March 2011 Archives

The benchmark Sensex added around 200 points today at 11:58 hours to the total of more than 1600 points consistent gains -- aided by more than a billion dollar inflow of funds from foreign institutional investors -- since March 22, supported by oil & gas, infrastructure, FMCG, private financial, metal, realty and select cement companies' shares.

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The 30-share BSE Sensex rallied 210 points to 19,500 and the 50-share NSE Nifty jumped 60 points to 5,848. The Nifty April futures were trading near 5900 level. A concern for the market has been the surging oil prices. However, Shah is doubtful that crude will go significantly higher from current levels. “Commodity prices likely to have peaked out,” he said. London Brent crude continued to traded in a range of USD 114-116 a barrel.

Oil gas infra private banks drive Nifty to 5850 - Moneycontrol.com

It appears to be a curious paradox. Global prices of crude oil and natural gas are rising by the day and predictions are that they will go only one way — upwards — in the days to come. Experts and analysts constantly remind us that crude oil reserves are finite and we are depleting reserves faster than we are adding to them. And India is a rapidly growing market for energy. Yet, the 34 oil exploration blocks put up for auction under Round IX of the New Exploration Licensing Policy (NELP) were largely ignored by the big, multinational players. This was the case in the previous round of NELP as well; in fact, coming to think of it, NELP has never attracted the serious attention of the big oil companies in the last decade of its existence. Why this paradox? The answer is simple: the big oil companies do not see much promise in the blocks that India puts on auction, especially in relation to other similar opportunities available elsewhere in the world. A Shell or a BP would probably risk its money in more promising locations such as the Gulf of Mexico, North-west Shelf in Australia or off the Brazilian coast, or even in politically dicey North Africa, where the prospects of returns on every dollar spent are higher than in India. And this is after accounting for the friendly terms of investment under NELP.

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In addition to the relatively unattractive prospects in our blocks — which is the truth, no matter how much our officials may want to differ — other hurdles such as unstable policies, the tendency to change the rules of engagement half way into the game to favour one or the other party, and episodes such as the logjam over the Cairn-Vedanta deal clearance, obviously put off even those companies that are hesitating on the sidelines. The latest Budget has done away with the seven-year tax holiday on profits earned from production of oil and gas from the NELP blocks to be awarded in future. The proposal will only put the country at a disadvantage as even now there is little that NELP offers over and above what other countries do when they auction their blocks. What all this means is that India will have to depend more on its domestic exploration and production companies such as ONGC, OIL and the other government refining and marketing companies along with the likes of Reliance Industries and Essar from the private sector to explore its territory for hydrocarbons. This is pretty much what has been happening anyway in the last few rounds of NELP where these companies have bagged a majority of the blocks on offer. The challenge for the government will be to create an enabling financial and regulatory environment to help these companies do the job efficiently and effectively. It can begin by cleaning up the mess in our fuel-pricing policy.

Helpless NELP - Hindu Business Line

More than two-thirds of Gulf of Mexico oil and gas leases are sitting idle, as are 45 percent of all U.S. onshore leases. The Gulf sites alone could potentially hold more than 11 billion barrels of oil and 50 trillion cubic feet of natural gas.

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Under pressure to push back against fast-rising gasoline prices, President Barack Obama ordered an Interior Department report that was released Tuesday. He is expected to outline his plans for national energy security in a speech as soon as today.

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Rep. Doc Hastings, chairman of the House Natural Resources Committee, will introduce bills to end the offshore drilling moratorium and make the administration move forward on energy production at high-potential sites.

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Standstill: Most US oil and gas drilling leases are sitting idle - San Francisco Examiner

The ninth round of oil and gas exploration acreage auctions under the government's New Exploration Licensing Policy (NELP) has hardly boosted confidence all round. Out of the 34 blocks that were on offer 33 might have been bid for, but in this instance, the facts obscure the reality. There was little interest from foreign majors - something the Indian energy sector requires urgently - and domestic PSUs grabbed the lion's share. It's nothing new, merely the latest iteration of a trend that has been established over previous NELP licensing rounds. Given the need for the latest technology and knowhow to explore and exploit untapped hydrocarbon reserves, it's a trend that must be reversed.

