June 2010 Archives

In a 400-page report on the Medium-Term Oil & Gas, the IEA mentions the Deepwater Horizon spill , but estimates at worst global production could be reduced by 550,000 barrels per day. That's assuming America's drilling moratorium sticks and new regulation spreads abroad -- which is starting to look unlikely .

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Big picture trends include a few more years of rising oil supply, with demand shifting to emerging markets. There's a steady shift to liquid natural gas and a slow move to renewables. Peak oil and demand pressure are looming -- but maybe not till the end of the decade. Hey, it's not our fault that you may have spent a lifetime in the field of petroleum enginerering, obtaining advanced degrees, working in the field for decades to get practical expertise, becoming one of the world's foremost gurus on fossil fuels, and all that rot, when instead all you really needed to do was spent 90 seconds skimming a one-page slideshow on Business Insider. That's YOUR fault, not ours.

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A much-awaited step on deregulating oil prices has been taken and this augurs well for oil and gas companies. Based on the current crude oil price assumption of $75/bbl, the underrecoveries are expected to reduce from Rs 77,000 crore to Rs 53,000 crore. Oil and gas analyst Saurabh Handa, with Citi Global Market, reckons while the underrecoveries on petrol, which comprise a tenth of all losses, would now be wiped out, oil marketing companies (OMCs) would continue to make losses on diesel, LPG and kerosene.

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With the reduction in losses, earnings are set to grow by 10 to 20 per cent, if prices remain stable. The recommendations of the group of ministers remains unclear about subsidies and this would be the biggest trigger for upstream companies like ONGC. Their realisations would be linked to the markets and the discounts they offer would disappear, giving a huge fillip to earnings.

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Analysts reckon this is the first step towards implementation of the Kirit Parikh committee report. If all its recommendations are implemented, the OMCs would see an earnings jump but could also see margins getting vulnerable. Analysts note that since India has surplus refining capacity, the refiner gate prices will move to export parity pricing from import parity pricing. This would, in turn, impact gross refining margins due to reduction in duty protection. The impact, analysts add, could be $4.5-5.1/bbl on petrol and diesel realisations, respectively, for refiners. The impact, with oil at a $75/bbl price, could be in the range of $1.5-1.75 /bbl on refining margins and a lower one for Reliance at around $0.25/bbl. State OMCs are sensitive to changes in refining margins and a single dollar change per barrel could directly have a Rs 5-10 per share hit on earnings.

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NEW DELHI: ADAG chairman Anil Ambani on Tuesday called on oil minister Murli Deora and is believed to have discussed allocation of natural gas to his group's upcoming power plants. “I have known (Anil) for many years. He just came to see me. I have nothing more to say,” Mr Deora told reporters when asked about the nearly 30-minute meeting. Mr Ambani also refused to speak to mediapersons about the meeting, where oil secretary S Sundareshan was also present.

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On Monday, official sources had indicated that the government may allocate natural gas to Anil Ambani Group's proposed power plants, like that in Dadri (Uttar Pradesh), only six months prior to their commissioning, as reservation of gas is not allowed under the present policy. Reliance Industries' (RIL) executive director PMS Prasad, who is in charge of the company's oil and gas business, was also present in the petroleum ministry around the same time and is learnt to have met Mr Deora as well. Last month, Anil Ambani-owned Reliance Natural Resources’ (RNRL’s) plea for cheap gas from RIL was turned down by the Supreme Court on the ground that gas was a national asset and the government had the last word on its pricing and utilisation.

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Natural gas from the KG Basin would be supplied to ADAG power plants according to the Government-fixed formula as and when they are ready, he added.

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The legal dispute over gas supply with RNRL is over and Reliance Industries is now looking forward to "harmonious" and "constructive" relations with the Anil Dhirubhai Ambani Group (ADAG). This was stated by none other than Mukesh Ambani, the chairman of RIL at the company's 36th AGM in Mumbai. The Supreme Court (SC) verdict in May this year largely upheld RIL's stand in the gas dispute with RNRL, Mukesh Ambani told shareholders. Natural gas from the KG Basin would be supplied to ADAG power plants according to the Government-fixed formula as and when they are ready, he added.

