March 2010 Archives

CHEYENNE — Wyoming’s oil and gas supervisor said Friday that he’s begun reviewing more than 50 written comments on proposed changes to the agency’s rules and regulations for development, including hydraulic fracturing.

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Thomas Doll said he plans to incorporate substantive comments into the rules before they go before the Wyoming Oil and Gas Conservation Commission next month.

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Thomas Doll said he plans to incorporate substantive comments into the rules before they go before the Wyoming Oil and Gas Conservation Commission next month. “There are substantive comments and then there are editorial comments. I can only deal with the substantive comments,” Doll said.

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Full Story: Agency considers rewrite of oil, gas rules - Billings Gazette

The benchmark Nifty closed the first day of April series on a positive note led by buying in oil & gas, auto, banking & financial, cement, metal and select pharma companies' shares.

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The index tried to move towards the 5300 during the day, even touched an intraday high of 5293.75 but could not pass that psychological mark due to profit booking at higher levels.

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Capital goods, realty select telecom and technology stocks witnessed selling pressure, which capped the gains as well as aided to volatility throughout the session.

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Full Story: Sensex ends 86 pts up oil gas auto metal banks lead - Moneycontrol.com

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Full Story: Ratnesh Kumar underweight on oil & gas space - Moneycontrol.com

NEW DELHI: Oil and Natural Gas Corp (ONGC) today reported making three oil and gas finds this month and said its board has approved investment of Rs 3,241 crore in developing Cluster-7 marginal fields in the western offshore.

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ONGC said it discovered gas in a well drilled in East Godavari district in Andhra Pradesh and oil and gas in a separate well in shallow waters off the Andhra coast.

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Besides oil was discovered in Gujarat block, a company press statement said here today.

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Full Story: ONGC says it finds 3 oil and gas fields in March - Economic Times

Chinese offshore oil and gas company CNOOC has signed a multibillion dollar contract to buy 3.6 million tons of liquefied natural gas per year for 20 years from an Australian energy project operated by BG Group PLC.

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The deal, which formalizes a preliminary agreement reached in May 2009, is Australia's biggest single company-to-company contract ever, Australia's Resources and Energy Minister Martin Ferguson said Wednesday.

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It comes as Australia ramps up major natural gas projects in response to booming demand from China and elsewhere as a less polluting fuel than coal to drive power generators. The deal, the latest in a string of gas supply contracts, suggests that Australia and China's commercial ties have been largely unaffected by other tensions including the bribery and business secrets trial of Rio Tinto employees in Shanghai.

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Full Story: BG Group signs LNG supply deal with China's CNOOC - BusinessWeek

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BG Group Plc, owner of the Coal Seam Gas fields in Australia, has signed a deal with China's state owned oil and gas company China National Offshore Oil Corp Ltd to provide liquefied natural gas (LNG) for 20 years.

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The deal is supposed to be worth $A60 billion. The Federal Government announced the deal today. The Government said that it is the biggest trade deal in the history of Australia so far.

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Full Story: BG Group in an $A60 billion LNG deal with China - TopNews

NEW DELHI: Cairn India on Tuesday raised the estimate of oil reserves in its Rajasthan fields by 37% and pegged the peak output at 240,000 bpd (barrels per day) or same as India's biggest oil field -- state-run Oil and Natural Gas Corporation's Mumbai High. The company had earlier projected a peak output of 175,000 bpd.

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Cairn India CEO Rahul Dhir said the estimates for oil and gas reserves in Barmer fields have been raised to four billion boe (barrels of oil equivalent) from 3.7 billion boe. There could be another 2.5 billion boe lying there to be discovered.

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Petroleum minister Murli Deora said increased reserves augur well for India's energy security. "Increased output will help reduce nation's reliance on imported crude oil to meet its energy needs.'' Cairn's discovery is seen to substitute imports by nearly a quarter and save foreign exchange. India imports three-quarters of its requirement of crude.

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Full Story: Cairn raises Barmer output estimates 37% - Times of India

The benchmark Nifty bounced back and recovered nearly all Monday's losses. Positive global cues also looked supportive today. Metal, banking, oil & gas, auto, technology and capital goods were gainers in early trade.

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However, there was a bit of volatility ahead of F&O expiry on Thursday.

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At 9:02 hours IST, the Nifty was trading at 5239, up 34 points and the  Sensex  was at 17522, up 112 points.

Full Story: Nifty bounces back; metals, tech, oil & gas gain - Moneycontrol.com

The government is contemplating hiking prices of natural gas produced by state-owned oil and gas exploring firms like Oil and Natural Gas Corp (ONGC), Oil India Limited (OIL) and GAIL by as much as 30 per cent.

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An indication to this effect was given by Petroleum Secretary S Sundareshan on the sidelines of the Sixth Asia Gas Partnership Summit here on Monday. “The issue of raising the gas price is in the final stages of decision making in the government. A decision will be taken soon,” he told newsmen.

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Gas price may be increased by 30 per cent, sources in the Petroleum Ministry said.

