April 2010 Archives

NEW DELHI: With five leading Indian firms under the American scanner for doing business with Iran's oil and gas sector, the Manmohan Singh government might soon have to walk its talk on opposing sanctions on the Islamic Republic.

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In a week in which the House of Representatives voted to speed up the process of reconciling its anti-Iran bill with the version passed by the Senate, the United States Government Accountability Office (GAO) made public a report naming the five Indian companies as part of a list of 41 foreign firms helping Iran develop its oil and gas sector.

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The Indian companies named are the Indian Oil Corporation, Oil and Natural Gas Corporation, ONGC Videsh (OVL), Oil India Limited and the government-sponsored private company, Petronet LNG. In addition, the U.K.-based Hinduja group is listed.

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Full Story: Five leading Indian firms under US scanner for Iran links - The Hindu

Mukesh Ambani-led Reliance Industries Limited (RIL) has more or less met analysts’ expectations in the quarter as well as in full year ended March 2010. Net revenues more than doubled to Rs 57,570 crore year-on-year in March 2010 quarter, helped by all its businesses particularly improved scenario in refining and petrochemical businesses.

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Consequent to rising oil prices amid improving global economic growth, refining margins rebounded after touching historical low levels in Q3FY10 on account of temporary shutdown of refining capacity (close to 2.5 per cent of global capacity) during the slowdown and delay in new capacity additions. Singapore Gross refining margins (GRMs) averaged at $5 per barrel, a quantum jump from its 8-year low level of $1.9 achieved in the previous quarter though it is still marginally down by 10 per cent.

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RIL, which commands a premium of $3-4 per barrel over Singapore GRMs also showed a stark improvement and GRMs stood at $7.5 in the March quarter, up 27 per cent q-o-q though it is still down by 24 per cent on a yearly basis.

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Full Story: Reliance Industries: Meeting expectations - Business Standard

VADODARA: TDW India Ltd, a wholly-owned subsidiary of Oklahoma-based TD Williamson Inc is setting up its first manufacturing facility in India at Savli GIDC with an investment of over Rs 100 crore.

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The Savli facility of US $450 million TDW Inc is the third international facility that the global major in oil and gas pipeline services is setting up after its first facility at Tulsa in Oklahoma and second one at Nivelles in Belgium. The facility which is near completion will also cater to export market from Middle East up to Australia.

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The Savli facility of US $450 million TDW Inc is the third international facility that the global major in oil and gas pipeline services is setting up after its first facility at Tulsa in Oklahoma and second one at Nivelles in Belgium. The facility which is near completion will also cater to export market from Middle East up to Australia. "We expect the facility to be fully operational before the end of this year, which also happens to be the 15th year of our India operations," TDW India Limited's country manager Sanjay Shembekar told TOI on Tuesday, adding that the upcoming facility that will generate 200 jobs, will serve as engineering and IT hub for the company globally as IT professionals hired from here will also support other locations in US, Belgium and Houston.

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Full Story: US oil & gas pipeline major to start 1st Indian facility in Savli - Times of India

MUMBAI: Benchmarks were off intraday lows but still in the red as fraud charges against Goldman Sach hurt sentiments. All the sectoral indices were in the red with metals, realty and oil&gas worst hit.

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At 1:15 pm, National Stock Exchange’s Nifty was at 5204.85, down 57.75 points or 1.10 per cent. The index touched intraday low of 5160.90 and high of 5279.05.

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Bombay Stock Exchange’s Sensex was at 17395.34, down 195.84 points or 1.11 per cent. The 30-share index hit a low of 17276.80 and high of 17584.86.

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Full Story: Sensex off lows; metals, realty, oil & gas down - Economic Times

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Full Story: Algeria Oil Minister:Gas Producers To Seek Oil-Gas Price Parity - Wall Street Journal

At 14:54 hours IST, the benchmark Sensex remained under selling pressure though it recovered over 50 points from the day's low ahead of Monetary Policy on Tuesday. Weak global cues on the back of Goldman Sachs fraud charges weighed on the markets today.

