January 2011 Archives

NEW DELHI: State-owned Oil and Natural Gas Corp has asked the government not to approve London-listed Vedanta Resources' $9.6 billion acquisition of Cairn India until the issue of excess royalty it pays on Rajasthan crude oil is sorted out.

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ONGC holds a 30% stake in Cairn India's mainstay Rajasthan oilfields. Its board on Saturday recommended that the royalty it pays not only on its share, but also on the 70% share of Cairn India, should be deducted from the price realised on the sale of crude oil from Mangala and other oilfields in the Rajasthan block. Its board recommended that the royalty it pays not only on its share and the 70% share of Cairn India, should be deducted from the price realised on the sale of crude oil.

Resolve royalty row before approving Cairn-Vedanta deal: ONGC tells govt - Economic Times

The province plans to set up one regulatory body that will make all decisions about land, water licences and environmental assessments. The move will streamline the application process, which currently requires companies to go through the Energy Resources Conservation Board, followed by Alberta Environment, Sustainable Resource Development and Alberta Energy.

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David Collyer with the Canadian Association of Petroleum Producers expects the new process will save money. "Well, saving the industry money and providing clarity and policy and having a good regulatory system attracts investment, no question about that, and that drives jobs and investment in the province," he said.

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Douglas cautioned that having a single regulator could result in projects being fast-tracked without the necessary reviews. "I think Albertans want to see more than just making things easier for oil and gas development," he said.

Alberta aims for single oil and gas regulator - CBC.ca

NEW DELHI: State-owned Oil and Natural Gas Corp (ONGC) today decided not to make a rival bid to Vedanta Resources' USD 9.6 billion acquisition of Cairn India provided its concerns on royalty payout on Rajasthan oil are addressed.

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ONGC board today decided against exercising the company's pre-emption rights if the royalty it pays on crude oil produced from Cairn's mainstay Rajasthan oilfields are added to the project cost, sources in know of the development said. ONGC pays 20 per cent royalty on the entire crude oil produced from Cairn's Barmer oilfields in Rajasthan even though the state-run firm's share in production is just 30 per cent. Cairn holds 70 per cent interest in the Rajasthan block but does not pay any royalty.

ONGC not to make rival bid for Cairn India - Economic Times

The Alberta government is working to create a single body to regulate oil and gas development for the province, a major shift that promises to speed approval of new wells and oil sands projects by months.

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A “regulatory enhancement task force” has recommended one of the largest overhauls in the history of Alberta’s energy enforcement system, in a bid to pare down complexity and duplication of a process derided by industry as too slow. Report on Business magazine: The investing issue “These actions will ensure the regulatory system supports the development of Alberta’s oil and gas resources,” said Diana McQueen, parliamentary assistant for energy who chaired a task force that wrote a report recommending the changes.

Alberta to launch single regulator for oil and gas - Globe and Mail

NEW DELHI: State-run Oil & Natural Gas Corp's (ONGC) third-quarter net profit jumped 132% at 7,083 crore, boosted by recovery of 1,900 crore dues from natural gas customers.

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Chairman R S Sharma said the sharp jump in quarterly profit augured well for the company, in which the government plans to sell 5% of its equity to raise an estimated 13,000 crore in March. The company's net profit for the nine month period ending December 31 grew by 24% at 16,133 crore. Profit rose despite a rising subsidy burden, which is up 95% for the first nine months of 2010-11.

ONGC Q3 net profit up 132% - Economic Times

Oil & gas space can slip 5-10%: JM Financials Moneycontrol.com Shah told CNBC-TV18, "Sometime back in December when a stock like Reliance and when the oil and gas index itself was moving up there was this belief that ... and more »

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Oil & gas space can slip 5-10%: JM Financials - Moneycontrol.com

At 13:29 hours IST - Indian equities continued the sell-off for second consecutive day in a choppy trade. The benchmark Nifty has tested 5650 level in afternoon trade. Oil & gas, realty and metal companies' shares were adding fuel to fire. Bharti, Infosys, BHEL, Wipro, M&M, HUL, HDFC and ICICI Bank too were adding pressure on benchmarks.

