October 2010 Archives

RIL chairman Mukesh Ambani said improved refining margins and high operating rates at all our manufacturing facilities led to a record quarter.

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Meeting market estimates, Reliance Industries (RIL) posted a 27.8 per cent rise in net profit during the quarter ended September 2010 on rising revenues from refining and oil and gas production. Net profit for the July-September quarter was Rs 4,923 crore, up from Rs 3,852 crore in the year-ago period.

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Turnover of the most valued Indian company rose 22.8 per cent Rs 59,962 crore, up from Rs 48,843 crore a year ago. Net operating margin was lower at 15.5 per cent as compared to 16.7 per cent in the corresponding period of the previous year due to base effect and softer margin environment in petrochemicals partially offset by incremental share of the higher margin oil and gas business and improved refinery margins. “Other income was marginally higher at Rs 1,394 crore as against Rs 1,337 crore as compared to the corresponding period of the previous year primarily due to higher average cash balances,” it said.

RIL profit jumps 27.8 pc on higher margins, revenue - Indian Express

Reliance Industries (RIL) reported a 23% rise in its standalone revenues for the quarter ended September 2010 at Rs 57479 crore compared to corresponding previous year quarter while bottomline rose 32% to Rs 4851 crore mostly in line with market expectations.

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Topline got a boost from refining revenues which increased 26% to Rs 49672 crore (including turnover and inter segment revenues) mainly due to incremental volumes coming from SEZ refinery, 47% jump in oil and gas revenues to Rs 4303 crore on account of higher quantities of oil, gas and condensate from KG D6 and 13% increase in petrochemical revenue to Rs 15096 crore. Operating margins of the company rose marginally by 90 bps to 16.3% as cost of raw materials as a percentage to net sales rose 20 bps to 75.4% and 190 bps fall in purchases to 0.5%. Other income rose 7% to Rs 672 crore while interest cost was up 17% to Rs 542 crore. Depreciation was up 39% to Rs 3377 crore on account of higher depletion charge in Oil & Gas and increased depreciation in the Refining business. PBT was up 24% to Rs 6149 crore.

Reliance Industries - India Infoline.com

The two countries, following a bilateral meet held today, decided to engage their oil companies in greater discussions during the International Conference Petrotech-2010.

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Deora, while welcoming the visiting Minister, expressed the desire of Indian Oil Public Sector Units (PSUs) to further invest in the hydrocarbon sector of Sudan. It was agreed that Sudanese side would make a detailed presentation to the Oil PSUs about forthcoming investment opportunities in the exploration blocks.

India keen to invest in Sudan's oil projects - Sify

The ninth Petrotech International Oil and Gas Conference and Exhibition will be held at New Delhi from November 1 to 3 under the aegis of Ministry of Petroleum and Natural Gas.

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The theme for Petrotech 2010 is 'Global Energy Equilibrium'. There are five technical sub themes: exigent hydrocarbon, greening the hydrocarbon value chain, managing uncertainty in the hydrocarbon business, energy next and non-conventional hydrocarbon. The exhibition will be a complete green event wherein materials which consume minimum energy and leave minimum carbon footprints viz. recycled wood, recycled carpet for flooring, CFL or LED bulbs for lighting, etc. will be extensively used.

Manmohan Singh to inaugurate Petrotech International Oil, Gas Conference - Sify

ONGC has reported a 6% higher net profit for the September quarter against the same period last fiscal despite an increased burden on account of subsidy sharing for the oil and gas sector. The company has also notified an oil discovery in a Cambay onshore basin.

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ONGC reported a net profit of Rs 5,389 crore for the quarter under review, compared with Rs 5,090 crore in the corresponding period of the financial year 2009-10. The company's contribution toward sharing of under-recoveries of the public sector oil marketing companies during this period was Rs 3,019 crore, compared with Rs 2,630 crore in the same quarter of the previous year.

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The company's average gross realisation from the sale of crude oil in the period was $79.21 a barrel, compared with $70.49 a barrel in the same period last year. The company's average net price realisation from the sale of crude oil in the period was $62.75 a barrel as against $56.41 a barrel for the same period of the previous fiscal. The net impact of subsidy sharing on ONGC's net profit during the quarter was Rs 1,721 crore, compared with Rs 1,491 crore in the same period of 2009-10.

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ONGC net up 6% despite subsidy burden - Financial Express

Oil and Natural Gas Corp. Ltd (ONGC) posted a 6% increase in profit for the quarter ended September, dragged down by a sharp 87% year-on-year surge in depreciation, owing to write-offs of dry wells.

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Net profit rose to around Rs 5,390 crore compared with a 20% increase in total operating income to Rs 18,430 crore. Analysts attributed this growth to the full impact of the deregulation of petrol prices and the increase in APM (administered price mechanism) gas prices (for the fuel produced from government-nominated blocks). In June, APM gas prices were brought on a par with that from the D6 block of the Krishna-Godavari basin. ONGC said it benefited from this to the tune of Rs 1,760 crore in revenue. Net realizations for the quarter stood at $62.75 (Rs 2,792 today) per barrel compared with $56.42 per barrel last year. Net realizations have improved compared with the June quarter as well. The company incurred a subsidy burden of Rs 3,020 crore against Rs 2,630 crore last year.

Higher depreciation hits ONGC - Livemint

The key benchmark indices regained strength in mid-morning trade after initial volatility as most Asian stocks. The Sensex fell below the psychological 20,000 mark in morning trade only to regain that level shortly. The Sensex was up 70.75 points or 0.35% to 20,076.12, up 103.21 points from the day's low and off 43.65 points from the day's high.