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Asian markets witnessed more selling pressure than Indian markets; Shanghai slipped 4.8% as there were reports that China cabinet would take further steps to control speculative buying in property sector. Taiwan was down over 3% and Hang Seng was down 2%. Jakarta, Nikkei, Straits Times and Kospi were down 1.3-1.8%. European markets already factored in Goldman Sachs' news, which were flat in trade; these indices were down over 1% on Friday.

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Oil & gas exploration, metal, technology, realty, auto, FMCG, power and cement companies' shares were down. BHEL, SBI, HDFC Bank, Ranbaxy and Sun Pharma were the other losers in trade.

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Full Story:
Sensex loses over 200 pts metals oil gas dip - Moneycontrol.com

BG also pulls out of KG - Hindustan Times

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In what may serve as a big blow to the country’s deepwater exploration programme, foreign oil majors are one-by-one pulling out of the prolific oil and gas exploration blocks of state-owned ONGC in the Krishna-Godavari (KG) basin.

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UK-based BG Group is up next after Norwegian oil major Statoil and Brazil’s Petrobras to walk out of  another east coast block of ONGC. All blocks are nex to the productive KG-D6 block of Reliance Industries Ltd.

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UK-based BG Group is up next after Norwegian oil major Statoil and Brazil’s Petrobras to walk out of  another east coast block of ONGC. All blocks are nex to the productive KG-D6 block of Reliance Industries Ltd. “BG (holding a 30 per cent stake in KG-DWN-98/4) would like to inform you that it is no longer participating in the block,” the former British Gas told ONGC in a recent letter.

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Full Story: BG also pulls out of KG - Hindustan Times

Triveni Engineering touched an intraday high of Rs 134.40 and an intraday low of Rs 131.05. At 12:07 hrs the share was quoting at Rs 132.35, up Rs 2.55, or 1.96%.

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Triveni Engineering has signed a JV with GE Oil & Gas through its affiliate GE Pacific Mauritius Ltd. The JV is for design, manufacture, supply, sell & service advanced technology steam turbines above 30 to 100 MW.

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Triveni Engineering will hold one extra share in the JV. The transaction is expected to close in the next few months.

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Full Story: Triveni Engineering sign JV with GE Oil & Gas; stk gains - Moneycontrol.com

New Delhi:  Triveni Engineering & Industries Limited (Triveni) and GE Oil & Gas, through one if its affiliates, have signed a joint venture (JV) agreement to design, manufacture, supply, sell and service advanced technology steam turbines in India, above 30 to 100 MW range for power generation applications in the Indian and worldwide markets.

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The joint venture company, GE Triveni Limited, which will be incorporated in India and headquartered in Bangalore, will manufacture advanced technology steam turbines in India for both domestic customers and export to global markets.

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The JV, which will be endowed with a full technology transfer and on-going R&D support from GE, will use Triveni’s Bangalore facility for turbine manufacturing.

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Full Story: Triveni Engineering and GE Oil & Gas ink JV agreement for steam turbines - Machinist.in

OSLO/LONDON, April 16 (Reuters) - Flight bans in place while the volcanic ash cloud looms over Europe should not have any impact on North Sea oil and gas field operations, at least in the short term, field operator representatives said on Friday.

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Norwegian oil and gas giant Statoil (STL.OL: Quote , Profile , Research ) said there was still no impact on oil and gas production on Friday, despite all helicopter flights to North Sea offshore platforms still being suspended due to volcanic ash clogging European airspace.

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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.

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Full Story:
UPDATE 1-North Sea oil, gas output unaffected by flight ban - Reuters India

Radhika Gupta, director, Forefront Capital Management, in a chat with ET Now talks about oil and gas space.

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I think we are bullish on the oil gas space in general. I think rising commodity prices are coming so the oil and gas space is something to be excited about. Reliance Industries within that space is more representative on the index, more excited about smaller guys like MRPL in the energy space or ONGC which has got a strong domestic production story in oil than a Reliance Industries.