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The legal dispute over gas supply with RNRL is over and Reliance Industries is now looking forward to "harmonious" and "constructive" relations with the Anil Dhirubhai Ambani Group (ADAG). This was stated by none other than Mukesh Ambani, the chairman of RIL at the company's 36th AGM in Mumbai. The Supreme Court (SC) verdict in May this year largely upheld RIL's stand in the gas dispute with RNRL, Mukesh Ambani told shareholders. Natural gas from the KG Basin would be supplied to ADAG power plants according to the Government-fixed formula as and when they are ready, he added. "It has always been our position that we are, and continue to be, governed by the provisions of the Production Sharing Contract in all respects of the Petroleum Operations carried out by us. We have also been fully conscious that the Government of India has more than a significant say in these operations. As and when the power plants of ADAG are ready to receive gas, we would commence supplies to them subject to Government granting allocations to these plants in the same manner as we do to all other plants to whom Government has allocated gas from the KG-D6 gas field," Mukesh Ambani said in a statement.

Full Story: Oil & Gas Round Up - June 14 to June 18, 2010 - India Infoline.com

NEW YORK ( TheStreet ) -- Crude oil and natural gas will likely trade higher this week on China's decision to end the Yuan's two-year peg against the dollar, boosting investor confidence in the global economic recovery and demand growth for crude oil and natural gas.

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The Department of Energy report last week was negative for crude oil prices; however, prices registered a weekly gain on economic recovery. Early this week, crude oil is set to rally on the China story. In addition, the eurozone crisis may have abated for now, in the absence of announcements of fragile economic conditions in other countries, apart from Greece. The forecast of continuing hot weather should firm natural gas prices during the week. The rise in personal consumption and spending data in the U.S. is a positive signal for natural gas prices. In addition, the current year is expected to be one of the most active hurricane seasons this decade, which could support higher natural gas prices. However, natural gas inventories at 14% above the five-year average should keep the price spikes to a minimum.

Full Story: Crude Oil, Natural Gas to Move Higher - TheStreet.com

A little mathematical context to the spill size can put the environmental catastrophe in perspective. Viewing it through some lenses, it isn't that huge. The Mississippi River pours as much water into the Gulf of Mexico in 38 seconds as the BP oil leak has done in two months.

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On a more human scale, the spill seems more daunting. Take the average-sized living room. The amount of oil spilled would fill 9,200 of them. Since the BP oil rig exploded on April 20, about 125 million gallons of oil has gushed into the Gulf. That calculation is based on the higher end of the government's range of barrels leaked per day and the oil company BP's calculations for the amount of oil siphoned off. Using the more optimistic end of calculations, the total spill figure is just over 66 million gallons.

Full Story: By the numbers: Oil leak wouldn't fill Superdome - The Associated Press

Sanjay Dutt, Director, Quantum Securities Pvt. Ltd. in an interview with ET Now talks about sectors with impending reforms namely education, oil & gas and fertilisers.

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At the outset, I would like to start with a compliment to you on all three sectors that you picked up. I wish we had many more analysts and commentators like you in the press, public at large who would be better informed because all these three sectors have got phenomenal action ahead. They would have volatility but they would have upside because they have got a good amount of potential in there and viewers must learn not only from experience of people like us who have been in the markets for years but also people like you who have been in the markets and now are also in the other side of the table because you bring a good amount of perspective. Coming out to specifics, education, we have not seen anything as yet. Education is exactly where real estate was about 4-5 years back, where we just had one or two good listed companies, in fact not even one or two listed companies, probably one listed company, which one could not categorise as good or bad. We have a similar situation in education right now. We just have the Educomp, Everonn in the core of the business but there is a good amount of potential in there. The sector is all set to explode. We will see many more listings coming in in the next 6-12 months and that's a story to write for the next 5-10 years without any doubt.

Full Story: Education, oil & gas and fertilisers can outperform in 2-3 years: Sanjay Dutt - Economic Times

MUMBAI: Indices bounced back from the red to trade in the positive, led by the oil and gas space. IT stocks, however, slipped further. Earlier, markets were trading lower tracking weak Asian peers.

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At 10:30 am, the Sensex was at 17,474.60, up 11.73 points or 0.07 per cent. The Bombay Stock Exchange sensitive index had opened marginally higher at 17,490.52 against the previous close of 17,462.87. The 30-share index moved between 17,506.86 and 17,426.27.

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However, Nifty continued to languish by 2.4 points or 0.05 per cent at 5230.95. The National Stock Exchange benchmark opened the day flat at 5233.65 versus Wednesday’s close of 5233.35. The 50-share index saw a high of 5246.80 against a low of 5218.25.