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The market breadth was positive. Interest rate sensitive realty stocks declined on fears the Reserve Bank of India (RBI) may tighten key rates further to curb high inflation. Oil and gas stocks were in demand on fresh buying. Most auto stocks edged higher, with Tata Motors striking a record high above Rs 1,200, in anticipation of robust earnings and on expectations of strong sales in the ongoing festive season sales.

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Stocks witnessed choppy trading earlier in the day. The market slipped into the red in morning trade, reversing initial rally. The market regained positive zone later. The market extended gains in mid-morning trade. Volatility may remain high for the rest of the day as the near-month October 2010 derivatives contracts expiry today, 28 October 2010.

Oil & gas, auto stocks in demand as market regains strength - India Infoline.com

The follow-on public offer (FPO) of the largest upstream oil company, Oil & Natural Gas Corporation (ONGC), may be deferred to the next financial year, the company has indicated.

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The follow-on public offer (FPO) of the largest upstream oil company, Oil & Natural Gas Corporation (ONGC), may be deferred to the next financial year, the company has indicated. “My hunch is that the share sale may not happen this year, but we will be ready by the fourth quarter of this financial year,” ONGC chairman and managing director R S Sharma said at the Economic Editors’ Conference here on Wednesday. The finance minister referred to the successful 3G spectrum auction earlier this year, to point out that the government would not disinvest PSUS just to raise revenue.

ONGC follow-on sharesale deferred to next fiscal - Daily News & Analysis

Executives from three leading oil and gas companies are giving evidence to a panel of British lawmakers considering if the country needs tighter regulation of deepwater drilling.

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Chevron Corp., France's Total and Danish state-controlled oil and gas group DONG Energy were scheduled to offer testimony Tuesday to Parliament's Energy and Climate Change Committee. The legislators are investigating the safety implications of the Gulf of Mexico spill in the U.S., and whether the U.K. government was correct in failing to put in place a moratorium on new deepwater drilling in the North Sea.

Chevron, Total testify to UK inquiry on oil spill - BusinessWeek

Gautam Shah, CMT and Vice President, Financial Services, JM Financial Technical Analyst, in a chat with ET Now talks about the sectors he is bullish on.

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Oil and gas comes on top of the list - Reliance and ONGC. Even though ONGC has done well, Reliance - which is a big index heavyweight in the oil and gas space - has been a big underperformer in the last 9 to 10 months. But with the stock testing a level of 1100, the index itself is making a come back. So oil and gas is another segment along with capital goods that can take the markets significantly higher. I would recommend longs in this space even at current levels keeping in mind a risk reward of about 1:3, 1:4. Two other underperformers that we like would be the power space. In 2006-2007, there was a frenzy in the power space. You had moves of 3-4% on a daily basis. But in the last 6 to 8 months, power has done absolutely nothing and a lot of these stocks are gradually making a come back. If the market were to see a blow off to the tune of 10-15% from here, you will have some of these underperformers catch up very very quickly and therefore the returns can be quite substantial in the short period of time.

Oil and gas can take the markets significantly higher: Gautam Shah, JM Financial - Economic Times

RTT News

Cabot Oil & Gas 3Q Profit Sinks 90% On Lower Gas Prices Wall Street Journal Cabot Oil & Gas Corp.'s (COG) third-quarter profit sank 90% on lower natural-gas prices, reduced oil production and one-time items following a large ... Cabot Oil & Gas Corporation Beats Analyst Expectations; COG, EC, FSTLearning Markets Cabot Oil & Gas Q3 Profit Plunges - Quick FactsRTT News Cabot Oil & Gas Announces Third Quarter ResultsPR Newswire (press release) Market Intellisearch -Comtex Smartrend all 38 news articles »

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Cabot Oil & Gas 3Q Profit Sinks 90% On Lower Gas Prices - Wall Street Journal

Daily Mail

BP To Sell Gulf Of Mexico Fields Stakes For $650M Wall Street Journal LONDON (Dow Jones)--BP PLC (BP) said Monday it will sell four producing deep-water oil and gas fields in the US Gulf of Mexico to Marubeni Oil and Gas for ... BP sells four Gulf of Mexico oil fieldsThe Guardian BP sells Mexican Gulf assets to Japanese groupAFP Marubeni to Buy Stakes in BP Gulf of Mexico WellsABC News CanadianBusiness.com (blog) -ShareCast -Benzinga all 154 news articles »

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BP To Sell Gulf Of Mexico Fields Stakes For $650M - Wall Street Journal

The Ministry of Oil and Minerals has received 17 applications from global petroleum companies for oil exploration for more than ten open blocks in Yemen that were presented at the 3rd Oil, Gas, and, Minerals Conference held in Sana’a on Monday and Tuesday, Minister Amir Salim al Aidrous said at a press conference held at the end of the conference.

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The president continued, saying, “Yemen has plenty of oil and gas quantities but there is a need for investors with a strong will and good instincts to take advantage of these resources.” “It is impossible to explore underground oil without investment and capital,” said the president. He added that oil explorations have been ongoing in Yemen since the 1980s and there are nearly 33 companies working in the fields of oil, gas, and minerals currently operating in the country. Yemen has oil fields offshore and onshore as well as on the country’s border with Saudi Arabia.

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He advised investors not to believe in all what is being published and broadcasted on terrorism and security problems as the media tends to exaggerate issues to boost viewership, explaining that terrorism is also found in the US as well as Europe.