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The dichotomy between India's energy needs and its output is stark. Currently, it is the fifth-largest energy consumer in the world - and that's with a per capita energy consumption that's just about a quarter of the global average. Calculate the potential per capita increase from such a low base as the benefits of growth trickle down to socio-economically disadvantaged sections, factor in the added demand as the manufacturing base expands, and it's apparent that India will be lucky to maintain its current 70-30 split between imported and domestic crude in the decade or two to come. As it stands now, only a fraction of India's 26 sedimentary basins - with a total area of 3.14 million square km - has been explored. And the gap between rate of growth of demand and of domestic supply when it comes to both crude oil and natural gas has been growing. The entire purpose of the NELP, instituted in 1999, was to circumvent the problem and bring in the billions of dollars in foreign investment required for increasing the extraction and production base by offering attractive terms to private investors, putting in place transparent bidding procedures and creating a level playing field with regard to the PSUs. The massive Reliance Industries-BP $7.2 billion deal points to the sector's potential. With the current instability in North Africa and the Middle East , India ought to offer a stable, attractive option for foreign players.

Step on the gas - Times of India

India did not get an overwhelming response from global energy giants for the 34 oil and gas blocks auctioned on Thursday while a few dark horses such as Sankalp Oil and Natural Resources, Ishar Gas Oil, Chinar Commerce, Pratibha Oil and Natural Gas and PIC bagged 10 blocks.

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These companies, hardly known in the exploration sector and whose financial strength is unknown, have been selected as provisional winners for the same blocks contested by exploration giants such as ONGC and Reliance Industries (RIL).

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For instance, ONGC and RIL had bid for the onshore block, CB-ONN-2010/10, in Cambay basin, which was bagged by Sankalp. Similarly, Ishar bagged RJ-ONN-2010/1, an onshore block in Rajasthan, competing against RIL, ONGC, Gail and BPRL.

Dark horses pip domestic giants to bag oil blocks - mydigitalfc.com

Indicating a lukewarm response from the industry, the government said on Monday that it had received 74 bids for the 34 oil and gas exploration blocks offered under its ninth round of the New Exploration Licencing Policy (NELP-IX). It was the state-owned oil companies — ONGC and OIL that resc ued the round of oil and gas exploration licence auctions; ONGC submitted bids for 28 out of the 34 blocks on offer under NELP-IX. Oil India Ltd (OIL) bid for 17 blocks.

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From the private sector, oil and gas biggie, Reliance Industries Ltd (RIL) bid for six blocks, while Cairn India bid for two. Essar Oil bid for one onland block in the Cambay Basin. A total of 75 bids were received for 33 out of the 34 oil and gas blocks that included eight deepwater blocks, seven shallow water and 19 onshore properties.

Tepid response to NELP-IX - Hindustan Times

Malcolm Webb is not an angry man, but he is certainly dismayed. The chief executive of industry trade body Oil & Gas UK has spent nearly every waking moment locked in discussions since the Chancellor's Budget bombshell last Wednesday, yet the full impact of the latest tax rise on the North Sea sector remains impossible to gauge.

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Malcolm Webb is not an angry man, but he is certainly dismayed. The chief executive of industry trade body Oil & Gas UK has spent nearly every waking moment locked in discussions since the Chancellor's Budget bombshell last Wednesday, yet the full impact of the latest tax rise on the North Sea sector remains impossible to gauge. Initial signs, however, are not positive. "I have been told by several companies that projects they had lined up will not now go ahead," Webb says.

Interview: Malcolm Webb, chief executive of Oil & Gas UK - Scotsman

Drivers will not pay extra for their petrol as a result of the chancellor's windfall tax on North Sea oil , the energy industry has vowed, but the future of key parts of the economically vital sector is now in doubt.

