Budget update - Oil and gas wish list SteelGuru Oil & Gas companies enjoying the tax holiday are currently required to pay Minimum Alternate Tax, currently at 18% of book profits, during the tax holiday period. The high MAT rate makes the entire objective of tax holiday ineffective. ... |
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Reliance is selling 23 oil and gas blocks which, along with partners like Niko and Hardy, it had won under various rounds of New Exploration Licensing Policy (NELP) since 1999.for more information about Allstate insurance products News / Reviews
The company on February 25 made separate applications for the transfer of 30 per cent stake in these 23 blocks to the oil sector regulator Directorate General of Hydrocarbons (DGH), an official said.Visit http://aiginsuranceproducts.wordpress.com/ for AIG Insurance Products News / Review
As the accompanying charts show, natural gas fell to a historical low relative to oil this week. The price of natural gas is now less than one-quarter that of oil on an energy-equivalent basis. That steep divergence reflects the fact that while natural gas and oil can sometimes be used as substitute fuels, for the most part they are two different markets. One is global, while the other is continental. And that can make all the difference.Visit http://axa-equitable-life-insurance.itpatil.com/ for AXA Equitable Life Insurance Blog, News and Reviews.
The Europe's second biggest oil company had on February 21 agreed to pay USD 7.2 billion for buying 30 per cent stake in 23 out of 29 exploration blocks held by Reliance. The Europe's second biggest oil company had on February 21 agreed to pay USD 7.2 billion for buying 30 per cent stake in 23 out of 29 exploration blocks held by Reliance. "It is a mega deal. It is a big deal. We will have to look at application and decide on merit," Reddy said. WA today | West Australian Oil, Gas Output Restarts After Cyclone Wall Street Journal PERTH (Dow Jones)--Oil and gas companies off the northwest coast of Western Australia are restarting production after their operations were battered earlier this week by cyclone Carlos, the second storm to lash the region in a week. ... Western Australian oil and gas operations recover from cyclone Apache's (APA) Australian Oil & Gas operations Restarting Apache Restarts Aussie Operations |
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Reliance has been hampered in its exploration efforts by the lack of latest technological knowhow and expertise. The extraction and output from its fields, especially K-G D6, has been declining because of this. BP’s technology can boost extraction by working the fields to their maximum potential, leading even to a doubling of output. The cash infusion can also help Reliance to increase its capex and investment in energy business. More offshore hydrocarbon blocks can be explored with greater success with the help of the technologies BP can offer.India auto diesel tanks manufacturer
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For example, ONGC’s gross realizations for the December quarter were $89.13 (Rs4,029 today) per barrel and net realizations stood at $64.79 per barrel. The same figures for OIL were $85.68 and $67.14 per barrel, respectively. For the nine months ended December, ONGC’s gross realizations were $83 per barrel and net realizations were $58.72, and the same for OIL were $79.73 per barrel and $60.57, respectively. One reason for OIL’s better realizations is the relatively lower proportion of subsidy, say analysts. But the comparatively higher realizations have not materially affected OIL’s performance in the December quarter. Revenue growth was flattish at Rs2,475 crore compared with the September quarter, mainly because the subsidy burden increased sharply by 40%, to about Rs560 crore, thanks to higher oil prices. Having said that, revenue increased by 19% on a year-on-year basis driven by good performance from the transportation business, higher crude oil and gas price realizations. Moneycontrol.com | A deal of convenience Livemint Some have dubbed it the mother of all oil and gas deals in India. Others would like to characterize it as the wages of rents accruing to a natural resource-intensive company. The fact, however, is that the $7.2 billion deal between Reliance Industries ... Will seek govt nod for RIL deal later this week: BP Most brokerages positive on RIL-BP deal Analysts positive on RIL after deal with BP |
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Mukesh Ambani, on Monday, singed one of the biggest foreign direct investment deal (FDI) with global oil and gas major BP to sell 30 per cent state in its 23 oil and gas blocks for a total consideration of $9 billion. A few days latter Niko posted a release on its site saying that it has now received the operator’s volume forecast for the fiscal ended March 31, 2012, which predicted that volumes during the period will remain flat at current production levels.Visit http://axa-equitable-life-insurance.itpatil.com/ for AXA Equitable Life Insurance Blog, News and Reviews.