Yemen opens oil blocks for investment - Yemen Observer

Rice University researchers have created a Green Carbon Center to bring the benefits offered by oil, gas, coal, wind, solar, geothermal, biomass and other energy sources and will also provide a means to recycle carbon dioxide into useful products.

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Rice University researchers have created a Green Carbon Center to bring the benefits offered by oil, gas, coal, wind, solar, geothermal, biomass and other energy sources and will also provide a means to recycle carbon dioxide into useful products. "The key is to turn carbon dioxide into a useful material so it's no longer waste. We want the center to partner with energy companies -- including oil, natural gas and coal -- to make carbon a profitable resource," said James Tour, Rice's T.T. and W.F. Chao Chair in Chemistry as well as a professor of mechanical engineering and materials science and of computer science. The researchers said that the rapid expansion of solar and wind energy and the promise of a hydrogen-based energy economy do not negate the continuing, long-term need for carbon-based energy.

Now, Green Carbon Centre that could recycle CO2 to lower eco footprint - Sify

It the letter, the state-run company has sought details of Vedanta’s financial strength, technical capability and past experience in the field of oil and gas. Vedanta has signed a deal to buy a majority stake in Cairn India. ONGC is Cairn’s partner in eight blocks, including three producing ones in Barmer in Rajasthan, Cambay in Gujarat and Ravva in Andhra Pradesh.

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This is the third time that ONGC asserted its pre-emptive rights in the blocks after the Vedanta deal was announced on August 16. Cairn had earlier dismissed ONGC's claims, stating that “the transaction (Cairn Plc’s sale of up to 50 per cent stake in Cairn India to Vedanta) is a sale of shares in Cairn India, rather than an assignment of any participating interest under the various production sharing contracts and joint operating agreements”. In the letter to Edinburgh-based Cairn Energy today, ONGC said it had pre-emptive rights in relation to the participating interests held by Cairn India or its subsidiaries in the eight blocks where the two companies were partners.

ONGC again asserts pre-emptive rights on Cairn deal - Business Standard

At this point, you know the story: Improvements in drilling and completion techniques and technologies enabled US producers to tap natural gas previously trapped in low-porosity and low-permeability shale formations.

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This sudden glut of output transformed the US from a country that was expected to import liquefied natural gas into the world’s top gas producer, a rags-to-riches story more suitable to the pages of Horatio Alger. Sort of. As operators rush to secure leaseholds through production, a surfeit of supply has depressed natural gas prices to record lows, forcing many companies to pursue joint ventures to ensure ongoing development. Meanwhile, many investors underestimated the shale gas phenomenon and expected natural gas prices to revert to historical norms.

Canada's Tight Oil Plays - Investing Daily

NEW DELHI: Having twice "let go" the opportunity to acquire Cairn India, state-run Oil and Natural Gas Corp is unlikely to exercise its pre-emption rights to stop UK's Cairn Energy Plc from selling majority stake in its Indian arm to Vedanta Resources, a company source said.

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ONGC chose not to exercise its pre-emption rights when in 2002 Cairn Energy bought out Royal Dutch Shell's stake in the prolific Rajasthan block for just USD 11 million.

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In 2004-05, it again let go an opportunity to acquire the company, which by then had discovered the giant Mangala oil field in the Rajasthan block, for about USD 4 billion.

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ONGC may not exercise pre-emption rights in Cairn-Vedanta deal - Economic Times

If the stake sale by Cairn Energy to Vedanta Resources of its majority shareholding in Cairn India is to go through, it (Cairn Energy) will require the Petroleum Ministry's approvals for acreages won under oil and gas bidding rounds, as also those awarded before the auction regime.

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This is because of the obligations incurred by Cairn Energy under the various production sharing contracts (PSCs) signed with the Government for exploring and producing oil and gas in India. This is because of the obligations incurred by Cairn Energy under the various production sharing contracts (PSCs) signed with the Government for exploring and producing oil and gas in India. “At this juncture we are not examining the merits of the case, but are looking at only jurisdictional aspects. In our view, even in the pre-NELP cases Cairn Energy would require our permission,” Mr S. Sundareshan, Secretary, Petroleum and Natural Gas Ministry, told Business Line.

Stake-sale: Cairn will need Govt nod for pre-NELP blocks too - Hindu Business Line

Mumbai, Oct 21 (IANS) State-run Indian oil and gas explorer ONGC Thursday said its approval is required if a proposed sale of Cairn Energy's Indian unit to Vedanta Resources has to go through.

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The company said it also has the option to exercise its preemptive rights. In a letter, it enquired about the financial strength, technical capability and past experience of Vedanta in the oil and gas field.

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The company said it also has the option to exercise its preemptive rights. In a letter, it enquired about the financial strength, technical capability and past experience of Vedanta in the oil and gas field. 'In accordance with the terms of the relevant agreements, the consent of ONGC would need to be sought for the proposed transaction,' said the upstream company in a regulatory filing.

ONGC says its approval needed for Cairn-Vedanta deal - Sify

MUMBAI: The Ruia family-promoted Essar Oil, India’s second-largest private refiner, is close to acquiring oil and gas exploration blocks in Africa to secure crude oil supplies for its refineries in India and Kenya, the firm’s MD said.

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The refinery arm of the London-listed Essar Energy is eyeing overseas oil assets as it is expanding its refinery in India and owns half of Kenya Petroleum that runs a refinery in Mombasa. The refinery arm of the London-listed Essar Energy is eyeing overseas oil assets as it is expanding its refinery in India and owns half of Kenya Petroleum that runs a refinery in Mombasa. “The company is evaluating all prospects and will soon finalise few of them,” said Essar Oil’s managing director Naresh Nayyar.