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Full Story: Govt proposes to hike gas price - Deccan Herald

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Full Story: ONGC, GAIL Scout for Global Assets - Wall Street Journal

The Ministry of Petroleum had said that South India will start getting natural gas produced from the Krishna-Godavari basin (K-G basin) from 2012. A senior official from the ministry also said the production from the K-G basin will be raised to 80 million standard cubic metre per day (MSCMD) from 60 MSCMD and pipeline connectivity, to transport gas, will also be ready by 2012.

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Speaking to reporters in Chennai at Indian Oil Corporation office on Saturday, Petroleum Secretary S Sundareshan said that “10 days ago we called for a meeting of Reliance Industries Ltd (which owns the gas fields) and GAIL (India) Ltd (which lays pipelines) and discussed the time frame for the project to construct pipeline to connect southern cities with the K-G basin, and the Ministry had given “strict timeframe”.

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He added, presently K-G basin produces 60 MMSCMD of gas, which would be increased to 80 MMSCMD. “As there are other gas finds too in that basin, the production of natural gas would go up in the next 3-4 years,” said Sundareshan.

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Full Story: South India to get natural gas from 2012 - Business Standard

NEW DELHI: State-owned Indian Oil Corp and Oil India Ltd combine may hike their takover offer for Middle East-focused oil firm Gulfsands Petroleum Plc after the UK- based firm rejected their 400 million pound bid.

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The Syria-focused oil explorer on Friday said it had rejected an unsolicited offer by an company it did not identify, for being too low. "The board is unanimously of the view that the proposal is wholly inadequate and materially undervalues the company," Gulfsands said in a statement.

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The Syria-focused oil explorer on Friday said it had rejected an unsolicited offer by an company it did not identify, for being too low. "The board is unanimously of the view that the proposal is wholly inadequate and materially undervalues the company," Gulfsands said in a statement. "The rejection does not mean the transaction has fallen through. They (IOC-OIL) can raise the offer, which they should but the two companies are yet to put their heads together on the issue," the source said.

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Full Story: IOC-OIL may hike its 400 million pound bid for Gulfsands Petroleum - Economic Times

CHENNAI: State-run overseas oil and gas exploration company ONGC Videsh Ltd (OVL) wants to bid jointly with Russian companies for hydro-carbon projects in that country, a top government official said on Saturday.

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CHENNAI: State-run overseas oil and gas exploration company ONGC Videsh Ltd (OVL) wants to bid jointly with Russian companies for hydro-carbon projects in that country, a top government official said on Saturday. 'We have strongly put forth to the Russian government for OVL to bid jointly with Russian companies — Rosnet Oil Company and Gazprom — for oil and gas exploration projects in Russia,' Petroleum and Natural Gas Secretary S. Sundareshan told reporters here.

OVL, which has 20 per cent stake in Sakhalin-1 project, wants to bid jointly with the Russian companies for the Sakhalin-3 project. Sundareshan said the government had strongly put forth its idea to Russian Prime Minister Vladimir Putin during his recent visit to New Delhi.

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Full Story: ONGC-Videsh favours joint exploration with Russian firms - Economic Times

CHENNAI: Tamil Nadu will get three gas pipelines by 2012 to increase availability of gas in the state, petroleum secretary S Sundareshan said on Saturday. Southern India was short of gas when compared to the west and the north, he said.

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According to Sundareshan, the country's flagship natural gas company, Gail (India) Ltd, would be laying one pipeline between Bangalore and Chennai. Reliance Industries Ltd will be putting up pipelines between Kakinada and Chennai and another between Chennai and Bangalore. The company has been authorised to execute the projects, he said. The Kakinada-Chennai line will be later extended to Thoothukudi.

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GAIL will also be executing the Dhabol-Bangalore pipeline with connectivity to Goa, Kochi-Mangalore pipeline with connectivity to Bangalore, and the Haldia-Jagdishpur pipeline. Reliance will be executing the Kakinada-Haldia pipeline.

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Full Story: Three gas pipelines for TN by 2012 - Times of India

New Delhi: India approved oil exploration contracts for Oil and Natural Gas Corp. (ONGC), the nation’s biggest energy explorer, and BHP Billiton Ltd as it sought to cut dependence on imports.

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The South Asian nation approved the award of 33 blocks, home minister P. Chidambaram told reporters in New Delhi on Friday after a cabinet meeting. Two blocks weren’t awarded because the government was offered low profit in the areas, according to a statement, which didn’t give more details.

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Asia’s third biggest energy consumer is seeking to reduce dependence on imports to meet demand for fuels as production from four-decade-old domestic fields declines.

Full Story: India approves oil exploration contracts for ONGC and BHP - Livemint

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A junior oil and gas company from Alberta has been quietly scooping up land rights in southwestern Ontario, part of an audacious plan to bring Alberta-style exploration to the birthplace of Canada's petroleum industry.

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Consider it a rebirth. Calgary-based Mooncor Oil & Gas Corp. wants to develop a resource in Ontario that has been largely overlooked by its rivals: shale gas.

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Full Story: Alberta firm eyes Ontario's untapped shale gas - Toronto Star

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The Indian government will soon invite bids for exploration of oil and gas blocks under the ninth round of the New Exploration Licensing Policy (NELP-IX), Petroelum and Natural Gas Secretary S. Sundareshan said here Saturday.

