December 2009 Archives

The Sensex continues its northbound journey as intense buying is being witnessed in index pivotals. Whereas Nifty is holding its 5,200 mark. Consumer durables, oil & gas, capital goods and auto stocks traded higher.

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Indian stock market started the day in the positive terrain after a fall of 0.33% on the previous working day. The 30-share index, BSE Sensex opened with a gain of 21.55 points, at 17,365.37 on Thursday. Overall market breadth is extremely positive. Out of the total 2,858 stocks traded at BSE, 1,868 advanced, 900 declined while 90 remained unchanged.

Full Story: Sensex continues northbound journey; CD, Oil & gas - Myiris.com

MOSCOW, Dec 28 (Reuters) - Russia said on Monday it hadagreed terms for a new oil deal with Ukraine a few hours afterspooking Europe with a warning the continent could face oilsupply cuts because of a dispute between Moscow and Kiev.

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"Within the framework of intensive negotiations, the termsof a transit deal have been agreed," a spokeswoman for Russia'senergy ministry said, adding that the deal would be signed inthe coming days and no interruption in supplies was expected. The statement came hours after Slovak Prime Minister RobertFico said he saw an increased risk of a halt in Russian oilsupplies to Hungary, Slovakia and the Czech Republic viaDruzhba, a major oil pipeline crossing Ukraine, from Jan. 1.

Full Story: CORRECTED - WRAPUP 3-Russia agrees oil deal with Ukraine, eases EU fears - Reuters

At 12:03 hours IST, the Sensex slipped marginally into red amid volatility. Selling was seen in oil & gas, metal, capital goods, pharma and select power & banking stocks. It was just a profit booking while buying continued in technology, realty and cement stocks, which capped the gains to some extent.

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Metal stocks like Hindalco, Jindal Steel, SAIL, JSW Steel, Tata Steel and Jindal Saw were down 0.5-1.7%. In the oil & gas space, Cairn India, ONGC, IOC, GAIL, BPCL, HPCL and Reliance Industries declined 0.4-1%.

Full Story: Sensex trades marginally lower oil gas metals dip - Moneycontrol.com

United States Oil & Gas Corporation (PINKSHEETS: USOG), a growing oil and gas products, services and technology company, ispleased to update its shareholders as it closes out 2009 and looks ahead tothe New Year.

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Cold snaps and winter storms that have recently hit the midwest andnorthern plains states are increasing demand for the Company's fuelservices and products. This has in turn driven sales volume higher and willlikely contribute to revenues for the fourth quarter that will be aboveexpectations. Details of the Company's earnings will be provided after thequarter ends. Following what was already a strong third quarter from Kansas farmers'harvesting record corn and soybean crops, higher demand at the Company'swholly owned subsidiary, Turnbull Oil, has necessitated an increase in thesize of its hauling fleet. The Company believes this will continue to beadvantageous for sales in the future as well. Because Turnbull has strongand consistent margins on its fuels and a relatively large, establishedcustomer base, the business has been able to turn a profit and increaserevenue even in a down economy.

Full Story: United States Oil and Gas Corporation Releases Shareholder Update and Growth ... - CNNMoney.com (press release)

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ONGC, GAIL to take 12.5% stake in Chinese gas pipeline Economic Times GAIL and Korea Gas Corp have 8.5 per cent each while the remaining 15 per cent is with Myanmar's Myanma Oil and Gas Enterprise (MOGE). ... ONGC to Lend $857 Million to Unit for Myanmar ProjectBusinessWeek ONGC strikes new gas well in TripuraPress Trust of India ONGC strikes gas in Tripuradomain-B Prdomain Business Register (press release) all 38 news articles »

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Full Story: ONGC, GAIL to take 12.5% stake in Chinese gas pipeline - Economic Times

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PRAGUE -- Russia has warned the European Union it may cut its crude-oil supplies to Slovakia, the Czech Republic and Hungary due to demands by Ukraine for higher transit fees, Slovak Prime Minister Robert Fico said Monday. But experts said Europe appeared better prepared than last time this occurred. Crucially, the supplies involve crude oil -- and not natural gas – and the three affected countries have enough reserves, at least for three months or so.

Full Story: Russia Warns on Fuel Supplies to Eastern Europe - Wall Street Journal

MOSCOW (Reuters) - Russia has warned the European Union of oil supply cuts because of a fresh row between Moscow and Kiev, the Slovak government said on Monday, hours after Russia played down worries about a new gas row with Ukraine.