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Veteran technical chartist Louise Yamada of Louise Yamada Technical Research Advisors said Nifty can see a pullback to 5500 if it remains below 5700. Meanwhile, she sees short-term support for Sensex at 19,000. “ Sensex and Nifty should see sideways movement ahead,” she adds. However, consistent buying in TCS, SBI, Tata Motors, ITC, Bajaj Auto, L&T, Hindalco, Ambuja Cements, ACC, Power Grid and Sesa Goa was supporting the markets and was trying to limit losses to some extent.

Nifty tests 5650; realty, pharma, metals, IT, oil & gas dip - Moneycontrol.com

ConocoPhillips, which posted a 60% increase in fourth-quarter earnings, said Wednesday it plans to continue shifting its production in North America from natural gas to more profitable oil.

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Conoco Chief Financial Officer Jeff Sheets said in an interview that the shift from natural gas to oil production reflects the company's view that gas prices will remain depressed in the near future while oil prices will continue strong in the long term.

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Real-time U.S. stock quotes reflect trades reported through Nasdaq only; comprehensive U.S. stock quotes reflect trading in all markets and are delayed at least 15 minutes. All quote volume is comprehensive and reflects trading in all markets, delayed at least 15 minutes. International stock quotes are delayed as per exchange requirements.

Conoco Putting Oil Before Gas - Wall Street Journal

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The frontier explorer, run by former mercenary provider Tony Buckingham, had been hoping to strike oil in Iraq's semi-autonomous northern region, Kurdistan. Heritage now believes it has made a discovery of 12 trillion cubic feet of gas in the Miran field - making it one of the most fruitful areas for new exploration in the world.

Heritage Oil investors shun its giant Iraqi gas find - Telegraph.co.uk

The move comes amid rough waters for Quebec's shale gas industry. Public opposition and concerns from environmentalists have led to a push for a moratorium on drilling.

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A key player in the development of Quebec shale gas, Calgary-based Questerre Energy Corp., announced this month that it has delayed its plans to develop a natural gas pipeline southwest of Quebec City. Bouchard was not giving media interviews on his appointment, but in a statement issued by the association, he championed the cause. "I view the discovery of major natural gas deposits in Quebec as a highly important opportunity for our economic development and the financing of our state's missions.

Quebec oil and gas association to be headed by former premier Lucien Bouchard - Montreal Gazette

Iffco's offer came on the back of huge shale gas discovery it made in Neuquen basin in Latin America. The 100 trillion cubic feet (tcf) discovery was done in collaboration with Canada's Americas Petrogas Inc.

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The world's largest manufacturer of processed fertilisers has asked OIL and Gail to join hands on revenue and product-sharing model, the cooperative's managing director US Awasthi said in the capital on Monday. OIL and Gail officials will visit the site soon and carry out due-diligence survey. They will get back to us by mid-March, added Rakesh Kapur, joint managing director at Iffco. The company may also invite ONGC and Reliance Industries (RIL) to join hands for exploration.

Iffco invites OIL, Gail for gas exploration - mydigitalfc.com

Today’s planetary position : Moon will be transiting in Gemini. Rahu, Mercury & Pluto in Sagittarius. Sun & Mars in Capricorn. Venus in Scorpio. Ketu in Gemini. Saturn in Virgo, Jupiter & Neptune in Aquarius, Uranus in Pisces.

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BE CAUTIOUS: PLANETARY POSITION WOULD REMAIN UNCOMFORTABLE, LEADING TO DECEPTION & HEAVY VOLATILITY. PLANETARY POSITION SUGGESTS THAT DISTURBING NEWSFLOW WILL CONTINUE.

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One should trade only in the stocks of that sectors which are getting very strong astrologically support, since the chances of losing money in such stocks are very less.