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The Cabinet Committee on Economic Affairs, at a meeting in New Delhi chaired by Prime Minister Manmohan Singh Friday, approved the award of 33 blocks for oil and gas exploration under the eighth round of the NELP.

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Full Story: Auction of oil and gas blocks under NELP IX soon - Sify

State-run Oil and Natural Gas Corporation (ONGC) and partners on Friday walked away with more than half of the 33 oil and gas blocks awarded to successful bidders of the recently concluded eighth round of auction under the New Exploration Licensing Policy (NELP).

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The Cabinet Committee on Economic Affairs (CCEA) approved award of 33 out of the 36 exploration areas that were bid in the latest NELP round that closed on October 12, Home Minister P Chidambaram told reporters.

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Of the 70 blocks offered in NELP-VIII, only 36 attracted bids with ONGC and partners bidding for a maximum of 25. The state-owned firm and its partner won 17 areas.

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Full Story: ONGC, partners bag 17 blocks under NELP-VIII - NDTV.com

The government will award 33 oil and gas blocks in the eighth round of bidding under the New Exploration Licensing Policy. The Cabinet Committee on Economic Affairs (CCEA) also decided to cancel three exploration blocks awarded earlier, under seventh round of NELP.

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Of the total 70 exploration blocks on offer in the current round, bids were received only for 36 blocks, including eight deepwater blocks, 13 shallow water blocks and 15 inland blocks.

The government decided not to auction the two blocks VN-ONN/2009/1/ & 2 under NELP-VIII, keeping in view the very low percentage share of profit petroleum offered in the bidding.

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Full Story: India to award 33 oil and gas blocks under NELP-VIII - domain-B

National Stock Exchange’s Nifty ended at 5255.20, up 9.30 points or 0.18 per cent. The broader index hit a high of 5269.95 and low of 5237.10.

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Bombay Stock Exchange’s Sensex closed at 17556.78, up 37.22 points or 0.04 per cent. The 30-share index touched a high of 17600.87 and low of 17502.14.

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BSE Midcap Index was up 0.10 per cent and BSE Smallcap Index moved 0.43 per cent higher.

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Full Story: Nifty ends above 5250; oil & gas, pharma gain - Economic Times

NEW DELHI - India, with US$254 billion ($354 billion) of foreign-exchange reserves, may create a sovereign wealth fund to help state companies compete for overseas energy assets with China, a government official said.

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The oil ministry has formally asked the finance ministry to set up a fund using a part of the reserves, the official said, declining to be identified because a decision hasn't been reached. The size of the fund is yet to be determined, he said.

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"Such a fund would be very, very welcome if we are to compete with the Chinese," said Mr R S Sharma, chairman and managing director of state-run Oil and Natural Gas Corp, India's biggest energy explorer.

Full Story: Indian sovereign fund for oil assets? - TODAYonline

Meanwhile, the BSE Sensex was up 100.09 points, or 0.58%, to 17,483.27 India's second biggest oil and gas exploration firm by revenue, Oil India, rose 0.15% to Rs 1141.60. India's biggest state-run oil exploration firm by revenue Oil & Natural Gas Corporation (ONGC) gained 0.54% to Rs 1,077.90. Cairn India advanced 1.16% to Rs 284.10.

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On BSE, Oil India reported volumes of 1,313 shares, ONGC clocked volumes of 24,765 shares and Cairn India notched volumes of 93,199 shares.

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ONGC underperformed the market over the past one month till 16 March 2010, falling 2.72% as compared to the Sensex's 7.13% rise. It had also underperformed the market in the past one quarter, declining 9.83% as compared to the Sensex's return of 2.78%.

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Full Story: Rally in crude oil fuels oil exploration stocks - BloombergUTV

said industry costs have startedto rise and the company will use technology to control spendingas it invests $100 billion to boost production.

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“Costs have not come down as much as we hoped for, andsome of them are now rising again,” Voser said in an interviewwith Bloomberg Television broadcast today. Shell’s challenge isto be “more speedy in terms of technology implementation.” Shell, vying with BP Plc as Europe’s biggest oil company,said yesterday it’s assessing more than 35 projects to keepproduction rising until 2020. Australia, where the company isdeveloping offshore and coal-seam gas reserves, may attract asmuch as 40 percent of Shell’s capital expenditure. It has higherwage rates than other countries where the company operates.

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“In Australia, we are doing floating LNG, which isactually fabricated in Korea, so we will be less exposed to thelabor costs,” Voser said in London. We need to do “thingsdifferently in the future so that you actually save costs andget things built cheaper.” Crude prices doubled to more than $80 a barrel in the pastyear, prompting producers to resume projects put on hold duringthe recession. Oil and gas industry spending will rise 11percent this year to $439 billion, according to BarclaysCapital. Increased investment may start to reverse reductions indrilling and engineering costs caused by the global slowdown.

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Full Story: Voser Says Shell Must Control Spending as Industry Costs Rise - Bloomberg

Website of the Telegraph Media Group with breaking news, sport, business, latest UK and world news. Content from the Daily Telegraph and Sunday Telegraph newspapers and video from Telegraph TV.