British Petroleum’s proposed purchase of 30% stake in Reliance Industries’ 23 oil and gas blocks in India for $7.2 billion endorses India’s strong potential in hydrocarbon exploration and it augurs well for the auction of blocks scheduled for later this year, petroleum secretary S Sundareshan said here. “BP coming to India is a validation of resources available in the country’s oil and gas sector, particularly the east coast,” Sundareshan told reporters here. The bullishness of global energy giants on India’s hydrocarbon assets means a lot to the petroleum ministry, which will auction 34 blocks without the seven-year tax-free profits that characterised the previous round of licensing. India’s proposed new direct tax code will replace the current profit-linked tax breaks with investment-linked tax sops. The absence of profit-linked tax incentives and the impact of the sovereign debt crisis in Europe had raised concerns over the likelihood of future investments in India’s hydrocarbon...Visit http://geicoinsuranceproducts.wordpress.com/ for GEICO Insurance Products News / Reviews.
The two petroleum majors have also entered into a 50-50 joint venture for sourcing and marketing of gas in India. The joint venture is also aimed at creating infrastructure for transportation and marketing of natural gas in India. The RIL stock had risen 2.04% on Monday ahead of the announcement. The Central Bureau of Investigation on Monday reportedly questioned Videocon group chairman Venugopal Dhoot and his brother Rajkumar Dhoot as part of the ongoing investigations into allegations irregularities in the allocation of 2G spectrum and telecom licences in 2008.Oil Tanks India manufacturing facility.
BP said on Monday it will pay Reliance Industries $7.2 billion and performance payments of up to $1.8 billion if the tie-up leads to the development of commercial discoveries. "This partnership combines the skills of both companies and will be focused on finding more hydrocarbons in the deep water blocks of India," Mukesh Ambani, chairman and managing director of Reliance Industries, said in a statement.Manufacturer of Diesel Tanks India.
BP is recovering from last year's disastrous Gulf of Mexico spill which cost it billions of dollars and former CEO Tony Hayward his job. "It's kind of similar to the Russian deal - it's getting access to longer term positions which could be material....But we've got a key risk here. The gas price is regulated, it's not rising as quickly as people expected," Oswald Clint from Sanford Bernstein said.Oil Tanks India manufacturing facility.
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Net profit for 2010 rose to $US1.58 billion ($1.56bn) from $US1.47bn, beating the $US1.53bn average of seven analysts' forecasts compiled by Thomson Reuters. First LNG from the Pluto project in Western Australia is still targeted for September following a start-up in August, a Woodside statement said.Visit http://allstateinsuranceproducts.wordpress.com/
ONGC, in preparation for its share sale next month, had engaged Gaffney Cline and Associates (GCA) and DeGolyer & MacNaughton (D&M) to audit 64 domestic fields of the company. GCA prepared audited etimates for Mumbai High field and D&M prepared audited estimates for 63 other fields.for more information about Allstate insurance products News / Reviews
According to the audit estimates, the 64 fields have a 3P (total oil reserve) of 558.40 million tonnes and 503.11 million tonnes of oil equivalent gas.Visit http://aiginsuranceproducts.wordpress.com/ for AIG Insurance Products News / Review
According to reports, Cairn agreed in August to sell up to 51% in Cairn India to Vedanta, setting a target date of April 15 to seal the transaction, but the deal has been delayed as issues around royalty payments need to be resolved. The Oil Minister said that the Government can't follow any deadline set by Cairn Energy. "It's not easy for the government to work on a tight schedule for the deal," S. Jaipal Reddy told reporters, adding that there are issues relating to royalties and taxes. Reddy was responding to a query over local media reports that Cairn Energy has asked the Indian government to clear the proposed stake sale by Feb. 20. "We can't sacrifice our position for the deal," Reddy said. On Aug. 16, Vedanta proposed buying 51-60% of Cairn India Ltd. for about US$8.5-9.6bn in cash, but the deal has been delayed due to a lack of government and regulatory approvals in India.Visit http://axa-equitable-life-insurance.itpatil.com/ for AXA Equitable Life Insurance Blog, News and Reviews.