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The Slovak Economy Ministry said Russia has warned the European Union that Slovakia, Hungary and the Czech Republic could experience oil supply cuts. A European Union source said oil stocks in those countries were adequate to withstand cuts. Europe, which receives the lion's share of its oil and gas needs from Russia, closely tracks Russian disputes with its neighbors after EU gas supplies were cut in the dead of winter in 2006 and 2009 due to disputes between Moscow and Kiev.

Full Story: Russia warns EU of oil cuts over Ukraine row - Reuters

BAKU (RIA Novosti) -- Azerbaijan will double natural gas supplies to Russia to 1 billion cubic meters per year from 2010, the president of the State Oil and Gas Company said on Saturday.

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“We have held negotiations. Azerbaijan has a potential to increase gas supplies, we will supply Russia with 1 billion cu m of gas in 2010,” Rovnag Abdullayev said. The two ex-Soviet states signed a contract on October 14, 2009 under which the Caucasus nation was to supply 500 million cu m of gas to Russia from January 1, 2010 with the possibility of increasing the import levels.

Full Story: Azerbaijan to double gas supplies to Russia in 2010 - Tehran Times

Saudi Arabia, the world’s biggest oil producer and exporter, is poised to spend up to $400 billion to develop its own oil and gas projects in few years to meet the growing global demand.

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The Saudi government’s investments in the hydrocarbon sector are in line with its Master Gas Strategy Plan, which aims to harness the kingdom’s expansive gas reserves estimated to reach up to 230 trillion cubic feet, officials of Saudi Oil and Gas 2010, a business-to-business exhibition, said. Despite the uncertainty over the pace of recovery in the world economy next year and a United Nations drive to reduce carbon emissions, industry experts say the demand for oil and gas will rise in coming years.

Full Story: Saudi Arabia to spend $400 bn on oil and gas projects - Business Standard

Kuwait announces discovery of crude, gas field DUBAI: Kuwait Oil Company (KOC) has discovered a light crude—oil and gas field in the north—western region of the Arab emirate, Kuwait News Agency (KUNA) has reported.

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According to the report, the field’s primary production of light crude oil is estimated at 80,000 barrels per day (bpd) and 110 million cubic feet of gas per day. “This is the beginning. Preparations are underway to drill for specific wells to test the promising layers in this field,” KOC Chairman and Managing Director Mr Sami Al—Rushaid said.

Full Story: Kuwait announces discovery of crude, gas field - Hindu Business Line

Nifty rallied 3.8% each this week led by metal, oil & gas and banking stocks. In the largecaps, NTPC was the top gainer with 11.2% gain. Suzlon was up 7% and Reliance Infrastructure up 6.7%.

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Reliance Industries rose 6.5% and GAIL went up 4.3%. The BSE Oil & Gas Index was up 4.3%. In the smallcap space, Nilkamal was up 30%. Gallant Metal and LML were up 20-22%. Rama Newsprint and ITI surged 18% each. Adhunik Metaliks was up 16%.

Full Story: Mkts rally 3.8% this week; metals, oil & gas, banks up - Moneycontrol.com

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Oil blockade hits ONGC operations in Assam Economic Times ONGC is India's largest company by market capitalisation with oil and gas exploration and production operations throughout India and in Russia, ... Oil stocks in demand as crude boilsIndia Infoline.com Crude hovers above $77: ONGC, Cairn cash onCommodity Online January date for fuel talksCalcutta Telegraph Reuters UK -Times of India -mydigitalfc.com all 26 news articles »

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Full Story: Oil blockade hits ONGC operations in Assam - Economic Times

CALGARY - Provident Energy Trust (TSX:PVE.UN) said Wednesday it has signed a deal to sell its oil and natural gas assets in west central Alberta to Storm Ventures International Inc. for $190 million in cash.

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The area produces approximately 5,000 barrels of oil equivalent per day, comprised of about 70 per cent natural gas and 30 per cent liquids. Total proved reserves were 10.5 million barrels of oil equivalent at Sept. 30, while proved plus probable reserves were approximately 14.6 million boe.

Full Story: Provident sells west central Alberta oil and gas assets for $190 million - Winnipeg Free Press

Telecom, oil & gas, pharma may create maximum buzz: Senior Bankers Economic Times Some of the sectors which could be in the news include telecom, oil and gas (O&G ), mining and pharma. Indian companies could make a comeback on the global ... and more »

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Full Story: Telecom, oil & gas, pharma may create maximum buzz: Senior Bankers - Economic Times

Mumbai, Dec. 22: Reliance Industries has a new gas find in the Krishna Godavari basin — and it’s called Dhirubhai 44.