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Shell to sell refineries to boost output Royal Dutch Shell has unveiled the most dramatic overhaul of its business in recent memory, outlining plans to exit more than a third of its 90 retail markets, slash refining capacity and return to growth after seven years of falling output.

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Peter Voser, chief executive, unveiled a further 1,000 jobs cuts in addition to the 6,000 already announced as he vowed to "sharpen up" Shell in the next three years by boosting output by 11pc.

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Full Story: Shell to sell refineries to boost output - Telegraph.co.uk

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Sensex ends near 17400; oil & gas, metals gain Economic Times The upmove was led by gains in oil & gas, metals and capital goods space. ( Watch ) Bombay Stock Exchange's Sensex ended at 17399.72, up 234.73 points or ... Sensex hovers around 17200 oil gas metals pharma upMoneycontrol.com Sensex lacklustre: Oil & gas index up 1%Business Standard RIL, L&T lift Sensex higher; Oil & Gas, CD upMyiris.com NDTV.com -Myiris.com -Myiris.com all 168 news articles »

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Full Story: Sensex ends near 17400; oil & gas, metals gain - Economic Times

Panel discussion on oil & gas sector by SPT Times of India AHMEDABAD: A panel discussion on oil and gas sector will be conducted by School of Petroleum Technology (SPT), Pandit Deendayal Petroleum University (PDPU), ... and more »

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Full Story: Panel discussion on oil & gas sector by SPT - Times of India

Even my Canadian readers in Alberta who felt they weren't getting their fair share had to have known the royalty time bomb had to be defused. Let's face it: the Alberta oil and gas royalty changes were inevitable.

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To say the majority of my Canadian readers (particularly those living in Alberta) felt that Alberta had lost its competitive edge would be an understatement. Now that the changes have been announced, I'm curious as to what you think. Feel free to leave a comment by clicking below.  Like I've said before, it was only a matter of time...

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Before I get to the announced changes, let's clear the air over Alberta's oil and gas troubles.

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Full Story: Alberta Canada's Oil and Gas Industry - Energy and Capital (blog)

Virendra Pandit Dahej, March 14 Even as it diversifies into downstream business on the domestic front, hydrocarbon exploration and production (E&P) major Oil and Natural Gas Corporation Ltd (ONGC) is likely to invest up to $20 billion (Rs 90,000 crore) on its core upstream business over the next 10 years, to acquire oil and gas assets abroad.

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The blue-chip public sector undertaking has already made international investments worth $10 billion so far, including its single biggest worth $5 billion, at Sakhalin, Russia.

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“We have not yet set aside a chest for overseas acquisitions but, given its net worth at $19 billion, ONGC has the capacity to borrow up to $20 billion for its overseas operations without going to the capital market,” said Mr R. S. Sharma, Chairman and Managing Director.

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Full Story: ONGC may invest $20 b in overseas acquisitions - Hindu Business Line

Earthtimes (press release)

Exxon, Oil Search Gas Project Completes Financing Arrangements Bloomberg led liquefied natural gas project in Papua New Guinea has completed agreements with lenders to finance the $15 billion venture, the company said. ... Natural gas project clears Papua New Guinea hurdlesNational Papua New Guinea LNG Project Clears Final Conditions to ProceedMarketWatch (press release) all 51 news articles »

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Full Story: Exxon, Oil Search Gas Project Completes Financing Arrangements - Bloomberg

S Sundareshan took over as the new petroleum secretary from R S Pandey on February 1. In his first ever television interview to NDTV, he outlined his priorities and immediate goals. In a candid chat, the 1971-batch IAS officer from the Tamil Nadu cadre said final decision on the Kirit Parikh report will come through ‘in a couple of days’ and that the final consumer cannot escape the impact of the rise in global oil prices.

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He said that a final proposal has been made regarding uniformity in gas price and that the City Gas Distribution Authority has not done its work and he is working to make the PNGRB ‘functional’ again.

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NDTV: What has happened to the Kirit Parikh Commission report? S Sundareshan: The Kirit Parikh Commission report has been examined by the ministry of petroleum and natural gas as the honourable finance ministry stated in the budget, it is for the minister and the ministry to take the view and we will shortly be taking a view.

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Full Story: 'Consumers can't be insulated from oil prices fluctuations' - NDTV.com

Upstream oil and gas companies in the public sector are likely to take an additional hit of Rs 16,000 crore in the current financial year as the government has made no fresh Budgetary provision for meeting the oil subsidy burden and the state-controlled oil marketing companies have no financial cushion to absorb the impact of their under-recoveries.

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The upstream companies, such as, Oil and Natural Gas Corporation (ONGC), Oil India Limited (OIL) and GAIL, have already been asked to bail out the oil marketing companies by sharing their under-recoveries of about Rs 14,500 crore on account of petrol and diesel sales. The additional burden of Rs 16,000 crore on the upstream companies is proposed to take care of the oil marketing companies’ under-recoveries on sales of kerosene and liquefied petroleum gas (LPG).