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I think MRPL has a strong valuation story. It has been beaten down a little bit so the valuation story is good. It’s often ignored, it’s a smaller stock. The earnings from the last quarter were fairly reasonable. The profitability numbers were at least better than our expectations.

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Full Story: Bullish on the oil gas space: Forefront Capital Management - Economic Times

At 13:18 hours IST - the 30-share BSE Sensex was trading marginally lower amid volatility while the Nifty was trying to hold 5250 level. Weak global cues also weighed on the markets; European markets were down 0.25% each and Asian markets declined 0.5-1.5% on profit booking.

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Shares oil & gas, metal, technology, realty, telecom, auto (barring Tata Motors), capital goods and power companies were witnessing selling pressure, which kept the markets in negative terrain. SBI, HDFC, Kotak Mahindra Bank and PNB were other losers in trade.

However, ITC, ICICI Bank, Cairn, Sun Pharma, GAIL, Tata Motors, ABB, Axis Bank, HUL, Siemens and HDFC Bank were the only gainers.

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Full Story: Sensex southbound; oil & gas, infra, tech, metals dip - Moneycontrol.com

It appears the oil and gas industry is being threatened, yet again, by an anonymous letter. On Thursday, media in Dawson Creek, B.C. received an unsigned letter citing, "time-out is over".

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The letter has since been turned over to RCMP who say they are investigating whether the letter is from the same individual who sent previous letters.

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Last summer, a threatening letter was sent to Dawson Creek media warning that attacks will "get a lot worse" if Calgary-based EnCana did not stop operations in the area.

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Full Story: Another anonymous letter threatens oil and gas industry - CTV.ca

NEW DELHI: Triveni Engineering & Industries on Thursday said it has entered into an agreement with GE Oil & Gas to form a joint venture company, GE Triveni, to design and manufacture steam turbines in India.

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The company has signed a joint venture agreement with GE Oil & Gas, through one if its affiliates GE Pacific Mauritius, to form GE Triveni Ltd, Triveni Engineering said in a filing to the Bombay Stock Exchange.

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The company would develop advanced technology steam turbines in India within 30 to 100 MW range for power generation applications in the Indian and worldwide markets, the filing added.

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Full Story: Triveni partners GE Oil & Gas for steam turbines - Hindu Business Line

Oil prices have given us a break lately, but it may not last. Analysts warn that they may be on the rise sooner than we think, but exchange traded funds (ETFs) could give you the edge.

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These opposing forces are pushing and pulling oil prices, but whether lower or higher prices ultimately emerge victorious remains to be seen. The IEA suspects that there may be a break for American consumers in there.

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For more stories about oil, visit our oil category .

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Full Story: ETFs to Hedge Rising Oil and Gas Prices – If It Happens - ETF Trends (blog)

WASHINGTON — Interior Secretary Ken Salazar said Tuesday that his department will spend the next several months determining what it needs to know to make good decisions about future oil and gas leasing in the offshore Arctic.

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Between now and Oct. 1, federal scientists will be reviewing what they already know about the Beaufort and Chukchi seas -- as well as looking for what gaps remain in scientific knowledge of the region, and what it will take to close them.

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The U.S. Geological Survey and the Minerals Management Service will take the lead in determining what research is needed to develop effective oil-spill response in icy regions as well as what's known about the effects of exploration and development on marine mammals.

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Full Story: Interior Dept. to study Alaska's newest oil, gas leases - MiamiHerald.com

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Nevada’s average gas price rose 13 cents over last month's figures to $2.96 a gallon, according to AAA Nevada, which tracks fuel costs as a service to consumers.

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In Reno, the cost of a gallon of gas rose 10 cents to $3.03. In Sparks, it was once cent higher. In Carson City, the cost of a gallon is $2.95.

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Full Story: Gas prices rise 13 cents per gallon in Nevada - Reno Gazette Journal

Co expects to spend $5 billion in developments.

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Reliance Industries' definitive agreement to enter into a joint venture with US-based Atlas Energy, Inc, for a 40 per cent interest in Atlas' Marcellus Shale acreage is a positive for Reliance mainly from three perspectives.