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George Osborne announced the levy increase – a rise on the supplementary charge to North Sea oil and gas producers from 20% to 32% – in his budget, sending a shockwave through one of the UK's industrial powerhouses. He said the tax increase was needed to fund his cut of 1p in the duty on petrol. James Smith, UK chairman of Shell, dismisses as "nonsense" suggestions consumers could end up paying the extra cost of the tax, which Osborne said would raise about £2bn but independent experts have put at closer to £10bn. The industry will not be able to pass on the extra cost because the price of oil is set internationally, and the costs of North Sea oil form only a small part of that equation, he says.

Oil giants warn that Osborne's windfall tax could hit North Sea exploration - The Guardian

The furore over the UK Government’s tax raid on North Sea oil and gas revenue shows no sign of letting up as business leaders, union bosses and others line up to attack the move.

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Scottish Secretary Michael Moore stood by the decision yesterday, saying it was “fair” and should not lead to any major job cuts.

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An immediate 1p cut in fuel duty and a delay in implementing a planned 3p rise are being funded by squeezing more taxes from oil and gas producers – an estimated £10billion over five years.

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Anger grows at tax raid on North Sea oil and gas - Press and Journal

Bharat Petroleum (BPCL) has deferred shutdown of a hydrogen unit at its Mumbai refinery and a diesel unit at the Kochi plant to meet local fuel demand.

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Bharat Petroleum (BPCL) has deferred shutdown of a hydrogen unit at its Mumbai refinery and a diesel unit at the Kochi plant to meet local fuel demand. The three major OMC's namely, Indian Oil Corporation (IOC), Hindustan Petroleum (HPCL) and Bharat Petroleum (BPCL) have reportedly deferred from shutting down some of their refineries to meet local oil demand.

Oil & Gas Round Up - March 21 to March 25, 2011 - India Infoline.com

The UK government's surprise £2 billion tax raid on the UK North Sea oil and gas industry in this year's Budget has been met with fierce opposition.

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In the wake of the plans to raise the supplementary charge on oil and gas production from 20% to 32%, industry body Oil & Gas UK expressed shock at the tax increase, claiming it will decrease investment, increase imports and drive UK jobs to other areas of the world.

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Chief executive Malcolm Webb launched a scathing attack on the unexpected Budget proposal stating that it runs counter to the government's earlier desire to recognise the importance of a stable UK oil and gas tax regime and provide certainty for investors.

Oil firms rail against Osborne's North Sea tax - Interactive Investor

Equity benchmarks rallied for the second consecutive day on Wednesday, with the Sensex surging more than 200 points on the back of support from 26 out of 30 stocks including major heavyweights like Reliance Industries, ICICI Bank, Infosys and BHEL.

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Aditya Narain of Citi expects to see further upside in the market with their Sensex target for December at 22,000 with a more aggressive portfolio/market mix, moderately better macro situation, slightly higher valuations and a bias towards large caps over midcaps. Aditya Narain of Citi expects to see further upside in the market with their Sensex target for December at 22,000 with a more aggressive portfolio/market mix, moderately better macro situation, slightly higher valuations and a bias towards large caps over midcaps. "India has actually outperformed most equity indices over 2008 and it is currently a cheaper and more defensive market than in its heyday," he said.

Banks, metals, oil & gas, infra drive Sensex 218 points higher - Moneycontrol.com

Oil Prices Lift Cnooc Earnings Wall Street Journal HONG KONG—Cnooc Ltd., China's biggest offshore oil and gas producer by output, said Wednesday its net profit rose 85% last year because of higher oil prices. Net profit for the 12 months ended Dec. 31 was 54.41 billion yuan (US$8.30 ... CNOOC sees net profit up 84.5 pctXinhua CNOOC aims for 100 to 120 mln TOE of oil, gas output in 2015istockAnalyst.com (press release) CNOOC to build 2-3 deepwater oil, gas operation fleets in next 5 yrsTMC Net PR Newswire (press release) -RTT News -China Economic Review all 32 news articles »

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Oil Prices Lift Cnooc Earnings - Wall Street Journal

Demand for oil and gas should rise as the U.S. and global economies continue to recover. China shows little sign of reducing its thirst for petroleum. Platts reports that China's oil demand in February rose 10.1 percent from a year ago, to the second strongest level on record. It hit an all-time high in December. China is the world's second biggest oil consumer behind the U.S.