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The total burden of under-recoveries (the gap between the government-fixed retail fuel prices and refining, marketing and other costs) on upstream oil and gas PSUs therefore will go up to Rs 30,500 crore in the current financial year. For the upstream oil and gas companies, however, this burden will not be more than last year, when they had compensated the oil marketing companies’ under-recoveries to the tune of Rs 32,943 crore. Even after taking the additional hit, these companies will remain profitable.

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Full Story: Govt may shift subsidy burden to ONGC, OIL, GAIL - Business Standard

Bengal Energy Ltd, a Canadian oil and gas exploration and production company based in Calgary, said Friday it is joining an Indian consortium for exploration in the Cauvery basin.

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Headed by Chayan Chakrabarty, the Canadian company said it will join the Gas Authority of India (GAIL) and the Gujarat State Petroleum Corporation to undertake exploration in 234,000 acres of the Cauvery Basin.

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It said the Tamil Nadu government has formally signed a four-year agreement with the consortium in which GAIL has a 40 percent stake, Bengal Energy and the Gujarat petroleum Corporation 30 percent each.

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Full Story: Canada's Bengal Co. to explore oil, gas in Cauvery Basin - Sify

New Delhi, March 12: The gas field offered by the Russian authorities to Oil and Natural Gas Corporation is not to the Indian PSU’s liking.

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Though the Yamal fields in the Arctic region, in which ONGC has been offered a stake, hold reserves vast enough to meet the demand of the whole world for five years, the PSU is not keen on them because they require huge investments and the gas cannot be brought back to India.

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ONGC, which operates abroad through ONGC Videsh Limited, is keen on the Sakhalin-3 (close to Japan), Vankor (east Siberia) and Trebs and Titov (Timan Pechora in northwest Russia) fields. Energy-hungry India is keen on sourcing one million barrels per day of oil and gas from Russia.

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Full Story: Whiff of discord in gas offer - Calcutta Telegraph

Alberta Premier Ed Stelmach speaks at the announcement of the province's competitiveness review during a news conference at the McDougall Centre in Calgary on Thursday, March 11, 2010.

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EDMONTON - The Alberta government cut royalty rates for conventional oil and gas Thursday, making permanent some previous incentive programs and unravelling many of the changes introduced with great fanfare in 2007.

The new rules will cost Albertans at least $828 million over the next three years, but the government expects to make back roughly half that amount in increased land sales and corporate taxes.

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Full Story: Alberta cuts oil and gas royalties - Edmonton Journal

CALGARY, Alberta, March 11 (Reuters) - The government ofAlberta said on Thursday it will cut oil and gas royalties inan about-face after nearly three years of bitter complaintsfrom the energy sector and sinking political fortunes for theruling party.

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The government of Premier Ed Stelmach said the changes tothe fiscal regime in the Canadian province, one of the largestsuppliers of oil and gas to the United States, are aimed atrestoring investment in its petroleum reserves and competingwith massive shale gas discoveries elsewhere.

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"The world has changed, the realities of the energy sectorhave changed and Alberta must change too or risk losing itscompetitive edge in an industry that has given us so much andstill holds so much incredible potential for our future,"Stelmach told reporters.

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Full Story: Alberta backtracks on oil and gas royalties - Reuters

CALGARY, Alberta, March 11 (Reuters) - The government ofAlberta said on Thursday it will cut its royalty rates onconventional oil and natural gas production as it looks toboost investment in the its oil and gas reserves.

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The province, under fire from the oil and gas industrysince raising its take from producers at the start of 2009,will lower its maximum royalty on gas production to 36 percentfrom 50 percent and on conventional oil to 40 percent from 50percent at the beginning of next year.Royalties from oil and gas production underpin Alberta'spublic finances. Increasing the province's take was a key andpopular plank in Premier Ed Stelmach's 2008 election campaign,which brought him the largest majority in the province'shistory in the middle of a commodity-price boom that enrichedthe industry, sparked labor shortages and boosted inflation.

Full Story: Alberta to cut royalties on oil, natural gas - Reuters

) as Asian countries scramble for a stake in the vast energy resources at their doorstep in Australia.

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The initial bid of A$3.3 billion (US$3 billion) valued Arrow’s shares at $4.45, a 28% premium on last week’s close of $3.48. But investors quickly bid up the shares even higher in anticipation of a sweetened bid.Australia has vast reserves of coal-bed methane and has attracted some A$20 billion (US$18 billion) in foreign investment over the past two years to develop this resource. Malaysia’s national oil company Petronas ( PNAGF.PK ) as well as oil majors like ConcoPhillips ( COP ) have acquired stakes in the industry.

Full Story: Shell, PetroChina Bid for Australian Coal Gas Producer - Seeking Alpha (blog)

Essar-led group protests fresh levy on oil exploration Economic Times Essar submitted a 'competent persons report' in BSE on March 4 quantifying its oil & gas resources that mentioned disputed Ratna & R-series fields. ... Essar to ink Ratna output deal in Q1Daily News & Analysis all 2 news articles »

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Full Story: Essar-led group protests fresh levy on oil exploration - Economic Times

Cairn India dropped 1.53%. India's biggest state-run oil exploration firm by revenue Oil & Natural Gas Corporation (ONGC) fell 0.81%. But, India's second biggest oil and gas exploration firm by revenue, Oil India, rose 0.48%.