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The new find is not in the famed KG-D6 block that is at the centre of an acrimonious court battle between the Ambani brothers but in an adjacent one — KG-D3 — in which Hardy Oil of the UK has a 10 per cent participatory interest. The concession was awarded to the Reliance-Hardy combine as part of the Nelp V auction that took place in 2005. The KG-D3 deepwater block covers an area of 3,288 square km and is about 45 km from the coast in the Bay of Bengal.

Full Story: RIL gas glory in new find - Calcutta Telegraph

(AP)– 1 hour ago HOUSTON — GE Oil & Gas and a subsidiary of Qatar Petroleum said Tuesday that they have signed partnership deals that the companies say will bolster GE Oil & Gas' pipeline business in the Middle East and help Qatar boost oil and gas capacity.

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Under the first agreement, Al Shaheen Energy Services will become a 50 percent partner in GE Oil and Gas' PII Pipeline Solutions business that provides services to help secure safe pipeline operations, maximize throughput for operators and maintain cost-effective compliance. The two will establish an operation in Qatar expected to open next year that is designed to support pipeline operations in the Middle East.

Full Story: GE Oil & Gas, Qatar Petroleum sign deal - The Associated Press

Reliance discovers more gas in Krishna basin Economic Times RIL holds a 90 per cent stake in the block, while the remaining 10 per cent is with Britain-based Hardy Oil and Gas. "The deep water block KG-DWN-2003/1 is ... Reliance Discovers Gas in KG BasinWall Street Journal RIL announces 3rd successive gas discovery in KG basinMoneycontrol.com Reliance Ind discovers gas in KG basinEconomic Times all 15 news articles »

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Full Story: Reliance discovers more gas in Krishna basin - Economic Times

By MARK WILLIAMS(AP)– 3 hours ago An unlikely source of energy has emerged to meet international demands that the United States do more to fight global warming: It's cleaner than coal, cheaper than oil and a 90-year supply is under our feet.

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It's natural gas, the same fossil fuel that was in such short supply a decade ago that it was deemed unreliable. It's now being uncovered at such a rapid pace that its price is near a seven-year low. Long used to heat half the nation's homes, it's becoming the fuel of choice when building new power plants. Someday, it may win wider acceptance as a replacement for gasoline in our cars and trucks. Natural gas' abundance and low price come as governments around the world debate how to curtail carbon dioxide and other pollution that contribute to global warming. The likely outcome is a tax on companies that spew excessive greenhouse gases. Utilities and other companies see natural gas as a way to lower emissions — and their costs. Yet politicians aren't stumping for it.

Full Story: Gas could be the cavalry in global warming fight - The Associated Press

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96-hour oil blockade begins in Assam Economic Times ONGC is India's largest company by market capitalisation with oil and gas exploration and production operations throughout India and in Russia, ... ONGC hauled up for missing targetsDaily News & Analysis Oil firms' output set to decline fast: GovtBusiness Standard ONGC to fund projects on protection of national heritageThaindian.com Financial Express -Upstream Online -Assam Tribune all 46 news articles »

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Full Story: 96-hour oil blockade begins in Assam - Economic Times

Parental identity crisis may cost Deep CH4 CBM blocks Economic Times DGH, an oil ministry offshoot, is the custodian of the country's oil & gas assets. The CoS decision needs the Union Cabinet's approval. ... Lanco protests disqualification in CBM block awardBusiness Standard all 3 news articles »

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Full Story: Parental identity crisis may cost Deep CH4 CBM blocks - Economic Times

FORT WORTH — ExxonMobil is moving to replenish its dwindling domestic energy resources and dive into the fast-growing and environmentally palatable market for natural gas by acquiring the USA's largest gas producer.

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The energy industry giant plans to buy XTO Energy by issuing about $31 billion worth of stock to XTO shareholders. It also has agreed to assume about $10 billion of XTO's debt. For that, ExxonMobil would get XTO's huge cache of rights to drill mostly for natural gas in the country's most productive oil shale fields.

Full Story: ExxonMobil bets on natural gas in $31B deal for XTO - Shreveport Times

Before the infamous massacre of November 23, Maguindanao was a rarely visited province in Muslim Mindanao. But it was the first...