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Banks, oil & gas to outperform: Astrostocktips - Moneycontrol.com

NEW DELHI: The Rs 13,000 crore public offering of state-run Oil and Natural Gas Corp (ONGC) is likely to hit the market on March 15, a government official said today.

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NEW DELHI: The Rs 13,000 crore public offering of state-run Oil and Natural Gas Corp (ONGC) is likely to hit the market on March 15, a government official said today. "A tentative schedule has been drawn for the follow-on public offer, as per which the first road show will be held in Chennai on February 2 and the public offer will hit the market on March 15," the official said after the kick off meeting of the FPO here today. ONGC will file the red herring prospectus for the FPO by February 25, by which time it hopes to have five more independent directors on the company's board to meet the SEBI's listing requirement.

ONGC FPO likely to hit market on March 15 - Economic Times

The short term repair is expected to get completed in another week’s time as the permanent repair may take considerable time based on the availability of the long lead materials.

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On January 21, a leakage was detected at ONGC’s Mumbai Uran Trunk (MUT) oil pipeline. The leakage was observed around 2 kms from BPB platform (Bassein oil and gas field) in Western Offshore, 80 kms from Mumbai Coast.

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The production from Mumbai High was resumed by diverting oil to ICP Heera Uran Trunk (HUT) pipeline. Some of the wells were kept closed due to operational constraints. The loss of production was around 25,000 bopd on the day of incident.

ONGC to repair MUT line by next week - India Infoline.com

With bureaucratic red tape threatening to derail its multi-billion dollar oil and gas hunt campaign, Reliance Industries Ltd (RIL) has complained to the petroleum secretary regarding routine matters being stuck for review/approval for months.

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RIL Executive Director P M S Prasad wrote to Secretary S Sundareshan, listing a number of operational issues at its oil and gas production and exploration sites that had not been approved for months. He said the management committee (MC), comprising representatives from the oil ministry, the Directorate General of Hydrocarbons (DGH) and the oil company, had not approved the work programme even at the KG-D6 block — which housed the nation’s largest gas fields — for the current financial year.

RIL complains to oil secy over bureaucratic delay - Business Standard

The Indian Coast Guard on Saturday afternoon concluded its operation to control the oil spill that took place after a feeder pipeline of the state-owned Oil and Natural Gas Corporation (ONGC) sprung a leak in the Bassein oil and gas field, around 80 km off the Mumbai coast. According to the Indian Coast Guard and ONGC, 25,000 barrels or 50 metric tonnes of crude oil had spilled into the sea on Friday morning after one of the feeder lines of the Mumbai Uran Trunk, which pumps 2.12 lakh barrels of oil per day to Uran, developed a leak.

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SPS Basra, inspector general of the coast guard, said: “The operation was called off at 1pm on Saturday.” A Dornier aircraft was undertaken in the morning, which reported a minor trace of oil, but no oil spill dispersant was used, added Basra. Samudra Prahari, the country’s first pollution control vessel, and other support vessels, including ICGS Sangram and Interceptor boat C-145, were also called back at 6pm. Most portion of the oil spill was contained with the help of booms, skimmers and side sweeping arms that were on board ICGS Samudra Prahari.

Day after oil spill, Coast Guard ends containment - Hindustan Times

Jan 22 (Reuters) - India's Oil and Natural Gas Corp.'s (ONGC.BO: Quote ) daily oil output from the country's biggest oil fields, off the west coast, has declined 6.3 percent, it said on Saturday, a day after it detected leak in an undersea pipeline.

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Operations at Western offshore were nearly normal, the state-run explorer said in a statement, adding the fields were presently producing at the rate of 300,000 barrels per day (bpd) as against normal level of 320,000 bpd. ONGC resumed oil and gas output from its Mumbai High fields on Friday, hours after the production was halted due to a leak in Mumbai Uran Trunk crude pipeline. [ID:SGE70K04K] "The line is expected to be repaired and normal flow restored in 4 to 5 days," it said.