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Meanwhile, Japan continues to stabilize the Fukushima Dai-ichi nuclear complex that was damaged and leaking radiation following this month's earthquake and tsunami. The government will release more than 56 million barrels of oil from the country's reserves — enough to cover 22 days of demand, analyst Addison Armstrong said. Japan previously released three days' supply of oil from its reserves. Bank of America analyst Sabine Schels said Japan will rely on other power generators that run on liquefied natural gas and oil to make up for the loss of its nuclear facilities.

Oil Tops $105 Per Barrel - ABC News

The Sensex trades with marginal gain around 17900 level. Buying was seen in select pharma, FMCG and oil and gas stocks while realty, IT stocks were down. Reliance, ICICI Bank, ITC, SAIL, Sun Pharma and HDFC were positive contributor to the bourses while Infosys, TCS, Ranbaxy and Hindalco were negative contributors.

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Nifty ; it was quoting at Rs 445.00, down Rs 23.55, or 5.03%. It was trading with volumes of 217,276 shares. There was news that Mylan sues US FDA over Lipitor launch by Ranbaxy.

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Top gainers on the Sensex were Jindal Steel at Rs 658.20 up 1.29%, Tata Steel at Rs 603.40 up 1.19%, Sterlite Ind at Rs 160 up 1.14%, HDFC at Rs 627.50 up 1.05% and M&M at Rs 639.40 up 1.02%.

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Strong global cues rising oil fail to rouse market Nifty ends flat - Moneycontrol.com

RDS.B-N is calling on Ottawa and the provinces to overhaul the rules governing the oil and gas business, arguing a new national strategy is needed to ensure Canada can compete for a slice of Asia’s exploding energy demand.

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Lorraine Mitchelmore, the head of Shell’s Canadian operations, on Monday said the country’s regulatory and fiscal polices are not always competitive when compared with other resource-rich regions. A national energy strategy, complete with a price on carbon, should be part of the overhaul, she said. With an international juggernaut weighing in, Enbridge Inc. and Suncor Energy Inc. have found a powerful ally in their push for a national plan. Shell’s global activity gives it additional insight into how the country stacks up against other energy producers.

Canada needs overall energy strategy, Shell says - Globe and Mail

With over one quarter of Japan’s electricity requirement being sourced from nuclear energy, the loss of its eleven nuclear reactors to Tsunami, has taken out a approximately 10831 MW of thermal power generation, according to Reuters reports. Japan, which is the the world's largest importer of seaborne coal and LNG and the world's third-largest consumer of oil, would step up the usage of these alternate sources of energy to make up for the loss of the nuclear energy. Even as this means that Natural Gas’ demand should remain firm, it may not increase substantially, as the spare generation capacity appears to be more limited according to IEA reports. In 2010, Japan imported 70 million tonnes of LNG.

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According to IEA, with little domestic production, Japan relies almost entirely on imports to meet its gas demand. Due to the lack of international pipelines, all of the gas imports are in the form of LNG. However, even if Japan’s Natural Gas consumption goes up significantly, the immediate impact would be more in the nature of a domino rather than direct. Australia, Qatar and ASEAN gas producers (Indonesia, Malaysia and Brunei) are the main import sources of gas for Japan.

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Last thursday’s weekly inventory report from Energy Information Administration (EIA) showed that US Natural Gas storage draw of 56 bcf for the week, was more than forecast and the previous year’s draw of 25 bcf for similar period. Early estimates for this week's EIA storage report range from a draw of 8 bcf to a build of 20 bcf, versus a year-ago gain of 7 bcf and a fiveyear average decline of about 17 bcf.