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Filipino ring icon Manny Pacquiao had an early birthday present when he was named as the second best fighter of all time, next only to... The catchy tune “Bilog na Hugis Itlog" performed by the all-girl group Sexbomb Girls is GMA Network’s instructional jingle for the...

Full Story: Gas could be the cavalry in global warming fight - GMA news.tv

Godrej Consumer to raise up to Rs 30 bn The board of Godrej Consumer Products has okayed a proposal to rise up to Rs 30 billion. ``The money will be raised in the immediate future to fund acquisitions,`` group chairman Adi Godrej told Business Standard. The bulk of the amount will be raised via debt, while the balance will be equity, he said, while declining to specify the ratio in which the amount will be raised. ``The first tranche of up to Rs 10 billion will be raised via debt,`` is all he said.

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Saksoft sets Rs 2.4 bn target Saksoft, a Chennai-based software services company with focus on the banking, financial services and insurance (BFSI) segment, is planning to double its revenues by the end of the 2011-12 financial year, from last year`s Rs 1.2 billion, through the organic growth route. ``Our plan for the next two-and-a-half years is mostly organic as we see a lot of potential for our horizontal offerings - business intelligence (BI) and data warehousing (DW), web development and testing. During recession, companies are looking at analytical solutions, cloud computing and migrating to open source, and we expect the market to open up in the next couple of months,`` NK Subramaniyam, executive director (operations and technology), told Business Standard. ONGC lost Rs 47.45 billion on gas sales in 2008-09 State-owned Oil and Natural Gas Corporation (ONGC) lost Rs 47.45 billion on account of selling natural gas below the production cost in 2008-09. ONGC and state explorer Oil India (OIL) sell gas at government-controlled rates, called the APM (Administered Price Mechanism) price. The APM price for ONGC is Rs 3,200 per thousand cubic metres (or Rs 3.2 per unit).``In 2008-09, our cost of production was Rs 5.87 per cubic metres. Against this, our price realisation was just Rs 3.191 per unit,`` a top ONGC official said. ONGC`s total revenue loss on the 17.71 billion cubic metres gas it sold at APM rates last financial year came to Rs 47.45 billion.

Full Story: India Inc in News - December 17 - Myiris.com

Most sectors in India have experienced at least some degree of liberalization in the recent years. But one area that sticks out like a sore thumb is price control over petroleum products. Changes have been made on paper, but prices of petrol, diesel, LPG, kerosene, natural gas and fertilisers are still set by the government. In other words, prices are still administered.

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Natural gas - multiple prices Take the pricing of natural gas in India. There is no one 'market' price. There are almost a dozen different prices. The government had decided to price Reliance Industries' production from the KG basin field at US$ 4.2 per m British thermal units (mbtu). At the same time, state owned oil & gas major ONGC continues to price its gas production at almost 1/3rd the rate. That is about to change. The oil ministry plans to hike administered gas prices by about 33%. This is part of the plan to move towards market determined prices. It will also be the largest ever jump in administered prices. It is also the first time natural gas prices are being changed in five years.

Full Story: How likely is a uniform price for natural gas? - Equitymaster.com

Public sector oil marketing companies(OMCs) are projected to incur under-recoveries of Rs 45,478 crore on retail sale of petrol, diesel, domestic cooking gas and kerosene during 2009-10, based on the refinery gate prices in the first fortnight of December.

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This is lower compared to the under-recoveries of Rs 85,000 crore incurred by the OMCs in 2008-09, which was due to the higher crude oil price of over $80 a barrel. At present, the price of the crude basket is $71.43 (Rs 3,337) a barrel (157.5 litres to a barrel). The public sector OMCs incur under-recoveries of Rs 3.10/litre of petrol, Rs 2.55/litre of diesel, Rs 17.30/litre of PDS (ration shop) kerosene and Rs 241 on each 14.2 kg cylinder of domestic LPG at Delhi. Union petroleum minister Murli Deora informed the parliamentary consultative committee attached to his ministry on Friday that, “The OMCs are the backbone of the country’s energy security. Hence, their health is a cause of concern for us.” Deora also elaborated on various initiatives being undertaken for increasing domestic oil and gas production, as well as measures for the convenience of petroleum-product customers.

Full Story: OMC under-recoveries at Rs 45478 cr, says Deora - Business Standard

The Polish Environment Ministry says it has authorized U.S. oil company Chevron to explore natural gas deposits in eastern Poland for the next five years.