India ONGC's West offshore oil output dn 6.3 pct after leak - Reuters Africa

ISLAMABAD: MOL Pakistan has immediately suspended production operations on the Maramzai oil and gas well after its convoy was ambushed near Kohat last evening.

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In a statement issued here, the management of MOL with profound grief announced the death of six persons including four FC guards, one contractor driver and one local labour as its convoy was ambushed by unknown miscreants on the way back to Central Processing Facility (CPF) from Maramzai site on Thursday evening.

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MOL Pakistan has immediately suspended production operations on the Maramzai due to security concerns resulting in suspension of 40 MMSCFD gas and 1600 barrel oil per day production and has withdrawn all personnel from the well site forthwith in order to avoid any further human loss.

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MOL Pakistan suspends operations on Maramzai oil and gas well - Daily Times

State-run Oil and Natural Gas Corporation (ONGC) today shut some wells at the Bassein oil and gas field, Western Offshore, after detecting leakage in the Mumbai Uran Trunk (MUT) oil pipeline. Fields in the Western Offshore are about 140 km from the west coast here and 40 km south of the Mumbai High fields. Bassein is the nation’s biggest oil field.

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The leak will cause a loss of 25,000 barrels (a barrel is 157.5 litres), ONGC said in a press statement today. The MUT currently pumps 212,000 barrels of oil per day. More “The regional contingency plan (which is the existing emergency response measure) has been activated immediately on detection of the leak. The Flag Officer Defence Advisory Group and the Coast Guard have been informed. National Oil Spill Disaster Contingency Plan is also being activated by the Coast Guard to ensure minimum damage to environment,” the company said.

ONGC plugs Western Offshore pipeline leak - Business Standard

Oil & gas stocks declined after change of guard at oil ministry. Shares of Oil & Natural Gas Corporation (declined 2.02%), Reliance Industries (declined 1.2% and Indian Oil Corporation (declined Rs 0.15, or 0.05%) were beaten down.

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A total of 37 changes in the allocation of portfolios were made in the Union Cabinet reshuffle on Wednesday, Jan.19, 2011. In one of the significant changes, Sudini Jaipal Reddy replaced Murli Deora as the Oil Minister. The move comes in couple of days after yet another hike in petrol price. State-owned oil companies had last week raised petrol prices by Rs 2.50-Rs 2.54 per litre, the second hike in a month, on back of rising crude oil prices. It was also the sixth hike in the last seven months after the government on June 25, 2010.

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ONGC: The stock is weak below 1,249 (200DMA), and currently is over sold, minor reversals can be expected. It has strong support at 1,100 levels while resistance is seen at 1,220. The current price rise can be utilised to reduce the holdings at this counter.

How to trade in Oil & Gas space now? - Myiris.com

The Minister of Petroleum and Natural Gas, Mr Murli Deora (right), with the Secretary, Mr S. Sundareshan, during the inauguration of Oil and Gas Conservation Fortnight, 2011, in the Capital on Wednesday.

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The Petroleum Ministry is pressing for changes in duties on crude oil and petroleum products to protect consumers from any hike in retail prices, as international crude oil prices hover over $90 a barrel. The Petroleum Ministry is pressing for changes in duties on crude oil and petroleum products to protect consumers from any hike in retail prices, as international crude oil prices hover over $90 a barrel. “Industry wants a reduction in excise and customs duties. They (players) regularly demand it. So we will communicate this to the Finance Ministry that there should be rationalisation in duties,” the Petroleum Secretary, Mr S. Sundareshan, said here on Wednesday at the sidelines of the Oil and Gas Conservation Fortnight, 2011.