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Full Story: Sensex back in green; oil & gas lend support - Economic Times

Despite the Supreme Court’s endorsement of the government’s right to have the final say on the pricing and allocation of natural gas, the petroleum ministry has decided not to exercise this right on the sale of natural gas to small consumers.

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The petroleum ministry or the group of ministers deciding on the gas pricing and utilisation policy will not specify the terms of sale to consumers such as small power plants that require less than 50,000 standard cubic meters a day, said a government official. This means that gas distributors such as Indraprastha Gas and Mahanagar Gas would not face interventions from policymakers on their choice of small and medium sized industrial and commercial consumers as per the demand supply situation. These consumers include power producers, commercial establishments and hotels.

Full Story: Oil min will not micro-manage natural gas sale - Financial Express

At 10:42 hours IST - the benchmark Sensex was trading marginally higher amid volatility. Technology, metal, financial, auto and realty companies' shares were helping the markets.

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However, oil & gas, FMCG and capital goods companies' shares along with NTPC, Axis Bank, Reliance Communications, Sun Pharma, Hero Honda, Tata Power, ACC, IDFC and Kotak Mahindra Bank were putting pressure on the markets.

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Top gainers - Tata Motors was trading at Rs 780.30, up 2.71%; Sterlite Industries was at Rs 693.60, up 2.63%; M&M was at Rs 622.30, up 2.33%; Idea Cellular was at Rs 55.30, up 1.75%; Cairn India was at Rs 310, up 1.56%; Reliance Infrastructure was at Rs 1,200, up 1.46% and HDFC was at Rs 2,896.20, up 1.29%.

Full Story: Sensex consolidates; oil & gas, FMCG, cap goods slip - Moneycontrol.com

TEHRAN — Iran on Tuesday signed contracts worth 21 billion dollars with two local groups to develop six South Pars gas phases, state television's website said, dropping an earlier reference to the elite Revolutionary Guards as one of three winners.

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Iran previously awarded phases 13 and 14 to Anglo-Dutch Shell and Spain's Repsol YPF, but the two energy majors held off a final decision on investments as new UN sanctions loomed against Tehran over its nuclear drive. Iranian media quoting oil officials reported over the past few weeks that the Guards could bag some of the South Pars contracts given its growing influence in Iran's economy under the presidency of Mahmoud Ahmadinejad.

Full Story: Iran awards gas fields to two local groups: state TV - AFP

At 13.07 hrs IST, the Sensex was hovering around 17300 mark with negative bias. Selling pressure was seen in sectors such as auto, banking, IT and oil & gas stocks. However, FMCG, metals and power stocks witnessed some buying interest.

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Stocks like L&T, ITC, HDFC, HUL and Jindal Steel were the positive contributors to the index while Reliance, Infosys, ICICI Bank, HDFC Bank and SBI were negative contributors. Top losers on the Sensex were TCS at Rs 766.45 down 1.8%, Cipla at Rs 335 down 1.53%, Maruti Suzuki at Rs 1,341.35 down 1.08%, ICICI Bank at Rs 845.50 down 1.07% and Jaiprakash Asso at Rs 122.20 down 1.01%.

Full Story: Sensex flat; auto, bank, IT, oil & gas down - Moneycontrol.com

Little more than a decade ago, few imagined that the oil industry would be drilling a mile below the ocean floor in the Gulf of Mexico.

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The vast technical challenges, the risks and the mind-boggling cost of the necessary offshore operations all appeared insurmountable. Yet what drove major companies like BP on to try and harvest these and other "difficult" new reserves was simple economics. It was the relentless rise in demand for crude oil.

Full Story: Why we may never be able to say goodbye to oil - BBC News

The benchmark Nifty rallied for fourth consecutive day on positive global cues and closed at one-month high. It touched the 5200 mark in an intraday trade and closed tad away from the same level. The index was ranged at 4900-5120 level in last one-month.

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European markets were trading 0.65-1.55% higher and Dow Jones & Nasdaq futures were up 0.8% each, at the time of closing of Indian equities. Euro also jumped 0.64% to 1.22 per dollar and in commodities; crude oil price went up 2.2% to USD 75.4 a barrel on the NYMEX.