Essar to acquire African oil & gas assets - Economic Times

The New Exploration Licensing Policy (Nelp-IX) bidding for exploration acreages has been launched with a bid date of March 18, 2011. The macro environment is more positive than it was at the time of Nelp-VIII with a heightened interest for investments in emerging markets.

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The oil and gas sector in India has also seen some marquee developments including the Cairn-Vedanta deal and monetization of Cairn’s oil discovery in Rajasthan and RIL’s gas discovery in the KG basin. The global outlook and cost environment for E&P services availability is also positive with an expectation that global services players would also be keen to increase their India exposure in the future. This round has 34 blocks (15 offshore and 19 onshore) on offer, of which there are 19 new blocks and 15 blocks from relinquished and old acreages (of which 7 were on offer in Nelp-VII & VIII) which should result in more focused investor interest.

Acreage retention a major attraction in Nelp-IX auction - Economic Times

Oct 18 (Reuters) - Indian state-run explorer Oil and Natural Gas Corp (ONGC.BO: Quote ) has found oil and gas in two of its exploration blocks around India's eastern coast, the company said in a statement.

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It struck oil and gas in an onshore block in the Cauvery basin, and gas in an offshore block in the Krishna-Godavari basin, ONGC notified the regulator Directorate General of Hydrocarbons. 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.

India's ONGC discovers hydrocarbons in two blocks - Reuters Africa

NEW DELHI: In a rare display of out-of-the-box thinking from a public sector firm, flagship explorer Oil and Natural Gas Corporation is pumping in nearly Rs 16,000 crore, or nearly $4 billion, into deploying some innovative technological measures to arrest the ageing of Mumbai High oil and gas fields, its crown jewel.

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Pumping oil from the field, with complex and irregular rock formations cradling barely 3-8 metres thick oil bearing sub-layers, has remained a challenging task since its discovery in 1974. With production of some 400,000 bpd (barrels per day) at its prime, output has sagged over 32 years to nearly half as age caught up.

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Now, in a decisive move to rejuvenate production, ONGC has deployed several smart technologies that keep costs down by reducing the number of platforms or mid-sea structures for producing the oil trapped in nooks and crannies of the reservoir rock and left behind due to uneven movement of encroaching water in the reservoir.

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ONGC in $4bn hi-tech push for Mumbai High facelift - Times of India

While energy, economics and jobs dominate the headlines, a homegrown industry has been supplying these benefits for a century and a half in the Buckeye State.  This year, Ohio’s natural gas and crude oil industry celebrates its 150 th anniversary, and its benefits to the state may surprise you.

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Many Ohioans are unaware of the state’s vast geological energy resources.  To date, Ohio has drilled more than 273,000 wells, ranking fourth in the nation following Texas, Oklahoma, and Pennsylvania.  Last year alone, Ohio wells produced more than 88 billion cubic feet of natural gas. Ohio’s industry also supports local economies by distributing over $200 million dollars annually in royalty payments to local landowners (mineral interest owners) that include Ohio farmers, businesses, schools, churches and communities with wells on their property.

Ohio's Natural Gas and Crude Oil industry celebrates 150th anniversary - Suburbanite

NEW DELHI: Oil minister Murli Deora on Friday launched the government's ninth round of exploration acreage auction to hawk 34 concessions , nearly half of which are recycled from the previous round. But unlike the earlier round, there will be no seven-year tax holiday this time, a fact that may dampen investor sentiment.

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NEW DELHI: Oil minister Murli Deora on Friday launched the government's ninth round of exploration acreage auction to hawk 34 concessions , nearly half of which are recycled from the previous round. But unlike the earlier round, there will be no seven-year tax holiday this time, a fact that may dampen investor sentiment. "We got an investment commitment of over $1 billion in the eighth round. This time, we expect to do at least that and even better. We anticipate better response as the last auction was held when world economies were in recession," petroleum secretary S Sundareshan said.

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Sundareshan said the absence of the 7-year holiday in present round would not impact investors. "The issue with investors is ambiguity. There is none in this round," he added . The Direct Tax Code, to be implemented from April 2012, will do away with profit-linked incentives for all sectors. Instead, an investment-linked incentive will be available.

Govt to auction 34 oil & gas blocks - Times of India

NEW DELHI: The Oil and Natural Gas Corporation (ONGC) has made two new discoveries of oil and gas reserves - gas at the Krishna-Godavari basin block and oil in the Cauvery basin.

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NEW DELHI: The Oil and Natural Gas Corporation (ONGC) has made two new discoveries of oil and gas reserves - gas at the Krishna-Godavari basin block and oil in the Cauvery basin. "The two discoveries have been notified to Directorate General of Hydrocarbon after the previous board meeting held Sep 22," ONGC said in a statement Saturday. It had announced an oil discovery in Cauvery Basin block and gas in Krishna-Godavari Basin Sep 22. The newly-discovered oil reserve is in the PEL block of the Cauvery basin in Tamil Nadu and the oil well on the site has already been put on production.

ONGC makes two new oil and gas discoveries - Economic Times

NEW DELHI: Oil and Natural Gas Corporation said it has made two oil and gas discoveries, one of which has already been put into production. The announcement comes in quick succession to similar finds made a fortnight ago.