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ONGC underperformed the market over the past one month till 9 March 2010, declining 1.04% as compared to the Sensex's 6.3% rise. It had also underperformed the market in the past one quarter, falling 7.22% as compared to the Sensex's decline of 0.42%.Cairn India underperformed the market over the past one month till 9 March 2010, rising 2.66% as compared to the Sensex's 6.3% rise. It had also underperformed the market in the past one quarter, falling 2.46% as compared to the Sensex's decline of 0.42%.

Full Story: Oil exploration stocks run out of fuel as crude declines - BloombergUTV

Rediff

Sensex ends in green; realty, oil & gas lead Economic Times MUMBAI: Equities ended lackluster session on a positive note in the absence of cues from global peers. Realty oil&gas and FMCG moved higher while IT and ... Sensex moves higher; auto, oil & gas gainNDTV.com Sensex up 40.37 pts; Oil & Gas, CD gainMyiris.com Markets consolidating at higher levelsBusiness Standard BloombergUTV -Economic Times -Myiris.com all 307 news articles »

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Full Story: Sensex ends in green; realty, oil & gas lead - Economic Times

NDTV Correspondent and Agencies, March 10, 2010 Mumbai) The key equity benchmark indices were trading firm on Wednesday on fresh capital inflows from foreign funds amid firming Asian markets.

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The Bombay Stock Exchange's Sensitive Index, Sensex, moved higher by 0.64 per cent while the wide-based Nifty gained 0.53 per cent at 5128, above the psychologically important 5100 mark. Amongst the sectoral indices, BSE Auto Index was the top gainer up 1.15 per cent, BSE Oil and Gas Index advanced 1.10 per cent and BSE Consumer Durables Index moved 0.80 per cent higher. BSE IT Index (down 0.10 per cent) and BSE Banking Index (0.09 per cent) were trading in the negative zone.

Full Story: Sensex moves higher; auto, oil & gas gain - NDTV.com

Rediff

Nifty ends below 5100; metals, PSU, oil & gas slip Economic Times MUMBAI: Indian markets ended laklustre session on a negative note Tuesday due to lack of support from global indices. ( Watch ) National Stock Exchange's ... Sensex sheds 50 points in broad sell offNDTV.com Sensex ends lower; Metal, PSU dropMyiris.com Dull day: Sensex declines 50ptsBusiness Standard Financial Express -India Today -NDTV.com all 228 news articles »

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Full Story: Nifty ends below 5100; metals, PSU, oil & gas slip - Economic Times

Helix Energy Solutions delighted investors on Monday when it announced that has enlisted advisors to help sell its oil and gas operations.

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In conjunction with the intended sale of its oil and gas business, Robert Murphy , executive vice president of that division, will step down from his post and leave the Houston, Texas-based company. Johnny Edwards, president of the oil and gas business, will lead the unit through its sale. The company provided no timetable for the sale, nor did it suggest any deals were in the works. In its fourth-quarter earnings report released on February 24, Owen Kratz , Helix's chief executive, said the company was "poised to increase its oil and gas production in 2010" after repairs to a third-party pipeline that services the company's Noonan natural gas field negatively impacted Helix's production late in 2009.

Full Story: Helix Wants Split From Oil And Gas - Forbes

'Oil & gas stocks will underperform the market in near future' Economic Times ET Now caught up with Avinash Gupta, Assistant Vice President Research Equity, Bonanza Portfolio Limited, to get his views on the oil and gas pack. ... and more »

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Full Story: 'Oil & gas stocks will underperform the market in near future' - Economic Times

March 8 (Bloomberg) -- Eastern Star Gas Ltd. and Oil Search Ltd. soared in Sydney trading after rival Arrow Energy Ltd. said it had become a takeover target.

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Royal Dutch Sell Plc and PetroChina Co. made an offer worth more than A$3.3 billion ($3 billion) to acquire Arrow, the holder of Australia’s biggest coal-seam gas acreage, triggering a record 46 percent surge in its share price. Eastern Star, a coal-seam gas developer in New South Wales, climbed 13 percent to close at 81 Australian cents.

Full Story: Eastern Star, Oil Search Shares Jump on Arrow Takeover Offer - BusinessWeek

All across Europe big oil companies are scouring millions of acres of countryside and buying up rights to tap the natural gas trapped in prehistoric shale beds thousands of metres below its surface.

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The shale gas rush has made its way over from the US, where breakthroughs in technology have allowed companies to extract gas from reservoirs previously seen as untouchable. The newly accessible US shale deposits are so big that executives now believe the country has enough gas to last it for a century. This extra supply and the US’s new found self-sufficiency has created a worldwide gas glut that has driven down prices.

Full Story: Europe the new frontier in shale gas rush - Financial Times

ONGC Videsh Ltd the overseas arm of Oil and Natural Gas Corporation has made two oil discoveries with a combined potential of 185 million barrels in a block in north eastern Syria.