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Asian markets also closed higher. Nikkei went up 1.8% and Taiwan up 1.2%. Hang Seng, Jakarta, Straits Times and Kospi gained 0.8-0.9%. The US markets ended 0.4-1% higher on Friday.

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Full Story: Nifty ends at 1-mth high tech oil gas metals up - Moneycontrol.com

June 14 (Bloomberg) -- New Zealand’s NZX 50 Index rose 0.1 percent to 3,042.67 at the close of trading in Wellington. The following were among the most active shares in the New Zealand market today. Stock symbols are in parentheses after company names.

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Oil companies: New Zealand Oil & Gas Ltd. (NZO NZ), the nation’s biggest publicly traded explorer and a partner in the nation’s Tui oil field, fell 4.9 percent to NZ$1.36. Pan Pacific Petroleum NL (PPP NZ), an Australian explorer, tumbled 7.4 percent to 25 New Zealand cents. The companies said a commercially significant amount of oil wasn’t found in the Tui SW-2 well, located in New Zealand’s offshore Taranaki Basin. The companies said June 10 that it had detected oil in the well. Horizon Energy Distribution Ltd. (HED NZ) soared 23 percent to NZ$4.16. The New Zealand power company said an investor will offer to buy as much as 10 percent of the company in the open market from today. The investor, acting through First NZ Capital Ltd., will offer NZ$4.15 ($2.86) a share, Whakatane-based Horizon said in a statement.

Full Story: NZ Stocks: New Zealand Oil & Gas, Pan Pacific, Horizon Energy - BusinessWeek

TEHRAN (Reuters) - Iran finalised a $7 billion "peace pipeline" deal on Sunday to export natural gas to Pakistan by 2015, Iran's state television reported.

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TEHRAN (Reuters) - Iran finalised a $7 billion "peace pipeline" deal on Sunday to export natural gas to Pakistan by 2015, Iran's state television reported. "The deal was signed. Export of Iran's gas to Pakistan will be launched by the end of 2015," state TV reported.

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TEHRAN (Reuters) - Iran finalised a $7 billion "peace pipeline" deal on Sunday to export natural gas to Pakistan by 2015, Iran's state television reported. "The deal was signed. Export of Iran's gas to Pakistan will be launched by the end of 2015," state TV reported. "For 25 years Iran will export one million cubic metres of natural gas to Pakistan per day," it said.

Full Story: Iran approves "peace pipeline" deal with Pakistan - Reuters Africa

O il and humanity have been linked since the dawn of civilization.

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In ancient times, oil that seeped to the surface of the Earth was collected and used to make ointments, medicines, building materials, adhesives and lamp fuel. In modern times, oil has become a global, multibillion-dollar industry that serves as the primary energy source for most of the world. Its by-products include plastics, fertilizers, asphalt, cosmetics and hundreds of other products.

Full Story: Answering oil questions -- understanding oil history - MiamiHerald.com

BRUSSELS, June 11 (Reuters) - Parts of Iran's oil and gas industry could be targeted by an extra layer of European Union sanctions, according to a document prepared for EU leaders.

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The measures would not restrict Iranian oil and gas exports or imports but would seek to shut off new investment in the industry, as well as the transfer of technology, equipment and services to a sector that is economically vital to Iran. Iran is the world's fifth largest crude oil exporter.

Full Story: EU set to target Iranian oil and gas investment - Reuters Africa

Indian markets continued to rise for the third day on Friday. The Sensex continues to trade on a firm note following strong Asian peers. Realty, oil & gas and metal stocks gained.

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At 10 a.m, the Sensex was trading up 153.89 points or 0.91% at 17,075.97 with 26 components gaining. Meanwhile, the Nifty was trading higher by 44.90 points or 0.88% at 5,123.50 with 40 components gaining. The 30-share benchmark index, BSE Sensex opened with a gain of 71.99 points or 0.43% at 16,994.07, while the broad based NSE Nifty started with a fall of 79.00 points or 1.56%, at 4,999.60.

Full Story: Sensex above 17k; realty, oil & gas rise - Myiris.com

MUMBAI: Equities moved up further on Wednesday, shrugging off weakness in Asian markets and instead taking cues from a late pullback in US stocks.

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At 10:01 am, the Sensex was up 71.95 points or 0.43 per cent at 16,689.05. The Bombay Stock Exchange sensitive index opened the day at 16,621.12 against the previous close of 16,617.10. The 30-share index moved between a high of 16,691.32 and low of 16,609.18 in the early minutes.