Ministry wants crude oil, petro product duties tweaked - Hindu Business Line

Indian benchmarks retreated on Wednesday after a rally was seen in the previous session, dragged down by oil & gas, technology, capital goods, FMCG and cement companies' shares along with HDFC, HDFC Bank, SBI and NTPC. The Nifty was completely flat in the first half of trade but a sell-off in heavyweights in the last couple of hours pulled the 50-share NSE Nifty below the 5700-mark to close at 5,691.05, with a loss of 33 points or 0.58%.

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Hemang Jani, senior vice president of Sharekhan said another 100-200 points cut on the Nifty could be possible. "Low flows from FIIs, high commodity pricing and possible policy tightening may lead to a realignment of portfolios, which may go on for a few months. But the downside in the market is limited because it has already started factoring in some of these developments. Probably, another 100-200 point cut on the Nifty could happen," he reasoned. The 30-share BSE Sensex closed at 18,978.32, down 113.73 points or 0.6%. Vineet Bhatnagar managing director of MF Global also expects another 120-points compression on the Nifty . "The foreign institutional investors have sold USD 1.3-1.4 billion in the index futures and cash market," he said.

Sensex ends below 19K cap goods IT oil gas slip - Moneycontrol.com

Reuters UK

Iran announces massive gas field discovery Tehran Times “Over the course of the past six months, the country's oil and gas reserves have been reassessed. According to the latest studies, the country's oil ... Iran discovers gas field worth $50bnPress TV Iran Discovers Major Gas FieldHamsayeh.Net Opec's No 2 oil exporter discovers onshore gas fieldThe Australian Fars News Agency -9NEWS.com -istockAnalyst.com (press release) all 129 news articles »

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Iran announces massive gas field discovery - Tehran Times

First here's a number to make us dizzy - $273 billion - the U.S annualized oil deficit at $80 per barrel based on the Energy Information Agency's first quarter 2010 world Oil Balance report.

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As individuals, we cannot change that situation, but we can mitigate the effect upon our lives. Block out Feb. 3 and 4, and drive to Hollywood Beach for a conference that may change your investment outlook and habits.

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It's called the IPAA 2011 Oil & Gas Investment Symposia. With crude oil now over $90/bbl, the subject is timely. The IPAA is short for Independent Petroleum Association of America. As a trade association it combines educational meetings with governmental and media information functions.

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David Kamm: Oil and gas investment symposia a must attend - The News-Press

The Oil and Gas Conservation Fortnight started today at Bal Bhavan, Sector 23 as part of increasing awareness on the need for conserving gas and oil.

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Addressing the gathering V N Tandon of BPCL said that the resources can be saved by their proper utilization. “It should be started at home by conserving electricity and fuel. One can use the ISI marked stoves that can save fuel up to 25 per cent. Oil consumption also needs to be checked. He added that driving a vehicle at constant speed and keeping high quality maintenance can save oil up to 16 per cent. The ignition should be switched off at stoppages. The other things one can do to conserve oil is the usage of public transport or pooling of vehicles,” he said.

Chandigarh marks Oil and Gas Conservation Fortnight - Indian Express

NEW DELHI: Qatar today said it was ready to increase supply of liquefied natural gas (LNG) to meet India's requirements and to facilitate the participation of Indian companies in the oil and gas sector.

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Qatar's proposal for wide-ranging cooperation in the area of banking supervision and exchange of information to combat money laundering and terror financing was also welcomed by India.

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These discussions took place during the India-Qatar High Level Monitoring Mechanism (HLMM), co-chaired by T K A Nair , Principal Secretary to the Prime Minister and Khalid bin Mohamed Al-Attiyah, Minister of State for International Cooperation of the State of Qatar.

Ready to meet India's LNG needs: Qatar - Economic Times

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SINGAPORE: Singapore's Temasek Holdings has expressed interest to invest in India's oil and gas sector, Petroleum Minister Murli Deora said here today. SINGAPORE: Singapore's Temasek Holdings has expressed interest to invest in India's oil and gas sector, Petroleum Minister Murli Deora said here today. "We had a breakfast meeting with Temasek chairman Ho Ching during which Singapore's investment in the Indian energy sector was discussed," Deora told PTI here.