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The ministry said Friday that Poland's chief geologist, Henryk Jacek Jezierski, has signed the deal. It allows the second-largest U.S. oil company to search for shale gas deposits in eastern Poland and assess the difficulty of accessing them _ but not to extract the gas. No financial details were released. Chevron, which is headquartered in San Ramon, California, said Thursday that it was cutting spending next year by 5 percent, compared to 2009, but would concentrate on oil and gas exploration projects.

Full Story: Chevron to search for natural gas in Poland - eTaiwan News

ONGC mulls arms for oil services biz Economic Times ONGC would also explore the possibility of hiving off its oil and gas operations in Assam into a new subsidiary ONGC Assam. It is also likely that new ...

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Full Story: ONGC mulls arms for oil services biz - Economic Times

Cairn India plans to merge oil, gas biz of grp firms Press Trust of India Mumbai, Dec 10 (PTI) Cairn India, part of the UK-based Cairn Energy, today said it will merge oil and gas businesses of some of its subsidiaries with itself ... Cairn India Plans To Directly Hold Units' Oil, Gas BusinessesWall Street Journal Cairn India board approves scheme of arrangement with subsidiariesMyiris.com India's Cairn starts Sri Lanka oil huntReuters UK all 17 news articles »

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Full Story: Cairn India plans to merge oil, gas biz of grp firms - Press Trust of India

HH the Emir Sheikh Hamad bin Khalifa al-Thani has called upon the gas-exporting countries to analyse the causes that have led to the difference between oil and gas prices and to act together to restore the link and achieve parity between them.

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“We see this as a fair and tenable target, if we take into consideration the outstanding characteristics of gas in comparison with other traditional energy sources,” the Emir said. Addressing the opening session of the ninth Ministerial Meeting of Gas Exporting Countries Forum at Doha’s Ritz-Carlton yesterday, the Emir said that in the aftermath of the sharp fall in energy prices at the beginning of this year, the subsequent increase in oil prices had not been matched with a similar rise in gas prices.

Full Story: Emir calls for gas and oil price alignment - Gulf Times

Shares of three oil exploration firms fell 0.30% to 1.20% at 12:50 IST on BSE, after crude oil prices declined nearly 2% on the New York Mercantile Exchange on Tuesday, 8 December 2009.

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India's biggest state-run oil exploration firm by revenue Oil & Natural Gas Corporation (ONGC) dropped 0.30% to Rs 1175.05. India's second biggest oil and gas exploration firm by revenue, Oil India, declined 0.80% to Rs 1262. Cairn India fell 1.20% to Rs 271. On BSE, Oil India clocked volumes of 5,922 shares, ONGC reported volumes of 24,571 shares and Cairn India clocked volumes of 1.87 lakh shares.

Full Story: Oil stocks run out of fuel as crude oil drops - India Infoline.com

India would invest in Africa’s oil fields and increase purchase of crude oil and liquefied natural gas (LNG) from the continent, minister of state for petroleum and natural gas Jitin Prasada said here on Tuesday. “Our objective with Africa has been to build up a strategic partnership of enduring dimension in the oil and gas sector,” the minister said at a conference. As India is hugely dependent on oil and natural gas imports, there is a huge potential of Africa and India coming closer, he said addressing representatives from 15 countries. ONGC Videsh, the international exploration arm of public sector energy giant ONGC has already invested $ 2.5 billion in the Sudanese oilfields, he added.

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Govt to ramp up hydrocarbon activities The government said it is taking various steps to ramp up hydrocarbon exploration and production activities in the country. “Carving out more and more areas for exploration for offer under various rounds of New Exploration Licensing Policy (Nelp) and Coal Bed Methane (CBM) policy,” petroleum minister Murli Deora said in a written reply in Rajya Sabha. Coal Bed Methane (CBM) or coal bed gas is a form of natural gas extracted from coal beds. Vietnam for Indo-Asean pact Vietnam is expected to implement the Indo-Asean free trade agreement in the first quarter of 2010, liberalising the $2.13-billion trade with India, a commerce ministry official said. Vietnamese trade and industry minister Vu Huy Hoang during a meeting with his Indian counterpart Anand Sharma indicated that his country would implement the Indo-Asean free trade agreement in the first quarter of 2010, the official said.

