September 2010 Archives

State-owned Oil and Natural Gas Corp (ONGC) said on Tuesday it was open to offering a stake in its Rs 20,000-crore petrochemical project under construction in Gujarat — ONGC Petro-additions Ltd (OpaL) — to Kuwait Petroleum Corporation (KPC). “We discussed strategic partnership of KPC in OPaL,” ONGC CMD R S Sharma said after a meeting between Kuwaiti oil minister Sheikh Ahmad al-Abdullah al-Sabah and petroleum minister Murli Deora. KPC is likely to bid in the forthcoming round of Nelp with state-owned ONGC, a company official said. Kuwait Foreign Petroleum Exploration Company (KUFPEC), a subsidiary of KPC, will join ONGC in bidding for oil and gas blocks to be offered in the ninth round of Nelp scheduled to be launched on October 15.

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The Telecom Regulatory Authority of India has invited expression of interest from auditors to certify metering and billing system of telecom service providers. In a notice on its website late on Monday, Trai said the auditing agency should have accreditation from Quality Council of India or should be an audit firm registered with the Institute of Chartered Accountants of India or Institute of Costs and Works Accountants of India. Trai said billing related complaints are a parameter of service quality and hence, the auditing agency would require ensuring quality standards so as to protect the interest of the consumers. RBI has invited applications for the post of Chairman of apex agriculture bank Nabard. Incumbent chairman and managing director U C Sarangi's three year term would come to an end in December this year. Sarangi is 1977 batch IAS officer of Maharashtra cadre. The chairman of Nabard shall hold office for a term of up to 5 years from the date on which he assumes his office or until he attains the age of 60 years, whichever is earlier, RBI said.

: ONGC could offer stake to Kuwait co in unit - Financial Express

After considerable public pressure, mayoral candidate Barb Higgins and several others have agreed to make their list of campaign donors public prior to the civic election. A willingness to admit...

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IBM is buying Blade Network Technologies, a California startup with Ottawa operations, to gain technology in the race to power data centre operations and advanced cloud computing networks. It's becoming part of the Calgary Flames' training-camp routine.Like fitness testing and exhibition matches, you can count on head coach Brent Sutter giving Curtis Glencross a public paddling every fall...

Gas producers consider cutting production - Calgary Herald

At 11:58 hours IST - the 50-share NSE Nifty was holding above 6050 level since beginnning of trade today. Oil & gas, metal, capital goods, power, realty, auto, cement and select financial companies' shares were supporting the markets. On the filp side, HDFC Bank, HUL, HDFC, HCL Tech and Suzlon Energy were the only losers on Nifty .

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The Nifty September futures were trading at 17 points premium and the Nifty October futures already touched 6100 level, which were trading at 32 points premium. Foreign institutional investors have been leading this rally as Indian markets witnessed highest-ever monthly FIIs inflow in September. They were net buyers to the tune of around Rs 22,000 crore, including September 24's provisional data, in the month of September.

Nifty holds 6050 metals realty oil gas up - Moneycontrol.com

State-run oil marketing firm Bharat Petroleum Corp. Ltd (BPCL) plans to divest its stake in some overseas oil and gas blocks to free up money for investment in blocks with better potential.

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Bharat PetroResources Ltd , or BPRL, the exploration and production arm of BPCL, said on Friday. “So, by divesting our interest in these blocks we can save on the cost of exploring them further, and use it to acquire other blocks with better resource potential,” he said.

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Rajkumar said BPRL was looking to exit at least one block immediately and more may follow, but it was too early to specify how much money it hoped to save.

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BPCL to divest stakes in overseas oil, gas blocks - Livemint

MUMBAI: State-run Bharat Petroleum (BPCL) plans to invest Rs 50,000 crore in the next five years for expansion of refinery capacity, overseas acquisitions of oil and gas assets and setting up power projects, say two senior officials.