Temasek keen on investing in Indian energy sector: Deora - Economic Times

Oil and Natural Gas Corp (ONGC) may get delayed in finalising a deal to take a 40 percent stake in Iran's South Pars Phase 12 gas project owing to difficulties in securing funding.

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Banks are unwilling to fund the gas project as the Middle East country faces U.S. and UN economic sanctions. "We signed the MoU in December 2009. Thereafter, we have been in dialogue. We have to take care any initiative from us has to be in conformity with government policy," R.S. Sharma, chairman of ONGC said. Falsely reporting abuse may lead to revocation of your reporting rights [ javascript must be enabled to view and post comments.

ONGC may face further delay in Iran's South Pars deal - Oneindia

Shiv Vani Oil & Gas Exploration Services and has recommended buy rating on the stock with a target of Rs 480 in its January 12, 2011 research report.

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See messages about Shiv Vani Oil “For a company that has been registering 50%+ revenue growth for the last two years on the back of order growth backed up by purchase of rigs that were immediately deployed, the company’s order book in FY11 has seen not much significant addition. This does not bode well for sustenance of revenue growth at such high levels in the next 2-3 years.” “2QFY11 was a particularly lacklustre quarter for Shiv-Vani, with revenues declining 10.2% YoY (27.6% QoQ). The company said this was because revenues took a hit of at least Rs1bn because strong monsoon rainfall hampered seismic survey work. In spite of expanding EBITDA margins, net profit declined 44.3% YoY, as interest costs spiked after debt increased in the quarter (including USD 80 million of FCCB).” “We cut the fleet expansion capex assumption for FY11-13 by 60-70% for lack of visibility on new orders. Accordingly, we revise our revenue growth estimate for this period to 10-12% (after factoring in inflation in rates and value addition to contracts) rather than new order wins). The revised revenue expectations and higher-than-expected interest cost levels (because of new debt) cause us to cut our earnings estimate by 18% and 26% for FY11 and FY12, respectively. Our new target price of Rs 480 is based on 8xFY12ii EPS. Leverage is likely to fall over the next two years on account of reduced capex,” says IIFL research report. The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management.Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Buy Shiv Vani Oil Gas target of Rs 480 IIFL - Moneycontrol.com

ONGC Videsh Ltd and its partners, Indian Oil Corp and Oil India, are in last lap of negotiations for developing the Farzad B gas field off the coast of Iran at an estimated investment of over $5 billion.

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ONGC Videsh Ltd and its partners, Indian Oil Corp and Oil India, are in last lap of negotiations for developing the Farzad B gas field off the coast of Iran at an estimated investment of over $5 billion. "There has been lot of discussions on the field development plan we submitted to Iranian authorities. Negotiations currently are centring around stitching together a services contract," an official in the consortium said.

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The consortium will get a fixed rate of return on the $5 billion it will invest on developing the field, as Iranian law prohibits foreigners owning oil and gas resources. Foreign companies develop the fields through service contracts.

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OVL and partners to ink contract to develop Iran gas field - Business Standard

NEW DELHI: Essar Oil today said it has started gas production from its Raniganj CBM block in West Bengal and will achieve peak output in 2-3 years.

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NEW DELHI: Essar Oil today said it has started gas production from its Raniganj CBM block in West Bengal and will achieve peak output in 2-3 years. "Essar has begin production and sale of CBM gas," Essar Oil COO Prem Sawhney said, speaking at the 9th Petro India conference here. The company is producing 90,000-100,000 million standard cubic meters per day of gas from below coal seams (coal bed methane) in the Raniganj block in West Bengal.

Essar Oil starts gas production from Raniganj CBM block - Economic Times

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MUMBAI: Indian markets ended volatile session marginally in the red extending losses for sixth straight session. Realty, technology and oil&gas space led the decline while banks, auto and capital goods showed resistance.