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OVL and its partner IPR Mediterranean Exploration Ltd discovered the Rashid and Abu Khashab oilfields in Block-24. Rashid 1 well, drilled up to 1,739 metres, tested oil at the rate of 1,343 barrels per day. The second discovery well Abu Khashab-1 penetrated Jeribe formation of Miocene age at 950 metres and tested oil with a rate of 900 bpd. The third well Abu Khashab-2 was drilled to deeper horizons Dibbane and Chilou where oil was found. OVL has several producing and exploration assets in hydrocarbon-rich Africa and is looking at more acquisitions in the continent. OVL currently has 11 oil and gas projects in African nations like Sudan, Nigeria and Egypt.

Full Story: OVL makes two oil discoveries in Syria - SteelGuru

Diplomacy and energy are never far apart in the Persian Gulf. So, as American officials seek new international sanctions against Iran this week, it’s probably wise for them to remember how much the world’s global energy map has changed over the past decade.

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Iran’s leaders certainly do, and they’ve been counting on their increased ties with Asian countries, especially China, as their trump card against efforts to hem in their nuclear program. At the same time, the Iranians may want to reconsider just how much that trump card is worth. A number of experts say it is losing its value with each month that the stalemate over its nuclear program continues.

Full Story: Iran's Ace (Or Deuce): Its Oil Reserves - New York Times

WASHINGTON -- When Johnny Mercer penned those words, he was speaking of love not politics, and not the politics of energy. But he could have been.

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In energy, there are two great forces that collide: public policy and the market. Despite the love affair of recent decades with markets, neither is always right. Consider the struggle between old energy --market-tested and with a mature infrastructure -- and new, alternative energy.

Full Story: New oil and gas may cripple alternative energy - Salt Lake Tribune

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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HOUSTON (Dow Jones)--The number of rigs drilling for natural gas climbed this week as producers boosted activity in response to higher commodity prices. The number of oil and gas rigs climbed to 1,396, up 23 from the previous week, according to data from oil field services company Baker Hughes Inc. (BHI). The number of gas rigs ...

Full Story: Baker Hughes: US Oil, Gas Rig Count Up 23 To 1396 This Week - Wall Street Journal

In a recently received draft competent persons report (CPR), Essar Oil Ltd, an oil & gas exploration & production (E&P) arm of Essar group, is said to have an aggregate in-place CBM resource to the tune of 15 tcf.

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The company is going high on E&P front by engaging some of the renowned international consultants to provide competent persons report (CPR) certifying the resources in its various oil & gas / CBM blocks. The company is said to have received the draft of CPRs and the same are expected to be finalized shortly. The company said in a filing with the Bombay Stock Exchange (BSE) today that based on the draft reports of CPR, Essar Oil has aggregate in-place CBM resource of 15 tcf (trillion cubic feet) and recoverable CBM resource of around 7 tcf.

Full Story: Essar Oil draft-CPR hints at high CBM resources - Commodity Online

The Ruias-controlled Essar Oil plans to invest about Rs 4,000 crore in the next three years for developing its three coal bed methane (CBM) blocks in Jharkhand, Gujarat and West Bengal, having recoverable gas reserve of close to seven trillion cubic feet (tcf).

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“The existing recoverable gas would be valued about $4 billion at the current contract prices. With the commencement of CBM production in three blocks, Essar’s exploration and production (E&P) will be poised for a significant growth and the additional cash flow will help the company pay off the debts,” said an industry source. According to sources, the company has already spent Rs 150 crore for exploration at these CBM blocks.

Full Story: Essar Oil plans Rs 4000-cr investment for CBM blocks - Business Standard

Rediff

Sensex ends lower; IT, oil & gas, banks down Economic Times MUMBAI: Benchmarks ended choppy session on a lower note Thursday as traders booked profits after a sharp post budget rally. ... Sensex recaptures 17000 markIndia Infoline.com Sensex trades higher; JP Asso, RIL leadMyiris.com Sensex extends post-budget rally, ends at 17KNDTV.com BloombergUTV -Business Standard -Economic Times all 367 news articles »

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Full Story: Sensex ends lower; IT, oil & gas, banks down - Economic Times

By Natalie Obiko Pearson March 4 (Bloomberg) -- Reliance Industries Ltd. has no plans to increase its bid for bankrupt chemicals maker LyondellBasell Industries AF after creditors rejected a $14.5 billion offer, two people briefed on the matter said.

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Market conditions didn’t justify raising the offer further, the people said yesterday declining to be identified because they aren’t authorized to speak to the media. Chairman Mukesh Ambani, Asia’s richest man, may be prompted to spend Reliance’s $3.5 billion of cash elsewhere, analyst Victor Shum said. “Paying any more than Reliance have offered makes the deal unattractive,” Shum of energy consultants Purvin & Gertz Ltd. said by telephone from Singapore today. “Lyondell would have given Reliance assets outside India and access to its marketing network in the U.S., but Reliance already markets globally and the synergies between the two companies are not that great.” The Mumbai-based oil refiner and explorer’s shares have climbed 4.7 percent this week after its bid was rejected for a second time this year. Reliance is seeking asset abroad to reduce the risk of investing mostly in India, where it is battling a lawsuit over natural-gas supplies with a company owned Mukesh’s estranged brother, Anil Ambani.

