shiv Vani Oil Board recommends 10% Dividend for 2008-09Equity Bulls all 7 news articles »

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Full Story: Shiv Vani Oil sees June qtr net profit up 16%, at Rs 42 cr - Business Standard

MUMBAI: The government has been making periodic changes in the prices of petrol and diesel depending upon international rates, which effectively is as good as deregulation, Petroleum and Natural Gas Minister Murli Deora said on Sunday. However, he indicated that overall deregulation of petroleum products which includes kerosene and Liquefied petroleum gas (LPG) used by the poor needed to have a human face.

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Speaking to journalists Mr. Deora said the budget 2009-10 has provided as much as Rs. 30,000 crore for subsidies in kerosene and LPG. The government has not raised kerosene prices for 10 years, he said and indicated that the fuel of the poor would continue to be subsidised.

Full Story: Deregulation of oil prices with human face: Deora - Hindu

Shareholders in Venture Production want a "significantly higher" offer than the one made by British Gas-owner Centrica, the company has said.

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Centrica made an offer of 845 pence per share for Venture after the market closed on Friday, valuing it at £1.3bn. Centrica had faced a Monday deadline set by the Takeover Panel to make an offer for Venture.

Full Story: Venture rejects bid from Centrica - BBC News

AME Info

Oil cos may slip on subsidies, high refining costs in Q1 Economic Times ... in the June 2009 quarter and substantially-lower crude oil prices are likely to take the country's largest oil and gas producer's profits down. ... Major oil and gas companies to participate in OGWA 2010AME Info all 3 news articles »

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Full Story: Oil cos may slip on subsidies, high refining costs in Q1 - Economic Times

ONGC strikes oil & gas in three basins Economic Times 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 ... Natural gas price may be raised by 15-20 %Hindu ONGC finds oil, gas in 3 blocks - paperReuters India ONGC finds oil in Kheda districtTimes of India Economic Times -Economic Times -Economic Times all 94 news articles »

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

A dearth of British oil and gas investment bankers has led to a wave of senior rainmakers moving from Texas to the City of London.

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Oil and gas is one of the City's most lucrative sectors, but the recession has led to many bankers either losing work or moving to less bureaucratic boutique banks. This month, Deutsche brought over Michael Hafner from its Houston office to become head of energy for Europe, Middle East & Asia. Mr Safner joined Deutsche from Morgan Stanley in April last year, and now fills a post that has been vacant since Ben Morgan left the bank in late 2008.

Full Story: Migration rises from Houston to London as banks seek oil & gas experts - Independent

NEW DELHI: Responding to demands by the oil and gas industry as well as the Petroleum Ministry, Finance Minister Pranab Mukherjee on Monday announced restoration of tax breaks on profits made from production and sale of natural gas, but restricted the benefits to blocks to be awarded in the forthcoming New Exploration Licensing Policy (NELP) round VIII.

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This is likely to deny any benefit to companies like Reliance Industries Limited (RIL), which is producing gas from an area awarded to it under a similar auction 10 years ago. However, the Finance Minister, in his budget, extended the seven-year holiday on payment of income tax to private firms that will set up new oil refineries by March 31, 2012. This is likely to benefit the Essar group. Previously, any oil refinery coming up in the private sector after April 1, 2009 was denied the benefit. He said the tax holiday under Section 80-IB(9) of the Income Tax Act would be available to companies on profits they earned from commercial production of mineral oil and natural gas from blocks awarded under the NELP round VIII of bidding. The budget clearly mentions that the tax benefit would be available in respect of natural gas produced from blocks awarded under NELP-VIII, bids for which are yet to come in.