Nifty ends near 5750; realty, tech, oil & gas down - Economic Times

Often relegated to third-tier living room lounging on days so cold no other clothing options exist, sweaters, done up right, can have a place at fancy functions. Read how in Tuesday's Sun.

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Peter Tertzakian is a Calgary-based economist, investment strategist, author and public speaker. He is chief energy economist and managing director at ARC Financial Corporation, an energy-focused private equity firm. CALGARY - Our calendars have flipped to 2011, but the market chatter hasn’t really changed: China’s insatiable appetite for commodities, European debt, a sputtering U.S. economy, environmental issues, peak oil and the North American gas glut. But plenty could change or start to change in this New Year.

What the Canadian oil and gas industry should be watching in 2011 - Vancouver Sun

Q : I purchases a ULIP pension plan from ICICI, the first year premium was 1 Lac. When I see my statement I don't see the 1 lac, instead I only see the monthly installments paid in 2010. This is roughly 33K. The statement also shows 1 lac as charges in the first year. Is it possible for a insurance company to actually knock off the entire first year premium as charges? What recourse do I have? Can I get out of this or is the only option to continue with this plan? Your inputs are much appreciated.

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Moneylife Foundation along with Mr Arun Thukral, MD, CIBIL, conducted an interactive session on credit history and how to improve credit score of an individual, on 30th November 2010. Moneylife Foundation conducted an interactive workshop on managing mutual funds and other investments on 19 June 2010. The event was sponsored by IDBI Mutual Fund. Click here for more pictures.

CLSA expects autos, pharma, pvt oil & gas to do well in Q3; but momentum to ... - Moneylife Personal Finance Magazine

The cost of filling up gas tanks in Santa Fe remains below the national average but continues a slow, steady climb, mirroring the rising price of crude oil.

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The national average for regular gasoline on Friday was $3.08, and the average for diesel was $3.33, according to the AAA's Daily Fuel Gauge Report. Santa Fe's average was $2.91, a little above the state average, according to the website New Mexico Gas Prices. Prices for regular across the state ranged from $2.71 a gallon at a Smith's in Albuquerque to $3.29 at a Chevron station in Deming. Industry experts expect the upward trend in gas prices to continue at least into summer. While that's bad news for consumers, it is good news for a cash-strapped New Mexico government. Higher prices on oil and natural gas mean more revenue for the state, which has a supply of both resources.

Gas prices: Good news, bad news - New Mexican

NEW DELHI: In a move seen as an attempt to spoil Vedanta Resources' USD 9.6 billion acquisition of Cairn India , state-run ONGC has demanded that the royalty it pays on crude oil produced from the Rajasthan oilfields should be added to the project cost.

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Oil and Natural Gas Corp (ONGC) wants the 20 per cent royalty it pays on the entire 125,000 barrels per day crude output from Cairn's Barmer oilfields to be added to the project cost and profits for all stakeholders -- including the government -- calculated thereafter, sources privy to the development said.

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As per the Production Sharing Contract (PSC), the operator gets to first recover all project costs from the sale of oil or gas produced from a field before profits for itself and the government are calculated.

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ONGC in variance with government on royalty from Cairn field - Economic Times

Gulfsands Petroleum plc, the AIM listed oil and gas production, exploration and development company with activities in Syria, Iraq, Tunisia, Italy and the U.S.A., provides an update on its operations in Syria.

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The Twaiba 1 exploration well, located approximately 7 kilometers to the north of the Khurbet East Field, has been drilled to a total depth of 2016 metres measured depth ("MD") (2016 metres true vertical depth). This well was drilled as a sole risk operation by Gulfsands (Gulfsands 100% working interest). Libya, Syria establishing joint oil and gas projects • The Shiranish Formation contains a net pay section of approximately 31 metres, from 1872-2003 metres MD, with average porosity of approximately 21%. A definitive oil-water contact is not identified for this reservoir interval. Preliminary indications from observation of cuttings and core recovered from the well-bore suggests that the oil present at the Twaiba location may be of lower API gravity than that of the adjacent Khurbet East Field, but may be similar to that found in other fields in the immediate area. A production liner has been cemented in place over this interval, and a production test will be undertaken over this interval once testing has been completed on the slightly deeper Massive Formation reservoir.