Tsunami in Natural Gas? - Moneycontrol.com

New World Oil and Gas Plc, a new investment company , plans to raise 3 million pounds ($5 million) and list on the London-based AIM exchange.

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The company will focus on buying oil and gas projects in Central America, according to a statement received today. It will focus on the Peten Basin located beneath the Yucatan Peninsula, according to the statement. The company will focus on buying oil and gas projects in Central America, according to a statement received today. It will focus on the Peten Basin located beneath the Yucatan Peninsula, according to the statement. “The demand for oil and gas continues to rise and the long-term fundamentals underpin the development of assets in this sector,” William Kelleher, chief executive officer of New World, said in the statement.

New World Oil and Gas Plans to Raise $5 Million, List on AIM - Bloomberg

Reliance Industries has projected 13 per cent drop in output from the nation's biggest gas fields in the KG-D6 basin to 38 million standard cubic meters per day in 2012-13.

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In its annual work program submitted to upstream oil regulator Directorate General of Hydrocarbons (DGH), Reliance stated that natural gas output from Dhirubhai-1 and 3 or D1 and D3 gas fields in the block KG-DWN-98/3 or KG-D6, will be about 38 mmscmd in 2012-13 from current production level of 43-44 mmscmd. Upto 9 mmscmd will come from D-26 or MA oil field in the same block, taking the total output from the deep-sea area in Bay of Bengal to around 47 mmscmd. At present, KG-D6 block is producing around 51-52 mmscmd.

Oil output from KG-D6 to fall 13%: RIL‎ - NDTV.com

Reliance Industries has projected 13 per cent drop in output from the nation's biggest gas fields in the KG-D6 basin to 38 million standard cubic meters per day in 2012-13.

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In its annual work program submitted to upstream oil regulator Directorate General of Hydrocarbons (DGH), Reliance stated that natural gas output from Dhirubhai-1 and 3 or D1 and D3 gas fields in the block KG-DWN-98/3 or KG-D6, will be about 38 mmscmd in 2012-13 from current production level of 43-44 mmscmd. Upto 9 mmscmd will come from D-26 or MA oil field in the same block, taking the total output from the deep-sea area in Bay of Bengal to around 47 mmscmd. At present, KG-D6 block is producing around 51-52 mmscmd.

Oil output from KG-D6 to fall 13%: RIL‎ - NDTV.com

Reliance Industries today stunned the markets after it projected a 13 per cent fall in gas production from its famed KG-D6 block to 38 million metric standard cubic metres of gas a day in 2012-13 — sending its stock tumbling 3.71 per cent to Rs 993.15 on the BSE.

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The projection — which was made in a letter that RIL wrote to the oil regulator, Directorate General of Hydrocarbons (DGH) — punctured the euphoria that had been whipped up last month when European oil major BP Plc struck a deal to pick up a 30 per cent stake for $7.2 billion in 23 oil and gas blocks operated by RIL, including KG-D6.

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BP had been widely expected to bring in its formidable expertise in deep-water exploration to reignite gas production in the field that had started sputtering last year because of problems faced at some of the 18 oil and gas producing wells in the block.

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RIL sees 13% drop in gas output - Calcutta Telegraph

Compounding production woes at India's biggest gas field, Reliance Industries has projected a further 13 per cent drop in output from the Krishna Godavari basin fields, a trend that Mukesh Ambani firm hopes UK's BP Plc will help it fix.

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Reliance has projected that gas output from Dhirubhai-1 and 3 (D1 and D3) gas fields in the block KG-DWN-98/3 (KG-D6), will be 38 million standard cubic meters per day in 2012-13 from current production level of 43-44 mmscmd, officials said. D-26 or MA oilfield in the same block is expected to produce current levels of 8-9 mmscmd, taking the total output from the deep-sea area in Bay of Bengal to around 47 mmscmd.

Oil output from KG-D6 to fall 13%: RIL - Indian Express

PetroChina Co. pledged to accelerate acquisitions of energy assets and develop the country’s domestic natural gas resources as nuclear plant closures following last week’s Japan earthquake boost demand.