Full Story: Oil and gas tax breaks restored, but with a rider - Hindu

Indian Express

Sensex ends sharply lower; Oil & gas plunges Myiris.com The Sensex ended on a weak note led by oil & gas, power, capital goods and realty stocks, whereas IT stocks managed to trade in positive. ... Sensex ends little changed, earnings eyedNDTV.com Infosys shines, Sensex whinesBusiness Standard Sensex ends down 250pts, RIL drops 4%UTVi India Infoline.com -NDTV.com -India Infoline.com all 205 news articles »

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Full Story: Sensex ends sharply lower; Oil & gas plunges - Myiris.com

Tech major Infosys was trading at Rs 1,725.00 up 2.88% from its previous close of Rs 1,676.75.

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Top gainers on the BSE Midcap - JagranPrakashan, Essar Shipping, KEC Int, GlaxoSmith and Jai Corp were up 4-7%. Top gainers on the BSE Smallcap - Seamec, Atlanta, Visa Steel, JK Tyre & Ind, Take Solutions were up 9-10%.

Full Story: Mkts flat: IT, realty, metal up, oil & gas, pharma down - Moneycontrol.com

Don't buy oil & gas stocks: A Jain Moneycontrol.com Anu Jain, Vice President of IIFL Private Wealth Management, India Infoline is of the view that there is no scope of buying into oil & gas space, ... and more »

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Full Story: Don't buy oil & gas stocks: A Jain - Moneycontrol.com

LONDON, July 9 (Reuters) - Oil and gas drilling operationsin the UK Continental Shelf have more than halved in the lastyear, industry figures from business advisory group Deloitteshowed on Thursday.

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Deloitte's North West Europe Review, which summarisesdrilling and licensing in the region, said only 15 explorationand appraisal wells were started in the UK between the beginningof April and the end of June, down 57 percent year-on-year and a17 percent fall from the first quarter of this year. Of the new wells, most were in the Moray Firth and West ofShetland, where fewer than 10 percent of UK wells are situated.A further 20 percent were in the central North Sea, 20 percentin the East Irish Sea, with the Southern North Sea falling to 6percent.

Full Story: UK North Sea oil, gas drilling halves - Deloitte - Reuters

Mumbai: Budget 2009-10 has reopened the controversy over the definition of 'mineral oil', clarity on which will determine if Reliance Industries (RIL) and other exploration companies such as Niko Resources and Cairn India get to keep billions of dollars in profit.

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While presenting the Budget on Monday, finance minister Pranab Mukherjee said 'mineral oil', the production of which is given a tax holiday for the first seven years, includes natural gas but only for the upcoming exploration rounds. Bank of America-Merrill Lynch analysts Vidyadhar Ginde and Himanshu Bindal estimate the hit to RIL fair value of another Rs 275 a share (15% of current share price) if the company does not get tax holiday for gas production..

Full Story: Is gas mineral oil? Fuzzy definition, MAT clip RIL share - Daily News & Analysis

On the sectoral front, the BSE Metal Index surged 3.7%, as Tata Steel and SAIL gained 12.5% and 7%, respectively.

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The BSE Bankex rose 2.5%, as Axis Bank, PNB and HDFC went up 6.5-6.8%. SBI rose 3.5%. The Oil & Gas was the third biggest gainer, went up 2.3%. GAIL, BPCL and ONGC shot up 9-11.3%.

Full Story: Mkts close 1% higher this week; banks, oil & gas gain - Moneycontrol.com

Almost a year ago (actually a week tomorrow) world oil prices reached what would turn out to be their peak: $US147.47 a barrel in New York for the key marker crude traded in America, West Texas Intermediate.

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According to forecasters at the time, oil was on the way to $US200 a barrel by the end of the year. Prices steadied, and then turned lower, then plunged as the gathering recession, credit crunch and then the crisis triggered by the collapse of Lehman Brothers in September flattened everything and gave the world its first synchronous slump in 80 years.

Full Story: Oil: Good And Bad News: Gas Worries? - International Business Times Australia

Stocks to open higher; oil & gas stocks in focus Economic Times Sectorwise, oil & gas stocks will be in action after the government hiked fuel prices. The hike will aid margins for state-owned refiners forced to sell at ... Market eases early gains; oil & gas stock surgeEconomic Times all 3 news articles »

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

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

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

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