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One: it gives a shot-in-the-arm to the company's endeavours to broaden its oil and gas upstream interests at a global level; two: it gives Reliance a formidable foothold in the rapidly growing “unconventional gas” business; and last but not least, it helps the company effectively deploy at least a portion of its significant cash reserves.

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Full Story: Atlas deal gives triple advantage to Reliance - Hindu Business Line

Devon Energy ’s oil and gas assets in the Gulf of Mexico for $1.05 billion, an amount that is about $250 million more than some analysts had expected. The deal expands Apache’s presence in the region and gives Devon the cash it needs to concentrate on its land drilling operations.

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The purchase price drops to a net $840 million after stripping out the capital gains taxes that Devon will pay for the property, Fadel Gheit, an oil analyst at Oppenheimer, told Dealbook. “Apache is the biggest producer on that shelf and the deal makes a lot of sense for them,” he said.

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BP for $7 billion in cash.

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Full Story: Apache to Buy Oil and Gas Assets from Devon - New York Times (blog)

NEW DELHI: State-owned design & engineering consultancy firm Engineers India (EIL) plans to set up a city gas distribution business under a joint venture or independently. This will be EIL’s first independent business, EIL chairman & managing director AK Purwaha told ET. City gas distribution business refers to supply of piped natural gas to households and automobiles.

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EIL, which is set to launch its follow-on public offer (FPO) in July this year, is planning to diversify its business portfolio. The company provides engineering support and consultancy services to companies undertaking oil and gas projects in India and abroad. EIL is in talks with Gail India and Gujarat State Petroleum Corporation (GSPC) for a possible joint venture and become a participant as well. We may even bid for city gas projects in the next round independently, said Mr Purwaha.

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The decision to enter city gas business is consistent with the company’s article of association, he said. EIL plans to participate in the next round of bidding when downstream regulator Petroleum & Natural Gas Regulatory Board (PNGRB) will invite bids for select cities. The date of bidding is yet to be announced by the regulator. Mr Purwaha was earlier the CEO of Mahanagar Gas, which supplies natural gas to millions of households and vehicles in Mumbai.

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Full Story:
EIL to set up city gas distribution biz - Economic Times

Sales by Scottish firms supporting the oil and gas sector reached a record of £15bn in 2008-09, a report says.

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The survey examines the performance of Scottish-based firms supplying products and services to oil and gas companies.

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It suggested revenue increased by more than 8% on the previous year, reaching a total of £15.4bn.

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Full Story: 'Record sales' for oil and gas suppliers - BBC News

An oil rig in the Gulf of Mexico. President Barack Obama is set to announce that he will allow more exploratory drilling in some U.S. coastal areas.

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WASHINGTON -- President Barack Obama is to announce on Wednesday a plan to permit exploration for oil and natural gas off the coast of Virginia as a way to create jobs and reduce U.S. dependence on foreign oil.

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Mr. Obama, who wants Congress to move a stalled climate change bill, has sought to reach out to Republicans by signaling he is open to allowing offshore drilling, providing coastlines are protected.

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Full Story: Obama to permit oil exploration off Virginia coast - Victoria Times Colonist

Reliance Industries has informed oil regulator DGH that four smaller gas finds surrounding the D-1 and D-3 fields in the Krishna-Godavari basin can be commercially exploited.

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RIL on February 19 informed the oil regulator Directorate General of Hydrocarbons (DGH) that four smaller gas finds, surrounding the D-1 and D-3 fields, which are currently producing around 62 mmscmd of gas, can be commercially exploited, sources in know of development said.

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RIL estimates that four smaller gas finds in the prolific KG-D6 block may contain 1-2 Trillion cubic feet of reserves and may help prolong peak output of 80 million standard cubic meters per day (mmscmd) from the block, sources said.

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Full Story: RIL finds 4 more gas reserves in KG basin - NDTV.com

Refining margins for fuel oil look set to fall deeper into the red as traditional demand sources dry up due to fuel switching.

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Sinking profit margins are particularly bad news for simple refiners, lacking the capacity to upgrade the sludgy substance to lighter transport fuels for which demand is bouncing back.