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On September 22, the company announced an oil discovery in an onland Cauvery Basin block and a gas find in the offshore Krishna-Godavari Basin. It also kicked off its foray into a frontier area by spudding the first well to find gas trapped in layers of shale (stones) at Ichapur village in West Bengal. In the latest instance, the company said its exploratory well in a Cauvery Basin onland Block in Thanjavur district of Tamil Nadu flowed oil at the rate of 300 barrels per day. The company immediately hooked up the well to its existing production facility.

ONGC makes two finds in a fortnight - Times of India

NEW DELHI: Energy explorers will get tax incentives based on their investments in the ninth round of auctions for oil and gas exploration blocks, replacing the existing regime of seven-year tax holiday on profits.

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The tax benefits will extend to gas exploration as well, oil minister Murli Deora clarified on Friday at the launch of the ninth new exploration licensing policy (Nelp-IX ), under which bids have been invited for 34 exploration blocks. Oil secretary S Sundareshan said the new tax incentive regime is based on the proposed Direct Tax Code set to replace the existing income tax laws from 2012. ET was first to report the change in policy on October 1.

Investment-based tax gains announced for Nelp-IX - Economic Times

NEW DELHI: Hoping to attract more foreign companies to explore its vastly unexploited sedimentary basin, India today launched its ninth round of oil and gas block auction, made up mostly of previously discarded areas.

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Petroleum Minister Murli Deora launched the ninth edition of New Exploration Licensing Policy (NELP), offering 34 exploration blocks, almost half of the previous round in 2009.

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Petroleum Minister Murli Deora launched the ninth edition of New Exploration Licensing Policy (NELP), offering 34 exploration blocks, almost half of the previous round in 2009. "Out of 34 blocks, 19 blocks are totally new areas - 7 in deep sea, 2 in shallow waters and 10 onland blocks. Rest 15 (1 in deep water, 5 in shallow water and 9 onland blocks) are recycled blocks," he said at the launch.

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India launches ninth edition of NELP - Economic Times

Equity benchmarks stalled the follow-up rally by erasing more than 190 points on the Sensex on the back of profit booking in major sectors including infrastructure, financial, telecom and oil & gas. The sell-off as well as consolidation was imminent because the Sensex rallied more than 650 points from Wednesday till today's spike up in initial trade.

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However, Infosys maintained its uptrend ahead of results for the quarter ended September 2010; jumped 1% followed by Wipro with 1.5% rise. Infosys’ revenues are expected to go up 9.32% to Rs 6775.66 crore and net profit seen up 15.46% to Rs 1718.11 crore on quarter-on-quarter basis. However, TCS was down 0.7% and HCL Tech fell 1.2%. The 30-share BSE Sensex closed at 20,497.64, down 190.24 points or 0.92% and the 50-share NSE Nifty fell 56.55 points or 0.91% to settle at 6,177.35. The Nifty October futures' premium also trimmed down to 16 points from 37 points.

Sensex drops 190 pts on sell-off in infra oil gas banks - Moneycontrol.com

Caza ("Caza" or the "Company") is pleased to announce that the Caza 162 #1 well (the "162 well") in Upton County, Texas, reached a total depth of 11,287 feet on October 11, 2010. Electric logs indicate potential pay zones in the Clearfork, Spraberry, Wolfcamp and Atoka formations. Production casing has been set, and the operator is preparing the 162 well for fracture stimulation.

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Caza is also pleased to announce that the completion process has commenced on the Caza 158 #1 well, which was fracture stimulated in the Atoka formation at a depth of approximately 11,000 feet on October 11, 2010. Caza will issue an update once the fracture fluid is recovered and test rates are established.

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Caza is engaged in the acquisition, exploration, development and production of hydrocarbons in the Texas Gulf Coast (onshore), south Louisiana, southeast New Mexico and the Permian Basin of West Texas regions through its subsidiary, Caza Petroleum, Inc. For additional information on Caza, visit www.cazapetro.com .

Caza Oil & Gas Inc.: Operations Update Windham Wolfberry Prospect - MarketWatch (press release)

The auction is expected to attract global players such as British Gas, Cairn Energy, BHP Billiton apart from domestic energy firms ONGC, Reliance Industries and Essar.

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In the ninth round, the government will offer the 34 blocks from 10 sedimentary basins, including eight deepwater blocks, seven shallow water blocks, and 19 onland blocks. The area covered by the blocks is 88,807 sq km, officials said. In the eight rounds of Nelp since 1999, 235 blocks have been awarded. The area under exploration has increased 11 per cent to about 58 per cent of the country’s sedimentary basin between 2000 and 2010.

Next oil hunt to offer 34 blocks - Calcutta Telegraph

Buy ONGC, not positive on Reliance Industries: Hemant Kale Economic Times Hemant Kale, MD, Maia Financial Services, in a chat with ET Now talks about oil and gas space. What is your sense about the oil and gas space at this point ... Hold Reliance Industries for time being: Hemant KaleEconomic Times Reliance's US$1bn Bond Sale Offers Long-Term Play On Indian GrowthCorporate Financing Week (subscription) all 8 news articles »

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Buy ONGC, not positive on Reliance Industries: Hemant Kale - Economic Times

They typically go counter to the market .s trend. So one would expect more of this until you get an intermediate downtrend and that is when they shine. The connection is quite simple actually. Whenever there are these global intermediate downtrends, crude oil also comes down and that helps the prices of these stocks, at least the oil marketing companies in particular.

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So they remain good buys towards the beginning of intermediate downtrends because that is when they do well. They help your portfolio and they are anyway in individual bull market. So all that is pretty good. BSE Quotes and BSE Sensex are real-time and licensed from the Bombay Stock Exchange. NSE Intra-day quotes are 15 min. delayed. All quotes in IST.