The market has taken a bit of pause today after the upside seen in previous five sessions. "We had almost a five-day unabated rally in the market. So, little bit of pause is there, we will have to see as to how things develop over next one or two days on the technical front. Market is trading more on technical basis right now than on fundamental basis because most of the news is priced-in in the market. If we do not break the 5,450 levels on the downside, especially on a closing basis, then I think we will possibly trade in this range till expiry," Piyush Garg of ICICI Securities said. The 30-share BSE Sensex was trading at 18,335, down 171 points and the 50-share NSE Nifty fell 55 points to 5,491. The broader indices too were following the same trend - the BSE Midcap and Smallcap indices lost one percent each.Visit http://geicoinsuranceproducts.wordpress.com/ for GEICO Insurance Products News / Reviews.
Last year, the government of India gave a green signal to Dr Kirit Parikh recommendation of deregulating prices of petrol satisfying a long-standing demand of oil marketing companies (OMCs). Although the government’s decision to deregulate petrol prices was a step in the right direction, the current crude oil price and inflation trends are likely to impact the plan of fully deregulating the downstream sector. The forthcoming budget proposal is likely to be the last budget proposal under existing tax law since the new DTC is expected to be implemented with effect from year 2012. Although DTC does not provide any new tax holiday, the existing tax holidays are proposed to be continued till their expiry.Manufacturer auto fuel tanks
I wasn't surprised about the decision except that I thought it would happen in 2013, when a federal LNG export license expires But what disturbed me was that the closure now is caused partly by the inability of the companies to get the right price in the Asian LNG market for the small volumes they would ship.Information about India auto components
That is profoundly disturbing because it means that one of our options for developing North Slope gas, building a pipeline to a new LNG plant in Valdez or Cook Inlet, might be closed off by changes in the market.Visit http://metlifeinsuranceproducts.wordpress.com/ for MetLife Insurance Products News and Reviews.
Deven Choksey , managing director of KR Choksey Shares & Securities said the markets may be headed to a state of capitulation. However, he added that in this kind of a market one should look forward to more opportunities on the buying side. “I think one will have to play cautiously at the same time,” he felt. Stocks, which led the fall yesterday, continued in today's trade as well. Oil & gas, telecom, technology, metal, FMCG, cement and select power companies' shares were keeping the markets under pressure with moderate loss. Sify | Royalty issues could derail Cairn-Vedanta deal Moneycontrol.com Oil Minister S. Jaipal Reddy said on Tuesday that state-run Oil and Natural Gas Corp's (ONGC) concerns over the royalties must be addressed for the deal, ... Cairn India stock surge 5 pc on smart Q3 earnings Govt clause to clear deal not acceptable: Cairn Cairn takes tough line on oilfields sale |
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Cairn India today said the government’s stand to put conditions to the Cairn-Vedanta deal, including Oil and Natural Gas Corp’s (ONGC) royalty issue, will negatively impact the valuation and was not acceptable. “The Cairn India board of directors has said any condition tied to the approval of the transaction which can negatively impact the value of the company cannot be accepted,” the company said in a statement today. After a meeting with Cairn Energy Chief Executive Bill Gammell on Tuesday, Petroleum Minister Jaipal Reddy had told reporters the “government would support the deal in-principle, but some of the concerns of ONGC need to be addressed before clearing the deal”.Visit http://axa-equitable-life-insurance.itpatil.com/ for AXA Equitable Life Insurance Blog, News and Reviews.