Full Story: : African oil fields on India radar - Financial Express

Seeking closer ties with the hydrocarbon-rich Africa, India today proposed to invest in oil fields and increase purchase of crude oil and LNG from the continent, Minister of State for Petroleum and Natural Gas Jitin Prasada said today.

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"Our objective with Africa has been to build up a strategic partnership of enduring dimension in the oil and gas sector," he said in his valedictory address at the Second India-Africa Hydrocarbon Conference here today. As India is hugely dependent on oil and natural gas imports, there is huge potential of Africa and India coming closer, he said addressing the representatives from 15 countries including 10 ministers.

Full Story: Govt woos Africa with more investments, trade in oil sector - Business Standard

Shares of three oil exploration firms declined 0.07% to 0.37% at 9:55 IST on BSE, after crude oil prices fell more than 2% on the New York Mercantile Exchange on Monday, 7 December 2009.

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Cairn India fell 0.07% to Rs 272. India's second biggest oil and gas exploration firm by revenue, Oil India, declined 0.25% to Rs 1270. India's biggest state-run oil exploration firm by revenue Oil & Natural Gas Corporation (ONGC) dropped 0.37% to Rs 1174.10. On BSE, Oil India clocked volumes of 11 shares, ONGC reported volumes of 221 shares and Cairn India clocked volumes of 101 shares.

Full Story: Oil scrips nudge lower along with crude oil prices - India Infoline.com

Union Minister for External Affairs S.M. Krishna, Union Minister of Petroleum and Natural Gas, Murli Deora and other dignitaries at the inaugural session of the 2nd India-Africa Hydrocarbons Conference, in New Delhi on December 07, 2009.

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External Affairs Minister S M Krishna today said India, as the fastest growing democracy, offered a complementary and mutually advantageous hand of partnership to Africa's hydrocarbons sector. "Apart from being an obvious long-term market for African hydrocarbons, India is also globally recognized as a hub for business opportunities spread across the entire hydrocarbon production cycle," Mr Krishna said in his inaugural address at the 2nd India-Africa Hydrocarbons Conference here.

Full Story: India offers hand of partnership to Africa's hydrocarbon sector - NetIndian

Shares of three oil exploration firms fell 0.58% to 2.09% at 11:29 IST on BSE, as crude oil prices declined almost $1 a barrel on the New York Mercantile Exchange on Friday, 4 December 2009.

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India's second biggest oil and gas exploration firm by revenue, Oil India, fell 0.58% to Rs 1258.15. India's biggest state-run oil exploration firm by revenue Oil & Natural Gas Corporation (ONGC) declined 0.85% to Rs 1170. Cairn India plunged 2.34% to Rs 273.55. On BSE, Oil India clocked volumes of 11,306 shares, ONGC reported volumes of 40,034 shares and Cairn India clocked volumes of 2.19 lakh shares.

Full Story: Oil stocks slide along with crude oil prices - India Infoline.com

Iran is strategically important for us, as in a world worried over the progressive depletion of hydrocarbon reserves it is the second largest oil-reserve-holding country after Russia with estimated reserves of 800 trillion cubic feet (tcf). In fact, the projects at Rostam and Raksh oil fields in Iran were among our early initiatives immediately after the company was formed out of the erstwhile Hydrocarbon India Pvt. Ltd in 1989. We already have an exploration block in Persian Gulf—the Farsi offshore block—which we had won in December 2002 through auction.

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We had faced some problems in carrying out the drilling there due to the US sanctions on Iran. But we managed to move our own rigs from here in India and have since successfully completed drilling in four wells. The estimated gas reserves of the block, as approved by the Iranian authorities, are of the order of 12.5 tcf. To put that in perspective, our domestic KG basin gas reserves are currently estimated at around 10 tcf. In the recent talks in Delhi between ONGC management and the Iranian team led by Iran's deputy oil minister and managing director of National Iranian Oil Co (NIOC) Seifollah Jashnsaz, it was decided that the first right to develop the block would be awarded to us. We are in the process of entering into a development service contract with the National Iranian Oil Co. The Iranian minister also indicated their government's willingness to partner with us for other blocks potentially bearing rich gas reserves.

Full Story: 'Global race for oil & gas assets is intense' - Financial Express

Joseph Bolin on Wednesday climbs down from a natural gas drilling rig derrick contracted by Range Resources in Washington County.