Oil and gas go counter to market trend: Deepak Mohoni - Economic Times

Both the law ministry and the Solicitor General of India have expressed the view that UK-based Cairn Energy requires the Indian government's approval for selling a controlling stake in Cairn India, which operates the Rajasthan and eastern offshore Ravva oilfields, to billionaire Anil Aggarwal- controlled Vedanta Resources.

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A senior petroleum ministry official confirmed that according to the legal opinion specific government approvals are required for the sale of 10 oil and gas properties that Cairn India operates in India.

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The Solicitor General has cited the recent Supreme Court judgment in the gas dispute between the Ambani brothers, which states that all the oil and gas fields in India are national assets, the ownership of which vests with the government.

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Govt nod must for Cairn equity sale - India Today

The benchmark Nifty started the day with nearly one percent gap up on the back of positive global cues. The index got back above 6150 level; metal, realty, technology, financial and auto stocks were on buyers' radar.

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At 9:01 hours IST, the Sensex was trading at 20419, up 168 points and the Nifty was at 6156, up 53 points. The Nifty October futures were trading at 28 points premium. The CNX Midcap rose 98 points to 9502; about 777 shares advanced while 111 shares declined on NSE. Among the frontliners, Tata Steel, SBI, Maruti, Wipro, Infosys, TCS, Suzlon Energy, ICICI Bank, Reliance Industries, DLF, Power Grid, Sterlite Industries, Tata Motors, Jaiprakash Associates, Sesa Goa, M&M and SAIL were witnessing buying interest.

Nifty above 6150 on global cues; oil & gas up - Moneycontrol.com

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Statoil and Talisman in $1.3bn shale gas link-up Financial Times Statoil, the Norwegian oil and gas group, has taken another step into the US unconventional energy sector by teaming up with ... Talisman, Statoil to Buy, Operate Texas Oil ShaleBusinessWeek Talisman Energy Acquires Material Position in the Liquids Rich Window of the ...MarketWatch (press release) Talisman, Statoil buy Texas shale in $1.3B JV dealThe Associated Press Economic Times -Reuters Africa all 130 news articles »

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Statoil and Talisman in $1.3bn shale gas link-up - Financial Times

India will offer 34 blocks in 10 sedimentary basins for exploration in the ninth round of auction under the New Exploration Licensing Policy (NELP-IX), minister of petroleum and natural gas Murli Deora said in London today.

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These include eight deepwater blocks, seven shallow water blocks, and nineteen inland blocks while the 34 blocks have a total area of 88,807 sq km, he added. He said the oil exploration and prospecting (E&P) industry has been a success in India with major discoveries like the Barmer field in Rajasthan in which Cairn Energy and ONGC are producing oil. The field, which commenced production in the year 2008, is currently producing about 6 million tonnes of oil per annum. This is expected to go up further and add to 25 per cent of domestic oil production of 2008-09.

India to offer 34 oil and gas blocks in ninth round of NELP auction - domain-B

Kuwait: The Yemen Ministry of Oil and Minerals said Saturday it signed a Memorandum of Understanding (MoU) with Kuwait Energy Company, an independent oil and gas exploration and production firm.

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Kuwait Energy will conduct a six-month study addressing the potential development of natural gas reserves in Yemen and the optimisation of the country's natural gas resources for the benefit of its people. Kuwait Energy, which currently operates in Egypt, Yemen, Oman, Ukraine, Latvia, Russia and Pakistan, says it had proven and probable reserves of 51.2 million barrels of oil equivalent at the end of 2009, with current production of about 14,000 barrels a day of oil equivalent.

Yemen signs MoU with Kuwait Energy - GulfNews

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Brazil Petrobras Announces 48 Bln Cubic Meters Gas Find In Peru Wall Street Journal RIO DE JANEIRO (Dow Jones)--Brazilian state-controlled oil and gas giant Petroleo Brasileiro SA (PBR, PETR4.BR), or Petrobras, said Friday it made a new ... Brazil's Petrobras Sees Producing Gas From Mexilhao By Yr-EndWall Street Journal Energy takeovers soar to record $85 billionCalgary Herald Q3 2010 Oil and Gas Deals Soar to $85 Billion on Petrobras Offering & asset ...Stockopedia Reuters -Live Trading News -Commodity Surge (blog) all 122 news articles »

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Brazil Petrobras Announces 48 Bln Cubic Meters Gas Find In Peru - Wall Street Journal

Peruvian President Alan Garcia says Brazil's state oil and gas giant Petrobras has confirmed finding 1.7 trillion cubic feet of natural gas in southeastern Peru.

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Garcia says the gas will be for local consumption and should be enough to supply southern Peru for 20 years, driving down electricity prices for the region's residents.

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People in the region have staged protests demanding its natural gas be for local consumption instead of export. In July, the government reserved gas from some exploration lots for Peruvians.

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Peru announces Petrobras confirms natural gas find - BusinessWeek

New Delhi, Oct 8 (IANS) India will offer 34 blocks in the forthcoming auction of oil and gas assets, Petroleum Minister Murli Deora said in London Friday.

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New Delhi, Oct 8 (IANS) India will offer 34 blocks in the forthcoming auction of oil and gas assets, Petroleum Minister Murli Deora said in London Friday. 'Under the ninth round of NELP (New Exploration Licensing Policy), government of India will be offering 34 blocks from 10 sedimentary basins,' Deora said at the curtain raiser meeting for the ninth auction round in London. He said that these would include eight deepwater blocks, seven shallow water blocks and 19 onland blocks, with a total area of 88,807 sq. km.