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Nifty was at 5009.85, up 22.75 points or 0.46 per cent. The National Stock Exchange benchmark opened at 4985.05 versus Tuesday’s close of 4987.10. The 50-share index touched a high of 5010.80 against a low of 4981.35.

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Full Story: Oil & gas stocks drive Sensex higher - Economic Times

The benchmark Nifty has begun a day with positive bias on further short covering and buying interest in oil & gas, technology, power, realty, FMCG (after yesterday's sell-off) and metal companies' shares.

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The CNX Midcap rose 35 points to 7818 and BSE Smallcap went up 37 points to 8530. About 501 shares advanced while 161 shares declined on NSE. Cairn India, Hindalco, ONGC, Reliance Power, Reliance Infrastructure, Tata Motors, SBI, DLF, SAIL, Tata Power, Idea Cellular, M&M, HDFC, Ranbaxy Labs nad Bharti Airtel (up 1.4%, which gained 5% yesterday) were witnessing buying interest.

Full Story: Nifty trades with modest gains; metals, auto, oil & gas up - Moneycontrol.com

At 11.54 hrs IST, the Sensex was trading strong with 100 points gains at 16,719. Buying was seen in oil & gas, realty, pharma, metal, banking and auto stocks. However, FMCG stocks witnessed selling pressure. Stocks like Reliance, ICICI Bank, L&T, HDFC and HDFC Bank were the positive contributors to the Sensex while Infosys, ITC, HUL, Tata Motors and NTPC were the negative contributors.

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The Sensex was up 102.44 points or 0.62% at 16719.54, and the Nifty was up 38.85 points or 0.78% at 5025.95.

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About 1738 shares advanced, 1115 shares declined, and 453 shares were unchanged.

Full Story: Sensex trading strong; oil & gas, realty, pharma up - Moneycontrol.com

The benchmark Nifty started the day on a flat note following quiet trade in Asian markets. It was facing resistance at around 5000 mark. Oil & gas, metal, realty, financials and auto sectors were on the buyers' radar.

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At 9:03 hours IST, the Nifty was trading at 4998, up 112 points and the Sensex was at 16650, up 30 points. The CNX Midcap rose 55 points to 7796 and BSE Smallcap gained 32 points at 8501. About 513 shares advanced while 161 shares declined on NSE.

Full Story: Nifty flat with positive bias; oil & gas, metals up - Moneycontrol.com

The benchmark Nifty slipped into the red in the last one hour of trade and closed below an important psychological level of 5000 on the back of fall in European markets. The markets had opened marginally higher and were consolidating in the first half of trade after Monday's sharp sell-off.

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European markets like France's CAC 40, Germany's DAX and Britain's FTSE were down 1.2-1.5% for the third consecutive day on rising European debt crisis. The IBEX Index (Spain) was down 1.5% and Greek's Athex Composite was down 1.3%. Investors were still worried about recovery in European economies. Power companies' shares in Germany' declined more than 3% as government announced that they will impose a tax on nuclear fuel, which will increase government revenues. EON AG and RWE AG dropped over 3%.

Full Story: Sensex ends 164 pts lower; oil & gas, telecom, metals drag - Moneycontrol.com

MUMBAI: Indian equities opened in the positive Tuesday, tracking gains in Asia after US Federal Reserve Chairman Bernanke said the economic recovery is intact.

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Japan’s Nikkei was up 0.70 per cent, Topix was higher by 0.42 per cent, Hang Seng gained 0.32 per cent and Singapore’s Strait Times inched up 0.18 per cent. At 9:40 am, the Sensex was up 81.11 points or 0.48 per cent at 16,862.18. The Bombay Stock Exchange sensitive index opened marginally lower at 16,760.60 against previous close of 16,781.07. The 30-share index moved between a high of 16,872.88 versus a low of 16,757.23.

Full Story: Sensex gains further; oil& gas stocks hit - Economic Times

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The explosion and sinking of the Deepwater Horizon drilling platform, and the oil and gas leak still flowing a mile down in the Gulf of Mexico, have thrown a spotlight on the challenges and risks of drilling in deep water.

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President Barack Obama has declared a six-month moratorium on drilling new deepwater wells, which proliferated in the last decade as drilling technology advanced and returns from traditional, shallower domestic wells diminished.