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MUMBAI: State-run Bharat Petroleum (BPCL) plans to invest Rs 50,000 crore in the next five years for expansion of refinery capacity, overseas acquisitions of oil and gas assets and setting up power projects, say two senior officials. “About Rs 28,000 crore will be invested for expansion of refinery capacity and upstream activities while the remaining will finance explorations and production activities in foreign markets as well as entry into power business” the newly appointed chairman, S Radhakrishnan told ET. Mr Radhakrishnan, who elevated to chairman from marketing director after Ashok Sinha retired last month, said the proposed expansion was aimed at scaling up revenue, which will further propel the company’s growth in new businesses. A detailed five-year plan beginning April next year, will be chalked shortly, he added.

BPCL plans Rs 50k-cr expansion - Economic Times

Sept. 26 (Bloomberg) -- Saudi Arabia’s consumption of oil and natural gas is growing at a high rate compared with the growth in the kingdom’s population and economy, the Saudi Press Agency reported, citing the central bank.

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The Saudi economy, excluding oil, may expand 4.5 percent in 2010 according to the International Monetary Fund, compared with 3.3 percent in the previous year. The population grew 20 percent since 2005 to 27.1 million, according to data from the Department of Statistics and Information published by the Saudi Press Agency in August.

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The kingdom, the largest Arab economy, must create jobs to employ its youth and provide housing for its growing population, the Saudi Press Agency reported, citing al-Jasser. Saudi Arabia needs to boost home ownership by passing a long-planned mortgage law that would encourage banks to provide mortgage lending, he said.

Saudi Gas, Oil Consumption Growing Faster Than Economy - BusinessWeek

DULIAJAN, Sept 25 – Country’s second largest oil major, Oil India Limited, held its 51st annual general body meeting at its field headquarters, here today.

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NM Borah, the Chairman and Managing Director while addressing the shareholders, said that fiscal 2009-10 was a year of significant achievements for the company as its annual oil and gas production touched new heights of 3.572 MMT and 2415 MMSCM respectively. The turnover of the company was also the highest so far and stood at Rs 7905 crore, while the profit after tax touched a new peak of Rs 2610 crore - an increase of 20.76 per cent over the previous year. The company also declared the dividend at 340 per cent, which too was the highest so far. Borah said the company’s elevation to the prestigious status of “Navratna” by the Government of India was another significant achievement of the PSU. He said the company’s maiden IPO, launched during the year, was rated as the most successful in the history of all PSUs of the country with current market capitalisation of about Rs 37,900 crore, and this development has propelled the company to be amongst the top forty most prominent corporate entities in the country.

OIL makes post-tax profit of Rs 2610 cr - Assam Tribune

Shale gas has become a hot favourite among most of the oil and gas companies. Going by it, India is likely to sign a shale gas pact, reports CNBC-TV18's Nayantara Rai quoting government sources.

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The pact, expected to boast Indian companies’ investment in the US shale gas fields, is likely to be signed when US President Barack Obama visits India. It is learnt that the draft of the memorandum of understanding (MoU) had been send to the US in August itself and feedback is expected shortly. The MoU is expected to boost co-operation between private sector companies.

India US may sign shale gas pact Sources - Moneycontrol.com

NEW DELHI: State-owned Oil and Natural Gas Corp (ONGC) on Thursday said its natural gas output will rise by over 58 per cent to 100 million cubic metres a day by 2015-16 after it puts its eastern offshore fields into production.

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NEW DELHI: State-owned Oil and Natural Gas Corp (ONGC) on Thursday said its natural gas output will rise by over 58 per cent to 100 million cubic metres a day by 2015-16 after it puts its eastern offshore fields into production. "Natural gas production will rise to 72 million standard cubic metres per day in 2012-13 (from 63 mmscmd in 2009-10) and to 100 mmscmd in 2015-16," ONGC Chairman and Managing Director R S Sharma told a news conference here. ONGC will develop nearly one-and-a-half dozen gas discoveries in the Bay of Bengal in three phases and the first of the finds will go on production in the last quarter of 2012-13, he said, adding that by 2016, all the finds will be in production, with a combined output of 30 mmmscmd.