India to offer 34 oil, gas blocks for auction - Sify

METAIRIE, La. -- A technician on Thursday challenged BP's claim about how long it would have taken to install more key devices that the oil giant had been warned were essential to prevent a severe gas flow problem in the Gulf well that later blew out.

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Centralizers make sure the casing is running down the center of the well bore. A casing that is cemented off-center runs the risk of an imperfect seal that could allow oil and gas to escape.

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One issue in a federal panel's investigation of the rig explosion and massive oil spill is whether BP cut corners to reduce costs. The well project was nearly $60 million overbudget when the centralizer warning was raised.

Technician challenges BP's claim - Fort Worth Star Telegram

BP PLC's new Chief Executive Bob Dudley signed a deal with Azerbaijan's state oil company on Thursday to develop a major new gas field in the Caspian Sea -- his first big move since taking over the top job this month.

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Azerbaijan is one of the British company's key targets as it seeks to build up businesses outside the United States, where its operations have been under pressure in the wake of the Gulf oil spill. The 50-50 joint venture with the State Oil Company of the Republic of Azerbaijan, or SOCAR, gives BP access to unexplored waters in the Shafag-Asiman field. SOCAR estimates the field has gas reserves of 17,000 billion cubic feet.

BP, Azerbaijan sign deal on Caspian Sea gas - BusinessWeek

The government plans to relax the rules for the next round of bidding for oil and gas blocks, which will commence from October 15 with roadshows.

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On the table are proposals to do away with technical capability criteria for small onland blocks, extend the initial exploration phase by one year to five years and allow companies that have surrendered blocks to bid again. The oil ministry is working on the revised norms, which will have to be approved by an inter-ministerial committee of secretaries, officials said.

Centre weighs easier oil hunt rules - Calcutta Telegraph

Stating that India would like to further strengthen relationship with Kuwait, Deora said there are several areas where the two countries can work together in the oil and gas sector.

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India’s rising stock market and a booming economy that’s expanding by 8.5% have boosted the net worth of India’s richest people, according to the latest Forbes’ India Rich List. The combined net worth of India’s 100 richest people is US$300bn, up from US$276bn last year. This year, there are 69 billionaires on the India Rich List, 17 more than last year. Mukesh Ambani, head of Reliance Industries, has topped the latest Forbes’ India Rich List with a net worth of US$27bn, for the third consecutive time. Steel magnate Lakshmi Mittal, remains at No. 2 with a net worth of US$26.1bn. However both are less well off than they were a year ago. Moving up to third position this year is IT outsourcer Wipro’s Azim Premji. His wealth increased to US$17.6bn from US$14.9bn last year amid an improving outlook for the sector. Also improving on their previous ranking to No. 4 are brothers Shashi and Ravi Ruia with US$15bn, more than their last year’s net worth of US$13.6bn. The IPO of their Essar Energy in May, which raised US$1.85bn, was the largest ever listing in London by an Indian company. Mulri Deora, the Union Minister of Petroleum & Natural Gas, and his counterpart from Kuwait, Sheikh Ahamad Abdullah Al-Ahmad Al-Sabah emphasized enhancing cooperation between the two countries. Stating that India would like to further strengthen relationship with Kuwait, Deora said there are several areas where the two countries can work together in the oil and gas sector. These include long term arrangement of crude oil supply from Kuwait to India and mutual investments in various areas of hydrocarbon sector.

Oil & Gas Round Up - September 27 to October 01, 2010 - India Infoline.com

The proceeds from the issue will be used to refinance loans taken by the company for acquiring shale gas assets and general corporate purposes.

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Observers are of the view that Reliance will get a good response to its flotation given the strong demand for bonds and the robust potential of the Indian economy.

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The oil giant is not the only one looking to raise resources overseas through a bond issue. ICICI Bank — the country’s largest private bank — is also understood to be considering a $1-billion issue for which it has supposedly engaged three banks.

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Reliance gears up to raise $1bn via bonds - Calcutta Telegraph

The government plans to relax the bidding norms for the coming ninth round of auctioning of oil and gas blocks under the New Exploration and Licensing Policy (Nelp-IX), as the previous round of auctioning failed to generate much interest.

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The new norms are likely to give companies more time to undertake exploration by extending the initial exploration phase by one year to five years while also allowing companies that have surrendered blocks to bid for them again. The companies will also be given the flexibility of drilling the committed number of wells during the entire exploration phase. The Ministry of Petroleum and Natural Gas is working on the revised norms, which will have to be approved by a committee of secretaries before the launch of the ninth round on October 15, said officials.

Nelp-IX norms to give firms more time to explore oil - Business Standard

The Sensex after trading in the red, moved up into the positive terrain on the back of some buying interest. On sectoral front, healthcare, oil & gas and consumer durable stocks gained.

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At 11 a.m., the Sensex was trading up 51.42 points or 0.25% at 20,527.15 with 21 components gaining. Meanwhile, the Nifty was trading higher by 18.65 points or 0.30% at 6,178.10 with 38 components gaining.

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The 30-share benchmark index, BSE Sensex opened flat with a decline of 13.75 points or 0.07% at 20,461.98, while the broad based NSE Nifty started with a fall of 14.75 points or 0.24%, at 6,144.70.