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Fuel oil fundamentals have been under siege for years, especially in the developed world, because of stricter environmental legislation in shipping and power generation.

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Full Story:
Slow death of fuel oil gets quicker thanks to gas - Moneycontrol.com

STATE COLLEGE, Pa., April 9, 2010 (GLOBE NEWSWIRE) -- Rex Energy Corporation ("Rex Energy") (Nasdaq:REXX) will present at the IPAA Oil and Gas Investment Symposium in New York at the Sheraton New York Hotel and Towers on Wednesday, April 14, 2010 at 10:25 a.m. Eastern time with a breakout session to follow. The company's presentation at the conference will be webcast and available through the Rex Energy website, www.rexenergy.com . The slide presentation that will be used at the conference will be available on Rex Energy's website beginning Monday, April 12, 2010.

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Rex Energy is an independent oil and gas company operating in the Illinois Basin and the Appalachian Basin of the United States. The company has pursued a balanced growth strategy of exploiting its sizable inventory of lower risk developmental drilling locations, pursuing its higher potential exploration drilling prospects and actively seeking to acquire complementary oil and natural gas properties.

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Full Story: Rex Energy Corporation to Present at IPAA Oil and Gas Symposium - CNNMoney.com (press release)

Reliance Industries will pay $1.7 billion to form a joint venture at one of the most promising natural gas deposit regions in the US with Atlas Energy, becoming the latest foreign company to invest in shale plays that are expected to be very lucrative .

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Reliance, controlled by billionaire Mukesh Ambani, has been working hard to expand its presence outside India, break into new markets and broaden its various businesses including refining, oil and gas exploration and petrochemicals.

India's largest listed firm will pick up a 40 per cent stake in Atlas's operations in the booming Marcellus Shale -- a gas project that spans parts of Pennsylvania, West Virginia and New York in the United States and which, according to some geologists, could hold enough natural gas to satisfy US demand for a decade.

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Full Story: Reliance to pay Atlas $1.7 bln for Marcellus stake - Kolkata Mirror

MUMBAI: Reliance Industries (RIL) has agreed to buy a 40% stake in a US shale gas venture of Atlas Energy for $1.7 billion, joining Exxon Mobil and France’s Total in the race for a fuel that may change the global energy economics.

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The nation’s biggest company will invest $340 million in cash for the stake and pay Atlas’ drilling expenses of up to $1.36 billion over the next five-and-a-half years, said a statement from Atlas. The deal values per acre of shale at $14,167, compared with $14,000 an acre paid by Japan’s Mitsui & Co in a similar deal.

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ET NOW, this newspaper’s television channel, was the first to report the deal. Reliance shares rose 1.6% to Rs 1,124.70.

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Full Story: RIL set to buy 40% in Atlas shale gas arm for $1.7 bn - Economic Times

MUMBAI: Benchmarks pulled back on Friday taking support from positive Asian peers. Traders bought stocks at lower levels after a sharp profit booking session previous day.

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MUMBAI: Benchmarks pulled back on Friday taking support from positive Asian peers. Traders bought stocks at lower levels after a sharp profit booking session previous day. “The channel support coincides with 20 SDMA levels of 5247. Decline till 5250 should be used to reinitiate fresh longs as the trend remains positive for the market. Bullish outlook on the Nifty would get negated on close below 5180.

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In a relatively weak market realty and IT depicted more strong relative strength. We recommend exploring trading shorts in SAIL, Reliance Capital, and HDFC Bank. Essar Oil, Unitech and NTPC appear to be good long candidates,” said Edelweiss report.

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Full Story: Sensex moves higher; oil & gas, capital goods up - Economic Times

With global economic growth on the recovery path and crude oil prices rising, the fortunes of India’s oil & gas and petrochemicals sector are changing. To begin with, the global demand for crude oil is seen rising by 9,00,000 barrels per day (bpd) to 85.12 million bpd in CY2010, compared with the 1.5 per cent decline in CY2009. This should support crude oil prices, which have risen 20 per cent in the last two months to around $85 a barrel, and benefit companies like Cairn India.