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Full Story: The oil spill and deepwater drilling: a Q&A - Bellingham Herald

MUMBAI (MarketWatch) -- Coming in unannounced on a Friday evening after the equities markets were shut, the Indian government's move to raise the minimum public shareholding requirement for listed companies was a surprise of sorts despite being a topic of discussion for a few years.

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Yet the new norms are likely to have a cascading effect on the South Asian nation's capital markets for the days to come. The directive for all listed companies to ensure that they are at least 25%-owned by the public (up from 10%) is likely to saddle the markets with tens of billions of dollars in shares as founders start off-loading stakes. Firms are needed to scale up to the level by an annual addition of a minimum of 5% to the public float.

Full Story: Shikhar Balwani's This Week in India - MarketWatch

MIAMI — More than half of the federal judges in districts where the bulk of Gulf oil spill-related lawsuits are pending have financial connections to the oil and gas industry, complicating the task of finding judges without conflicts to hear the cases, an Associated Press analysis of judicial financial disclosure reports shows.

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Thirty-seven of the 64 active or senior judges in key Gulf Coast districts in Louisiana, Texas, Alabama, Mississippi and Florida have links to oil, gas and related energy industries, including some who own stocks or bonds in BP PLC, Halliburton or Transocean — and others who regularly list receiving royalties from oil and gas production wells, according to the reports judges must file each year. The AP reviewed 2008 disclosure forms, the most recent available.

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Those three companies are named as defendants in virtually all of the 150-plus lawsuits seeking damages, mainly for economic losses in the fishing, seafood, tourism and related industries, that have been filed over the growing oil spill since the Deepwater Horizon drilling rig exploded April 20, killing 11 workers. Attorneys for the companies and those suing them are pushing for consolidation of the cases in one court, with BP recommending Texas and others advocating for Louisiana and other states.

Full Story: AP IMPACT: Many Gulf federal judges have oil links - The Associated Press

HOUSTON, June 4 (Xinhua) -- Oil and gas is being received onboard a tanker on the surface of the Gulf of Mexico following the successful placement of a containment cap over a ruptured undersea well, BP said Friday.

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HOUSTON, June 4 (Xinhua) -- Oil and gas is being received onboard a tanker on the surface of the Gulf of Mexico following the successful placement of a containment cap over a ruptured undersea well, BP said Friday. "It is expected to take one or more days for flow rates of oil and gas to stabilize and it is not possible at this stage to estimate how much oil and gas will be captured by this containment system," BP said in a news release. The cap was placed over the leak following the cutting and removal of the riser pipe from the top of the BOP's lower marine riser package (LMRP).

Full Story: Successful cap placement helps BP collect oil - Xinhua

This image from a video provided by BP PLC early Saturday shows the oil leak still pouring out of the well head around the capping device in the Gulf of Mexico. Since it was installed, the capping device has collected about 76,000 gallons, BP said in a tweet on Friday.

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U.S. President Barack Obama this weekend reiterated his determination to get BP to pay for the damage caused by the oil spill from their Deepwater Horizon offshore rig, including a preliminary bill of $69 million for the costs of the response thus far. After speaking at Grand Isle, Louisiana, to local residents and small business owners about the hardships that they were facing, he underscored his commitment to helping them recover and rebuild. He added that his government had also convened hundreds of top scientists and engineers from around the world, that more than 1,900 vessels were in the Gulf assisting in the clean up, and more than 4.3 million feet of boom had been deployed with another 2.9 million feet of boom available.

Full Story: Obama wants BP to foot the bill - The Hindu

BP.L ) in the deepwater of the Gulf of Mexico offshore Louisiana and revises offshore safety regulations to prevent a future recurrence.

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On Friday, oil service firm Baker Hughes reported that the number of active rigs working in the Gulf of Mexico dropped in half to 23 from the previous week. A year ago, 51 rigs were active in the gulf. The April 20 explosion killed 11 workers and the runaway well has become the largest U.S. spill in history. The leak is not expected to be fully stopped until a relief well can be completed in August.

Full Story: FACTBOX-Gulf of Mexico oil and gas activity - Reuters

A man sent to prison for raping and slaying a mother of five is appealing both his murder conviction and life sentence. Christopher Watcheston, 24, was convicted of first-degree murder and sentenced to...

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I n his book Why We Hate the Oil Companies, John Hofmeister, the former president of Shell Oil, describes the lamentable inability of the industry to get its message out to a public that believes it...