Sensex moves up; HC, Oil & Gas gain - Myiris.com

NEW DELHI: Reliance Industries has seen crude oil production falling by more than 31 per cent from its MA oilfield in the predominantly gas-rich KG-D6 block off the east coast.

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A company spokesperson declined to comment on the issue. Currently six wells are on production in MA field in the eastern offshore KG-DWN-98/3 (or KG-D6) block. RIL, which commenced commercial oil production from MA field in September 2008, had in its field development plan (FDP) envisaged a plateau oil output of 34,041 bpd in the 2nd year of production and 28,684 bpd in the 3rd year. So far, the maximum production level of about 32,000 bpd was achieved for few days only during May 2010, thereafter oil production has declined gradually.

RIL's crude reservoirs not performing as per predictions - Economic Times

The government plans to offer tax incentives in the next round of bidding for oil and gas blocks, to be launched later this month, to attract global firms.

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At present, oil companies get a seven-year tax waiver on their income for selling crude from a block. However, there is no such benefit for natural gas production. An exception was made for the eighth round of bidding that was held last year. At present, oil companies get a seven-year tax waiver on their income for selling crude from a block. However, there is no such benefit for natural gas production. An exception was made for the eighth round of bidding that was held last year. “Efforts are on to make Nelp (New Exploration Licensing Policy) more attractive and bring parity between oil and gas. We had taken up the issue with the finance ministry and they have agreed in-principle to the suggestion. The E&P firms are likely to get tax benefits as suggested in the direct taxes code,” a senior oil ministry official said.

Oil hunt tax sop on agenda - Calcutta Telegraph

File photo of an ONGC rig. ONGC has questioned its share of the royalty and cess burden given that Vedanta is buying stakes in the proven Rajasthan fields unlike Cairn which had invested in the nascent exploration venture. In the 1990s, the government had exempted companies investing in the then nascent oil and gas exploration business from payment of statutory levies like royalty and oil development cess.

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State-run Oil and Natural Gas Corp has sought a legal opinion on whether it will be liable to shoulder the entire royalty burden on crude output from the Rajasthan oilfields even after Vedanta Resources buys Cairn Energy’s stake. The prolific Rajasthan oilfield is economically unviable for ONGC, as it not only has to pay royalty on its 30 per cent share, but also on Cairn India’s 70 per cent stake.

ONGC questions royalty burden if Vedanta buys Cairn stake - The Hindu

WASHINGTON, Oct 2 (APP): The White House, describing Pakistan as a key U.S. ally in the region, has reposed confidence in the country’s commitment to preservation of democracy.

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WASHINGTON, Oct 2 (APP): The White House, describing Pakistan as a key U.S. ally in the region, has reposed confidence in the country’s commitment to preservation of democracy. “Pakistan is an important strategic partner and a key ally to the United States.We believe that the government of Pakistan is committed to democracy and to the preservation of civilian leadership, obviously which we believe is tremendously important,” President Obama’s Press Secretary Robert Gibbs said. Gibbs reaffirmed U.S. support for Pakistan in dealing with floods and extremism challenges as he signalled disagreement with a question that the South Asian country may be nearing a point of crisis in the face of unprecedented natural disaster, NATO missile strike and media speculations about a change in the government.

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WASHINGTON, Oct 2 (APP): Pakistan and NATO are working through their disagreement after an airstrike killed Pakistani soldiers and a vital supplies route for Afghanistan-based international forces - temporarily shut in the wake of cross-border intrusion - will be re-opened as soon as safety is ensured for truck convoys passing through Khyber Pass, Islamabad’s envoy to the United States said. “We are working through our disagreement. NATO and ISAF have agreed to conduct an inquiry about the incident. And I think, as soon as we can ensure the security of the convoys moving through the Khyber Pass, we will have them moving again,” Ambassador Husain Haqqani said.

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Naveed Qamar discusses oil sector's issues with Tajik Trans Gas company - Associated Press of Pakistan

WASHINGTON — The Obama administration advanced a major piece of its overhaul of the way the federal government oversees offshore drilling by creating a new office to collect oil and gas royalties.

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The Office of Natural Resources Revenue will be tasked with handing royalties for all mineral leasing on public lands - and be separate from other bureaus in the Interior Department dedicated to leasing decisions and policing the safety of oil and gas operations in public lands and waters. Interior Secretary Ken Salazar called the change a significant part of the overall reorganization of the former Minerals Management Service. The new structure attempts to respond to both real and perceived conflicts of interest between the old agency's previous assignments to both collect money from energy companies and aggressively monitor projects for safety and environmental violations.

New federal office begins work for oil, gas royalties - Houston Chronicle

Mulri Deora, the Union Minister of Petroleum & Natural Gas, and his counterpart from Kuwait, Sheikh Ahamad Abdullah Al-Ahmad Al-Sabah emphasized enhancing cooperation between the two countries. Stating that India would like to further strengthen relationship with Kuwait, Deora said there are several areas where the two countries can work together in the oil and gas sector. These include long term arrangement of crude oil supply from Kuwait to India and mutual investments in various areas of hydrocarbon sector.

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One of the important issues discussed was possible investment of Kuwait in the oil and gas sector particularly in petrochemical complexes and building of crude oil storage hub in India. The Indian side invited participation of Kuwait in the E&P opportunities in India with the launch of ninth round of exploration blocks under new exploration licensing policy (NELP-IX) which will be launched soon.

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Reliance Industries (RIL) and Oil and Natural Gas Corporation (ONGC) are likely to get getting additional time for completing their oil and gas exploration programme in their KG basin fields.

Top Oil & Gas news of the day - India Infoline.com