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Gross refining margins (GRMs) and petrochemical cracks have also begun to improve, benefiting companies like Reliance Industries, standalone refineries like MRPL, and petchem producer Gail. The significant decline in demand, coupled with new capacities, had led to a sharp decline GRMs in the past. “However, from here on, utilisation (refinery) will improve gradually, as new capacities will be lower than the demand growth of about 1.8 million bpd per year,” said Edelweiss Securities’ analysts in a report. They expect GRMs to increase from $6.1 per barrel in CY09 to $10.6 per barrel in CY11 and say that GRMs have already picked up in CY10.

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Overall, analysts are bullish on private players like Reliance Industries and Cairn India. Additionally, higher crude oil prices will aid demand for oil exploration and production services provided by companies like Aban Offshore, Dolphin Offshore and Shiv-Vani. These will gain from the higher demand (improved utilisation of equipment) and later, improved rentals (on equipment). A case in point is Aban. The company, which has seen the number of idle rigs decline in recent past, signed a rig-deployment contract on Thursday that will earn the company $159 million (Rs 700 crore) in revenues over four years starting end-2010.

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Full Story: Oil & Gas: Fortunes turning around - Business Standard

AHMEDABAD: Gujarat State Petroleum Corporation (GSPC) has inked an agreement with government of Egypt for oil and gas exploration in the African nation where the Indian firm has been alloted blocks.

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The Gujarat Government-promoted company, in partnership with private sector Adani Group, was recently alloted three blocks for oil and gas exploration in Egypt.

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The consortium is led by GSPC, which has 60 per cent stake, while Adani Group holds 40 per cent, said a GSPC official here today.

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Full Story: GSPC inks agreement with Egypt for oil and gas exploration - Economic Times

HOUSTON, April 7 (Reuters) - Oil and gas producer EOG Resources Inc (EOG.N: Quote , Profile , Research ) increased its reserve estimates and said it made new crude oil discoveries in three states, helping send its shares up 7 percent.

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HOUSTON, April 7 (Reuters) - Oil and gas producer EOG Resources Inc (EOG.N: Quote , Profile , Research ) increased its reserve estimates and said it made new crude oil discoveries in three states, helping send its shares up 7 percent. "We've been working for three years to shift this company to a higher liquids mix," Mark Papa, the chief executive of EOG, told analysts in remarks broadcast over the Internet on Wednesday.

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EOG is building up large North American acreage positions in areas where it can use horizontal drilling to explore for crude oil trapped in rock like shale.

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Full Story: UPDATE 3-EOG boosts oil and gas reserves, shares up 7 pct - Reuters India

Deepak Mohoni, Director, trendwatchindia.com, in a chat with ET Now talks about the oil and gas space.

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Oil and gas little bit of momentum in Cairn India with oil prices going up but the other three majors are really lagging a little bit. They tend to do better when the markets go down because the market usually goes down when crude oil is going down so you get this inverse correlation. So while this rally is intact the intermediate uptrend that is intact chances are the oil majors will struggle but once there is a reversal those might start picking up again.

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I would call it stable rather than bullish. It has been in a range for quite a while now 4-5 months it has been between 380 and 440 that’s a fairly narrow range. So it’s given the time duration. So today’s move I would may be its not a one day wonder but a two or three day wonder but may not really come out in the range with the move like this.

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Full Story: Oil majors will struggle: Deepak Mohoni - Economic Times

Last week, President Barack Obama made good on a campaign promise by proposing to open new American waters to drilling for oil and natural gas. However, by promoting fossil-fuel usage and threatening these off-shore ocean ecosystems, he is failing to make good on protecting the environment.

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The proposal will open up much of the Eastern seaboard—from Delaware to central Florida—the Eastern Gulf of Mexico, as well as more of Alaska, to drilling. This near-sighted plan endangers the environment while also doing little to advance the United States’ goal of energy independence. The research necessary to pinpoint tracts of oil and natural gas suitable for drilling is incredibly invasive; for example, the process often disrupts whale migration because of sonar equipment. Such research will likely drag on for 10 to15 years, while destroying precious ecosystems.