The proposed deal is now deadlocked as the government wants to protect the interests of Cairn's partner for its Rajasthan oilfields _ ONGC, which now pays 20% royalty on the entire Rajasthan output despite having only a 30% interest. The government's suggestion that the royalty be adjusted against revenues from the project as a cost item is not acceptable to Cairn Energy as it would depress the valuation of its Indian arm. The ministry is expected cite the example of a 2002 deal in which Enron Oil & Gas India sold its assets in Mumbai offshore at a price lower than it...Visit http://geicoinsuranceproducts.wordpress.com/ for GEICO Insurance Products News / Reviews.
BOWLEVEN, the Edinburgh-based oil and gas explorer which has seen its market value more than double in recent weeks, said yesterday that it had encountered a "significant hydrocarbon column" at its exploration well off the coast of Cameroon. ADVERTISEMENT flow test previously announced discoveries and will also bring in an additional rig from February onwards to drill four wells at the site.Oil Tanks India manufacturing facility.
Once operations are complete, the partnership plans to mobilize the rig to the previously announced Windjammer discovery to commence a coring program that will be followed by appraisal drilling in the Windjammer, Barquentine, Lagosta complex.India auto diesel tanks manufacturer
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The paper said Abu Dhabi representatives are believed to have approached Hayward with an offer to back him with several billion dollars to build an international oil and gas group. The Abu Dhabi proposal is still in the early stages and is one of several under consideration by Hayward, the weekly adds, citing a source close to the situation.Visit http://allstateinsuranceproducts.wordpress.com/
The shale gas revolution is changing the world we live in, and the power structures of the past. It is also quickly changing the politics of future energy relationships. Nations that had to be nice to an exporter, due to energy supplies, will be freed of their need for discretion.for more information about Allstate insurance products News / Reviews
Shale gas is quite simply changing the whole energy paradigm in real time. The unlocking of source rock, has altered the future history of mankind. The world has discovered and unlocked its newest true world changing source of stored energy.Visit http://aiginsuranceproducts.wordpress.com/ for AIG Insurance Products News / Review
The matter will be discussed between the government and representatives of Cairn and Vedanta on Sunday, two officials with direct knowledge of the matter said requesting anonymity. The block, the second most valuable asset for Cairn India after the Rajasthan oil fields, daily produces 28,000 barrels of oil and over 30 million cubic feet of gas. The Directorate General of Hydrocarbon (DGH) has suggested the ministry to put it as one of the conditions for approving the Cairn-Vedanta deal , they said. DGH is a technical arm of the oil ministry.Visit http://axa-equitable-life-insurance.itpatil.com/ for AXA Equitable Life Insurance Blog, News and Reviews.
IOC and India's Oil and Natural Gas Corp ( ONGC )) are interested in exploring for oil and natural gas in Turkey, Scindia also told reporters. The Delhi-based company had previously planned to build a refinery with Turkey's Calik Holding at the Mediterranean port of Ceyhan, where pipelines carrying Iraqi and Azeri crude terminate.Visit http://geicoinsuranceproducts.wordpress.com/ for GEICO Insurance Products News / Reviews.
He also said ONGC's Cachar Forward Base should be promoted as a sub-basin for ensuring better performance of the oil giant in this region. "A sub-basin will ensure more power and thus better expertise," he added. Nandi said there are eight wells of natural gas and five wells of oil in Cachar areas. But there's no commercial production from any of the oil wells till now. "Govindapur, Hilara and Mashimpur fields in Cachar have huge reserve of oil and natural gas. But exploration has not been done in proper place. If ONGC re-explores in proper places, no one can stop the flow of oil in Cachar," said the New Delhi-based geologist.Information about auto components India
MUMBAI: Benchmarks gained momentum after a sluggish starts as investors bought stocks at lower levels. According to dealers, the upmove seem to be on the back of short coverings and traders should remain cautious in a volatile market. “We could witness a positive opening today, and if all goes well a much better finish as well. The intermediate downtrend might continue for a while and 5347 will act as important support. A break below 5350 could spark further selling though. Beware of heightened volatility. Don’t get fooled by short-covering-led spikes. The Nifty may face resistance in the 5500-5600 zone.Manufacturer of diesel tanks India.