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Israeli-Turkish relations a main casualty of flotilla...

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Full Story: Nimble juniors shifting to oil - Calgary Herald

China and Myanmar on Thursday signed a deal to begin construction on an oil and gas pipeline linking the two countries, and also reached an agreement to maintain stability along the border areas following tensions last year.

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The oil and gas pipeline will give China much-needed access to an Indian Ocean oil port in Myanmar, part of Beijing’s larger plan to secure alternate energy routes to reduce its heavy dependence on the narrow Malacca Straits for most of its oil supplies. In October, the State-run China National Petroleum Corporation (CNPC) signed a deal to build a crude oil part in Myanmar. Reports said Thursday’s deal gave the green light for the two countries to begin work on the pipeline project, though the Chinese government released little information on the specific nature of the new agreement.

Full Story: China signs Myanmar pipeline deal to boost oil supply - The Hindu

NEW DELHI: The oil & gas sector regulator has asked Gail Gas to refrain from setting up gas filling stations at places it has not yet approved.

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It has issued a restrain order after Gail Gas invited bids for setting up compressed natural gas (CNG) pumps in various locations of Meerut, Sonipat, Kota, Firozabad, Dewas, Banmore (Madhya Pradesh) and Mathura, an official in the Petroleum & Natural Gas Regulatory Board (PNGRB) said.

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Gail Gas is a wholly-owned subsidiary of India’s largest gas transmission and marketing company Gail India. Gail incorporated it in 2008 for implementation of city gas distribution projects. City gas projects involve fuel supply to automobile, industries and households.

Full Story: Gail asked not to set up filling stations sans OK - Economic Times

BAKU — A senior US envoy urged Azerbaijan and Turkey on Wednesday to sign a long-awaited deal he said was crucial for retaining confidence in Western plans to reduce Europe's dependence on Russian gas.

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Richard Morningstar said the signing of a deal, which has been two years in the making, would be essential to boost confidence in the European Union's ambitious Southern Corridor plan to bypass Russia in bringing Caspian Sea gas through Turkey to Europe. Richard Morningstar said the signing of a deal, which has been two years in the making, would be essential to boost confidence in the European Union's ambitious Southern Corridor plan to bypass Russia in bringing Caspian Sea gas through Turkey to Europe. "We are encouraged by the recent progress in negotiations between Turkey and Azerbaijan," Morningstar, US Special Envoy for Eurasian Energy Issues, said at a conference on Caspian Sea energy development in the Azerbaijani capital Baku.

Full Story: US presses Azerbaijan, Turkey on gas transit deal - AFP

MUMBAI: Indices were witnessing a rangebound session with positive bias Wednesday after profit booking a day ago. Lack of cues from Asian peers arrested the upmove and indices are likely to take direction from European markets in the afternoon.

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MUMBAI: Indices were witnessing a rangebound session with positive bias Wednesday after profit booking a day ago. Lack of cues from Asian peers arrested the upmove and indices are likely to take direction from European markets in the afternoon. “Market trend has turned weak since Nifty closed below its long term 200 DMA of 5,005. Strong support for the spot Nifty is seen around 4,945 – 4,910 levels and only below this level we could see the trend entering into a deep bearish mode. Closing below 4,900 could drag Nifty upto 4,660 levels in the near term. Avoid metals and large cap banking stocks,” said Nirmal Bang report.

Full Story: Nifty faces resistance at 5000; auto, oil & gas up - Economic Times

June 1 (Bloomberg) -- Last week’s dismissal of Algerian Energy Minister Chakib Khelil may give Africa’s biggest natural- gas exporter a fresh start after its national oil company lost its senior executives in a corruption scandal, analysts said.

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President Abdelaziz Bouteflika appointed Youcef Yousfi, 68, a former oil minister, to replace the 70-year-old Khelil in a May 28 cabinet reshuffle. Khelil himself took over from Yousfi in 1999, after Bouteflika became president. Analysts say that Khelil’s stewardship of the Ministry for Energy and Mines was marred by the failure of his efforts to open the hydrocarbons industry to foreign investment. He also was unable to persuade fellow gas exporters to shore up prices by cutting supply or to clamp down on illegal activities by senior officials at national oil company Sonatrach, they say.

Full Story: Khelil's 'Long Overdue' Dismissal May Boost Algerian Oil, Gas - BusinessWeek