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Apart from the severe environmental hazards, Obama’s proposal is problematic because of the short-term solution it provides. Experts estimate that the total yield from the new drilling proposal will only provide three years of oil and about two years of natural gas, based on current consumption levels. These are paltry numbers. Nor is this, in fact, really a “solution.” The recovered oil and gas will not be available for many years, and it is possible that once the oil and gas tracts are found, extraction may be prohibitively expensive. In this circumstance, the country would not benefit—perhaps even losing money—and the environmental damage from preliminary research would have occurred needlessly.

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Full Story: Don't Drill for the Bill - Harvard Crimson

SandRidge Energy’s agreement this week to acquire Arena Resources, a producer of conventional oil in West Texas, for $1.6 billion is the latest example of natural gas companies seeking to balance their portfolios with more oil as the two resources decouple in price.

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Natural gas prices have fallen more than 25% this year to below $4 a million British thermal units while oil prices have risen 8% and are now testing the $85 a barrel level, with some analysts forecasting $90 to $100 a barrel for later this year. The price ratio between the two fossil fuels has widened to more than 20-to-1 after staying closer to 10-to-1 in the past, even when oil rose to $147 a barrel.

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SandRidge CEO Tom Ward said last month at the Howard Weil Energy Conference that companies can make “10 times more money” producing oil rather than gas. SandRidge has been acquiring oil properties over the past two years to achieve greater balance.

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Full Story: Texas Acquisition Shows Shift of Gas Producers to Oil Investment - OilPrice.com

SandRidge Energy Inc. aims to merge with a fellow Oklahoma-based oil and gas exploration company in a $6.2 billion deal that brings the former more conventional oil and gas assets in West Texas.

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SandRidge Energy Inc. aims to merge with a fellow Oklahoma-based oil and gas exploration company in a $6.2 billion deal that brings the former more conventional oil and gas assets in West Texas.

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In the acquisition, Arena Resources Inc., based in Tulsa, brings Oklahoma City-based SandRidge, whose top executive co-founded Chesapeake Energy Corp. before leaving in 2006, significant oil and gas assets across the southwestern United States.

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Full Story: West Texas oil spurs former Chesapeake exec’s latest business deal - Fort Worth Business Press

Indices opened on a firm note and gained momentum as traders took positions across the board. Broader markets outperformed the key indices even as Reliance Industries surged around 3 per cent.

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National Stock Exchange’s Nifty closed at 5368.40, up 77.90 points or 1.47 per cent. The index touched a high of 5377.55 and low of 5291.40.

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Bombay Stock Exchange’s Sensex ended at 17,935.68, up 243.06 points or 1.37 per cent. The 30-share index hit a high of 17948.54 and low of 17693.66.

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Full Story: Sensex ends at 52-week high; realty, auto, oil & gas up - Economic Times

MUMBAI: Sustained buying activity was seen in equities across the board as sentiments turned bullish taking cues from global peers. The upmove was led by realty, auto and oil&gas majors while capital goods and IT stocks were a little subdued.

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At 1:15 pm, Bombay Stock Exchange’s Sensex was at 17835.92, up 143.30 points or 0.81 per cent. The index touched a high of 17853.51 and low of 17693.66.

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National Stock Exchange’s Nifty was at 5334.10, up 43.60 points or 0.82 per cent. The index hit a high of 5340.65 and low of 5291.40.

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Full Story: Sensex on firm foot; realty, auto, oil & gas up - Economic Times

Oil and gas explorer SandRidge Energy Inc. is buying fellow developer Arena Resources Inc. for $1.6 billion as the continued drop in natural gas prices drives a bigger focus on oil resources, the companies said Sunday.

Arena shareholders will receive $2.50 in cash and about 4.78 shares of SandRidge stock for each Arena share held. That values the Tulsa, Okla., company at $40 per share — a 17 percent premium to the stock's Friday closing price of $34.26.