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When event coordinators for Hart Energy Publishing began planning a Pittsburgh conference for natural gas producers, they reserved space in the Westin William Penn Hotel for the gathering. "We thought we'd be doing extremely well if we had 300 people," said Leslie Haines, editor in chief of Hart's trade journal, Oil and Gas Investor.

Full Story: Natural gas locked in the Marcellus Shale has companies rushing to cash in on ... - Pittsburgh Post Gazette

Staff Report ISLAMABAD: The Oil and Gas Development Company Limited (OGDCL) has failed to satisfy the people with the annual compensation policy, who have leased their lands for oil and gas exploration purposes in Toot Oil Fields, local affectees informed on Saturday.

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A large number of affectees have protested against the changes introduced by OGDCL in the payment of annual compensation to the people who had leased their land to the company. They chanted slogans against the administration and demanded that the old policy of cash payment should be restored immediately and OGDCL’s management pay them for the previous year that ended on June 30.

Full Story: OGDCL fails to satisfy owners of Toot gas field - Daily Times

(AP)– 14 hours ago HOUSTON — Oil and natural gas company Vanguard Natural Resources LLC on Friday said it has closed its $55 million purchase of oil and gas assets in the Permian Basin in Texas from private sellers.

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The company said the deal closed on Wednesday, two days after it was announced. Vanguard will operate the majority of the producing wells located on the property. Vanguard said it paid cash borrowed from a reserve-based credit facility. It said the new properties have total estimated proved reserves of 3.2 million barrels of oil equivalent as of Oct. 1, of which 83 percent is oil and 65 percent is proven developed. The company plans to operate all but one of the wells.

Full Story: Vanguard Natural Resources closes oil and gas deal - The Associated Press

From time to time, we will send you e-mail announcements on new features and special offers from The Wall Street Journal Online.

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NEW YORK (Dow Jones)--The number of rigs drilling for oil in the U.S. climbed slightly this week as oil producers ramped up drilling activity in response to higher prices relative to last year. The number of oil and gas rigs climbed to 1,141, up four rigs from the previous week, according to data from oil-field services company Baker Hughes Inc. (BHI). The number of gas ...

Full Story: Baker Hughes: US Oil, Gas Rig Count Up 4 To 1141 This Week - Wall Street Journal

Shares of three oil exploration firms fell 1.85% to 2.28% at 14:25 IST on BSE, after crude oil prices declined 58 cents in the Asian electronic trading on Friday, 4 December 2009.

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India's biggest state-run oil exploration firm by revenue Oil & Natural Gas Corporation (ONGC) declined 1.85% to Rs 1175.50. Cairn India fell 2% to Rs 280. India's second biggest oil and gas exploration firm by revenue, Oil India, dropped 2.28% to Rs 1260.10. On BSE, Oil India clocked volumes of 33,461 shares, ONGC reported volumes of 67,600 shares and Cairn India clocked volumes of 2.35 lakh shares.

Full Story: Oil stocks run out of fuel as crude slips - India Infoline.com

China's second biggest oil and gas company has secured a 20-year supply of gas from Papua New Guinea.

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It is the latest in a series of moves by Chinese companies to secure resources to feed the country's growing economy. Sinopec, which is owned by the Chinese government, will buy around 200m tonnes of liquefied natural gas each year.

Full Story: China's second biggest oil and gas company has secured a 20-year supply of gas ... - BBC News

Rediff

RNRL raises objections on govt affidavit Economic Times ... of the Production Sharing Contract (PSC) — a contract signed between the producer of oil and gas and the government — to protect its interests. ... Mulayam raises RIL gas issue in HouseBusiness Standard all 130 news articles »

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Full Story: RNRL raises objections on govt affidavit - Economic Times

, in association with Hinduja Group and Petronet LNG have entered into two broad enabling agreements with Iranian authorities, for participation in development of gas fields and liquidification facilities in Iran, in return for assured minimum 6 million ton LNG per annum on long term basis.

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OVL and ALPS to have in aggregate 40% participating interest in the liquidification facilities of Iran LNG, with possible enhancement of equity  up to 40%. Investments in the above ventures are to be securitized through deposit of sovereign funds of Iran with Indian banks. Alternatively, the sale proceeds of crude oil supplies to Indian refineries may be used by the Iran for such securitization as collaterals.

Full Story: ONGC consortium inks pact for sourcing LNG from Iran - Myiris.com

ONGC and ONGC Videsh Ltd (OVL), the overseas investment arm of ONGC, in association with the Hinduja Group and Petronet LNG, have entered into two broad enabling agreements with Iranian authorities for participation in development of gas fields and liquefaction facilities in Iran, in return for assured minimum six million tonnes a year of LNG on long-term basis.