Gas output to increase by 58% to 100 mmscmd by 2015-16: ONGC - Economic Times

State-owned Oil and Natural Gas Corp (ONGC) on Wednesday said it has made two oil and gas discoveries in the Krishna Godavari and Cambay basin.

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ONGC said it has notified to the Directorate General of Hydrocarbons (DGH) the gas find in well Vygreswaram Southwest-1 in KG onshore. "The well proved 30 meter gas column on testing and produced gas at the rate of 75,000 cubic meters per day and 3 million cubic meters per day of condensate," the company said in a statement in New Delhi.

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In the Cambay basin, well Limbodra East-1, drilled in the east of Limbodra field, encountered 11 meters of gross oil pay. "Our recent exploratory successes are the result of a two pronged strategy of targeting deeper as well as shallower targets in operational areas in different basins. This strategy has given rich dividends in the form of discoveries made," ONGC said.

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ONGC strikes oil, gas in KG and Cambay basin - NDTV.com

MUMBAI: State-run Oil and Natural Gas Corporation's (ONGC) market valuation today topped the Rs three lakh-crore mark, a feat achieved only by industry heavy weight Reliance Industries before.

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In line with the broader market, shares of ONGC today surged nearly one per cent to touch an intra-day high of Rs 1,415 thus, fuelling the market capitalisation of the firm to a whopping Rs 3,00,511 crore in the morning trade. Reliance Industries' market cap stood at Rs 3,38,883 crore and retained its position as the most valued company. The shares of the company, however, were trading in the negative territory and dipped 0.36 per cent at Rs 1,036 in morning trade.

ONGC market cap crosses Rs 3 lakh-crore mark - Economic Times

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Apicorp , said Sunday that it is in discussions to exit key investments and reinvest the proceeds in new oil and gas projects across the Middle East, North Africa region.

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Apicorp , a development bank owned by the 10 member states of the Organization of Arab Petroleum Exporting Countries, or OAPEC, is targeting projects in the upstream and midstream sectors of the oil and gas value chain, it said in an emailed statement.

Apicorp Eyes Asset Sales To Reinvest In New Mena Oil,Gas Projs - Zawya

President Pratibha Patil said on Saturday that Cambodia views oil and natural gas, mineral extraction, agriculture and tourism as areas for bilateral cooperation with India in future.

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She also informed that a Memorandum of Understanding (MOU) for cooperation between our Comptroller and Auditor General and the National Audit Authority of Cambodia was signed. A 15 million dollars Credit Line Agreement between EXIM Bank and the Cambodian Government was signed for Phase II of the Stung Tassal Water Development Project. She also informed that a Memorandum of Understanding (MOU) for cooperation between our Comptroller and Auditor General and the National Audit Authority of Cambodia was signed. A 15 million dollars Credit Line Agreement between EXIM Bank and the Cambodian Government was signed for Phase II of the Stung Tassal Water Development Project. "I announced a financial grant of 246,000 dollars for upgradation of the Cambodia-India Friendship School. I attended the India- Cambodia Business meeting in Phnom Penh. I also performed the ground breaking and foundation stone laying ceremony of the Asian Traditional Textiles Museum being set up under the Mekong-Ganga Cooperation Programme, " Patil said.

Oil, gas, mineral, exploration potential with Cambodia huge: Patil - Sify

US Oil, Natural Gas Rig Count Declines by 3 to 1653, Baker Hughes Says Bloomberg The number of oil rigs fell for the first time in seven weeks. The total has more than doubled in the past year. Gas rigs gained for the first time in three ... US rig count decreases by 3San Jose Mercury News US rigs: Down by threeUpstream Online all 52 news articles »

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US Oil, Natural Gas Rig Count Declines by 3 to 1653, Baker Hughes Says - Bloomberg