Update on Syria Operations – Oil Gas - Day Press News

The gas rig count fell by five to 914 this week, the lowest level since Feb. 26, Houston-based Baker Hughes said. The number of oil rigs rose by 12 to 777, the highest level since at least 1987, and the total U.S. rig count climbed by six to 1,700.

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Crude for February delivery decreased 35 cents, or 0.4 percent, to settle at $88.03 a barrel at on the New York Mercantile Exchange . Gas for February delivery fell 1.2 cents, or 0.3 percent, to settle at $4.422 per million British thermal units.

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Among major oil- and gas-producing states, the rig count in Louisiana dropped by eight to 168. Texas rigs rose by two, and Oklahoma rigs increased by four.

Oil Natural Gas Rig Count Climbs by 6 to 1700 in US, Baker Hughes Says - Bloomberg

It may be recalled that last week, a meeting of the Empowered Group of Ministers (EGoM) was indefinitely postponed on Deora’s insistence amid fears that any hike in diesel and LPG would have a cascading effect on overall inflation.

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It may be recalled that last week, a meeting of the Empowered Group of Ministers (EGoM) was indefinitely postponed on Deora’s insistence amid fears that any hike in diesel and LPG would have a cascading effect on overall inflation. Union Petroleum Minister Murli Deora on Wednesday said that the Government was not planning any increase in diesel and LPG prices for the time being as it would only aggravate the inflation picture. "We are trying to see there is no further price increase," Deora told reporters in New Delhi today. "If global oil prices go up then something has to be done. But we are doing our best to see that essential commodity prices don't increase," he added.

Oil & Gas Round Up - January 03 to January 07, 2011 - India Infoline.com

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Comments that include profanity or personal attacks or other inappropriate comments or material will be removed from the site. Additionally, entries that are unsigned or contain "signatures" by someone other than the actual author will be removed. Finally, we will take steps to block users who violate any of our posting standards, terms of use or privacy policies or any other policies governing this site. Please review the full rules governing commentaries and discussions. You are fully responsible for the content that you post. Kessler and his colleagues now report in Science that a huge swarm of gas-gobbling bacteria swelled to consume nearly all of the estimated 200,000 tons of methane dumped into the gulf. Methane is the primary component of natural gas and is typically found packed together with oil and other hydrocarbons at drill sites. Before and during the spill, BP estimated that natural gas made up about 30 percent of the output of the Macondo well drilled by the doomed Deepwater Horizon rig.

Bacteria devoured methane gas from gulf oil spill, scientists say - Washington Post

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It has been a volatile few weeks for oil and gas exploration shares listed on the junior market, with Desire Petroleum tumbling 26pc on its fourth dry well on Tuesday. Meanwhile, Xcite, Nautical and Encore have all soared on news of discoveries in the North Sea. Yesterday, Hardy, which holds a 10pc stake in the D9 prospect alongside Indian giant Reliance Industries, saw its share price drop 38 to 178½p.

Hardy Oil& Gas sinks on another dry well - Telegraph.co.uk

Hardy Oil & Gas loses 17% after Indian well disappointment The Guardian More bad news from the exploration industry, this time from Hardy Oil and Gas. A second exploratory well at the D9 licence on the east coast of India - 10% ... RIL abandons exploratory well in KG basinEconomic Times Reliance, Hardy Abandon Second Well Off India CoastBloomberg Hardy Oil abandons Indian exploration well, shares fallReuters Africa Energy Business Review -London South East -Your Oil and Gas News (press release) all 31 news articles »

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Hardy Oil & Gas loses 17% after Indian well disappointment - The Guardian