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The companies have inked two strategic agreements on Tuesday. An agreement offering OVL and the Hinduja Group company, Ashok Leyland Projects Services Ltd (ALPS), 40 per cent participating interest for development of South Pars 12 gas field was inked. Another agreement offering 20 per cent equity in the liquefaction facilities of Iran LNG, with possible enhancement of equity up to 40 per cent to ONGC, OVL, ALPS and Petronet LNG was signed.

Full Story: Consortium of Indian cos signs pacts for sourcing LNG from Iran - Hindu Business Line

The Jakarta Post ,  Jakarta   |  Wed, 12/02/2009 9:33 AM  |  Business The government announced Tuesday its long-term oil and gas management road map, revealing its ambitious target to attract US$31.2 billion in investment for oil and gas infrastructure between 2010 and 2014.

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Of the figure, 69.49 percent or $21.68 billion is targeted for investment in gas facilities, including liquefied natural gas (LNG) and liquefied petroleum gas, LPG refineries, receiving terminals and residential pipeline networks. In 2010, the government is targeting $2.94 billion of oil and gas infrastructure investment while in 2011 it is expected to increase this by 7.99 percent to $3.18 billion.

Full Story: Govt eyes 46 percent growth in oil and gas infrastructure - Jakarta Post

(AP)– 10 hours ago NEW YORK — Shares of Helix Energy Solutions Group Inc. jumped on Tuesday a day after the oil services provider said a subsidiary made new oil and gas discoveries in the Gulf of Mexico.

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On Monday after the market closed Helix said its unit Energy Resource Technology GOM (ERT) made a discovery at its Jake prospect. The discovery well was drilled to 13,504 feet and encountered 134 feet of net oil and gas pay, or rock that can deliver oil to the well, in a single sand interval. Helix also said that ERT has made an additional new Gulf of Mexico shelf discovery at its 75 percent owned and operated South Timbalier 145 field. The new discovery was drilled to a depth of 14,193 true vertical depth and logged about 20 feet of oil and gas pay. Helix expects the well to begin production in December 2009.

Full Story: Helix shares rise on oil and gas discoveries - The Associated Press

Oil:Iranian economy depends on oil exports. However, Iran's oil industry is a houseof cards. It is neglected, crumbling and underinvested. Many of its oil and gasfields are in dire need of foreign technical expertise.

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Gas: While holding the second largest natural gas reserves in the world, Iran is nota serious exporter of the commodity. The EU seeks a lowering of its dependenceon Russian energy, and Iran potentially could benefit by joining projects likethe Nabucco gas pipeline. However, Iran's isolation and its poor relations withthe international community are impediments that stand in the way. The so-calledpeace pipeline between Iran, Pakistan and India has not made any progress inspite of the enormous price reductions proposed by Iran. Iran's most importantsingle source of natural gas is the South Pars field in the Persian Gulf, whichit holds in common with Qatar. The tiny emirate across the Persian Gulf has beenexploiting the gas from South Pars to the tune of billions of dollars, whileIranians helplessly witness the depletion of the reserves. Iranianpoliticians have claimed many times that Iran's international isolation and theeconomic sanctions-including those imposed by the UN Security Council-have nothurt the country seriously, and they insist on continuing the nuclear program atall costs. In reality, however, Iran's oil and gas industry have suffered andwill suffer further.

Full Story: What Iran Is Losing To Get Nuclear Energy? - Payvand

Gas price hike plan could face hurdles Economic Times The oil ministry's plan for the biggest jump in administered prices ever, and the first in 5 years, will boost profits for Oil and Natural Gas Corp and Oil ... and more »

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Full Story: Gas price hike plan could face hurdles - Economic Times

TEHRAN – The Russian energy minister and officials from the Iranian Oil Ministry have agreed on a gas swap, the implementation of 15 new oil and gas projects, the construction of a oil refinery near the Caspian Sea, and the establishment a joint oil company.

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The agreements were made as Russian Energy Minister Sergei Shmatko arrived in Tehran on Sunday to attend the eighth meeting of Iran-Russian Joint Economic Commission. The visiting Russian minister also held talks with Foreign Minister Manouchehr Mottaki on expanding cooperation in various other fields.

Full Story: Russia, Iran agree on new gas, oil projects - Tehran Times