Full Story: Reliance Said to Have No Plans to Raise Lyondell Bid - BusinessWeek

The Hindu

Nifty on firm foot; oil & gas, metals, realty gain Economic Times MUMBAI: Benchmarks were well poised on Wednesday as investors bought stocks from across the board for straight third session since the union budget was ... Sensex trades higher; JP Asso, RIL leadMyiris.com Sensex extends post-budget rally, ends at 17KNDTV.com Sensex ends at 17000, RIL gains 4%BloombergUTV Business Standard -Economic Times -Economic Times all 237 news articles »

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Full Story: Nifty on firm foot; oil & gas, metals, realty gain - Economic Times

March 3 (Bloomberg) -- BP Plc Chief Executive Officer Tony Hayward outlined plans to boost production and cut refinery costs as he tries to close the gap with Exxon Mobil Corp., the world’s most profitable oil and gas company.

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BP said yesterday it can increase production as much as 2 percent a year through 2015 as the share of natural gas in total output rises to 45 percent from 40 percent. It aims to improve underlying profitability in its refining business by $2 billion over two to three years, Hayward told investors and analysts during the company’s annual strategy briefing. “It’s not going to be easy, but their plan is credible,” said Jason Kenney, head of oil and gas research at ING Commercial Banking in Edinburgh. “They’ll be at least as good as Exxon in terms of return on capital employed over the next five or six years. That’s a major turnaround from the dark days of 2005 and 2006. They’re firing on all cylinders, but they’ve not yet pressed the accelerator.” BP’s oil and gas production passed Exxon’s for the first time last year even as the U.S. producer earned more than $4 billion above its London-based rival. Hayward said his company has larger, more complex refineries than its peers, allowing it to wring extra cash from its plants as fuel-processing profits for the industry remain depressed.

Full Story: BP's Hayward Chases Exxon With Refining Cost Cuts, Gas Output - BusinessWeek

By JANE WARDELL(AP)– 36 minutes ago LONDON — BP PLC pledged Tuesday to boost its annual pretax profit by more than $3 billion over the next two to three years, with plans for scores of new projects to counter declining output from existing oil and gas fields.

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The company said it expects to lift oil and gas production by an average of between 1 and 2 percent over the next five years and that it was increasingly confident of further growth to the end of the decade. Chief Executive Tony Hayward said BP needed to work harder to utilize its assets in the face of depressed global refining margins. He acknowledged that the company still has "some catching up to do" relative to the performance of its peers.

Full Story: BP seeks $3B boost to pretax profit - The Associated Press

Falkland Oil and Gas, one of the companies at the centre of the heated political row over UK companies drilling for oil in the Falkland Islands’ territorial waters, confirmed yesterday that it has sufficient cash to fund its exploration programme in the region.

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The company said that it has $93.5m on its balance sheet, most of which will be used to pay for its drilling project to the south east of the islands. The programme is expected to start by the middle of next month after Desire Petroleum, the company using the Ocean Guardian rig to the north of the islands, finishes its drilling campaign. The rig has been towed 8,000 miles from the Cromarty Firth in Scotland. The cash reserves, which are up on the $18.8m reported this time last year, come largely thanks to Falkland Oil and Gas’s £50m a rights issue last October. The other groups now operating in the region also asked investors for additional funding. Desire raised £42m last September, before Rockhopper asked investors for £50m. Borders & Southern, another group operating in the Falklands’ waters, raised £113.1m to fund a three-well programme.

Full Story: Falkland Oil and Gas has funding in place - Independent

Oil and gas company Mariner Energy on Monday posted a fourth quarter profit as production improved said it is beginning to tap its potential for drilling in the deep water of the Gulf of Mexico.

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Mariner Energy said it made $21 million, or 22 cents per share, for the quarter ended Dec. 31 compared with a loss of $648.9 million, or $7.41 per share, in the fourth quarter of 2008 when it recorded a hefty charge on its oil and gas properties due to falling commodity prices. Oil prices fell close to $30 per barrel last year from $147 as the economic downturn squelched energy demand. Prices have come roaring back, however, and a barrel of oil goes for around $80.

Full Story: Mariner posts 4Q profit on higher production - BusinessWeek

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Budget winners: Oil & gas, banking and consumers Economic Times As informed by Sanjay Grover, partner (Oil & Gas), Ernst & Young, earlier, the fees paid for such technical services were taxable in India only if the ... Deora welcomes union budget, justifies fuel price hikeHindustan Times all 42 news articles »

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Full Story: Budget winners: Oil & gas, banking and consumers - Economic Times

Saudi Arabia today said it would double the supply of crude oil to India to around 40 million tonnes (mt) a year, a move that would help India meet the growing needs of its refineries.

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The assurance came at a meeting between Minister of Petroleum and Natural Gas Murli Deora and his Saudi Arabian counterpart Ali bin Ibrahim Al-Naimi here today. Deora is part of the delegation accompanying Prime Minister Manmohan Singh on a visit to Saudi Arabia. He said India looks for doubling of crude oil supply from Saudi Arabia as its three refinery projects at Bhatinda, Bina and Paradip near completion. Naimi assured Deora his country would increase allocation of crude oil for supply to India from about 25.5 mt a year to about 40 mt, according to an official statement.

Full Story: Saudi to double crude oil supply to India - Business Standard