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Based on Arena's 39.2 million shares outstanding at Dec. 31, the transaction is worth $1.57 billion.

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Full Story: SandRidge to buy Arena Resources for $1.6B - The Associated Press

President Barack Obama's decision to open up areas along the East Coast, in the eastern Gulf of Mexico and in Alaskan waters to offshore exploration for oil and natural gas doesn't seem to be making anybody happy.

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No surprise there. The president has fashioned what he feels is a workable political compromise on offshore drilling and framed it with proposals for more stringent fuel economy standards, along with increased support for hybrids and biofuels.

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Nobody loves a compromise, and this one's no exception. For his trouble, Obama is garnering faint praise from the oil and gas industry and its supporters in the Republican Party, and loud cries of betrayal from some quarters of the environmental community, long considered among the president's staunchest supporters.

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Full Story: Offshore bounty: Done right, oil and gas drilling in newly accessible areas ... - Houston Chronicle

Sunday April 04,2010 | Last Updated 02:57 AM • What is Citizen Journalism?        • Be a Citizen Journalist.

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India has proposed fresh trilateral talks to be held in Tehran next month and is optimistic that the proposal on the Iran-Pakistan-India natural gas pipeline will be accepted.

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India has proposed fresh trilateral talks to be held in Tehran next month and is optimistic that the proposal on the Iran-Pakistan-India natural gas pipeline will be accepted. ''We had initiated the trilateral talks in 2007 among the three governments and such discussions are ongoing,'' Minister for Petroleum and Natural Gas Murli Deora told reporters at the Consulate General of India in New York.

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Full Story: India proposes fresh trilateral gas pipeline talks - MyNews.in

President Barack Obama announced new plans to expand offshore drilling in the United States after making “green” energy efforts a major part of his campaign for President in 2008. President Obama has announced that the government will seek permission from Congress to open up several areas along U.S. coastlines to allow for new exploratory drilling for oil and natural gas. The earliest region that could be affected lies off the Virginia coastline and could see drilling as early as 2012. The general time frame for any new drilling falls between 2012 and 2017.

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President Obama is proposing leasing areas in several different regions off U.S. coastlines to open the areas up to new drilling. There has been a long standing moratorium on any drilling along the Eastern seaboard stretching from Delaware to central Florida. The move also calls for new drilling in the Eastern Gulf of Mexico some 125 miles away from the Florida coast. The plan would also allow drilling in large areas in the Arctic Ocean north of the Alaska coast. Certain areas will remain off limits under the new plan, including any drilling off the coasts of the North Atlantic States and California where political leaders have firmly opposed off shore drilling for years. Some areas that contain key reserves will also remain off limits to drilling.

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President Obama’s plan to open up new offshore drilling is sure to be welcomed by the political right, but the left will be irate over Obama’s seeming flip-flop on energy. Obama has long called for an increased focus on “green” energy initiatives and sought to curtail heat-trapping gas emissions that this kind of industry would create. However, the administration has struggled so far to add jobs to the American economy and without cheap, plentiful energy; the economy isn’t likely to jump start immediately. Expanded drilling would create nearly a million high paying jobs as the industry expands to take advantage.

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Full Story: Obama Flip-Flop: We Will Now Expand Offshore Oil & Gas Exploration - America's News Online (blog)

Now that President Barack Obama has opened the door to drilling for oil and gas off Georgia, state Republicans are showing some willingness to back the proposal following a bitter debate over health care.

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Obama's decision this week potentially opens a large section of the Atlantic coast from to Delaware to central Florida that was previously off-limits to energy firms. While it allows for studies of Georgia's sea floor, any leasing of the rights to oil or gas found beneath it would not come until at least 2012, if at all.

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Before the president announced his decision, a Senate environmental committee approved a resolution in February calling on the federal government to open all the East Coast -- including Georgia -- to oil and gas exploration. It was the first time in six years the measure survived a committee vote. The issue is one of the few supported by both Obama and some Georgia Republicans.

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Full Story: Ga. GOP finds common ground with Obama on drilling - BusinessWeek

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