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Gas prices rose to a two-year high in Europe after the March 11 temblor crippled Japan’s Fukushima Dai-Ichi plant, triggering the worst nuclear disaster since Chernobyl. PetroChina bought a $5.4 billion stake in Encana Corp.’s Cutbank Ridge shale-gas assets last month and is intensifying exploration to supply the world’s fastest-growing major economy.

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PetroChina’s gas output rose 5.2 percent in 2010, more than three times as fast as the 1.7 percent gain in crude production. The company is targeting to boost gas output by 10.4 percent this year, compared with 3.3 percent for oil, Vice President Sun Longde said at the media briefing. Proven gas reserves climbed 3.6 percent last year, while those for crude rose 0.1 percent.

PetroChina Plans to Add Oil, Gas Assets as Japan Earthquake Boosts Demand - Bloomberg

New Delhi, March 17 (IANS) With bilateral trade booming and Indian investments seen to double in two years, Nigeria has pushed for direct flights to facilitate business travel between the two countries, the country's foreign minister, H. Odein Ajumogobia, said here.

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New Delhi, March 17 (IANS) With bilateral trade booming and Indian investments seen to double in two years, Nigeria has pushed for direct flights to facilitate business travel between the two countries, the country's foreign minister, H. Odein Ajumogobia, said here. 'Our bilateral trade was over $10 billion in 2010 and total Indian investment in Nigeria is around $5 billion. I would like to see that double in a short time -- two years. It is quite possible if we focus on specific areas,' Ajumogobia told IANS in an interview. He said power, oil and gas, financial services and agriculture were four critical areas in which Indian companies could play a significant role in capacity building in Nigeria, among the fastest-expanding economies in Africa with a 7-percent average growth.

Nigerian pushes for direct flights to India as trade booms (Interview with ... - Sify

The Nigerian Government has invited Indian industry to invest in the country’s power, oil and gas and the banking and financial sectors which have been deregulated and thrown open to private sector investment. The Nigerian Foreign Minister, H Odein Ajumogobia expressed this while addressing at an industry round table organized by Federation of Indian Industry (FICCI) in New Delhi on Wednesday.

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Ajumogobia said that the Nigerian Administration has been concentrating on economic reforms which seek to transfer state ownership of institutions to the private sector to make the productive sectors of the economy more efficient. He said that the power sector generation and distribution have been opened to the private sector. The Nigerian Government is seeking to raise the country’s power generation capacity by offering competitive tariffs and distribution companies would be offered World Bank guarantees to mitigate their business risks.

Economy, Business , Nigeria invites Indian investment in energy, banking and ... - The Day After

New Delhi, March 16 (IANS) Nigerian Foreign Minister H. Odein Ajumogobia Wednesday asked Indian companies to look closely at investing in his country's oil, energy and financial services sectors that offer huge potential after deregulattion for foreign investment.

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New Delhi, March 16 (IANS) Nigerian Foreign Minister H. Odein Ajumogobia Wednesday asked Indian companies to look closely at investing in his country's oil, energy and financial services sectors that offer huge potential after deregulattion for foreign investment. 'We have done massive reforms in poor, banking and finance and oil and gas sectors. They are wide open for foreign investment and offer huge opportunities to Indian companies,' Ajumogobia, here on a four-day visit since Tuesday, told a business meet here. New Delhi, March 16 (IANS) Nigerian Foreign Minister H. Odein Ajumogobia Wednesday asked Indian companies to look closely at investing in his country's oil, energy and financial services sectors that offer huge potential after deregulattion for foreign investment. 'We have done massive reforms in poor, banking and finance and oil and gas sectors. They are wide open for foreign investment and offer huge opportunities to Indian companies,' Ajumogobia, here on a four-day visit since Tuesday, told a business meet here. 'Our ongoing reforms in petroleum, oil and natural gas sectors will be complete by May, when a law is enacted to revamp the relevant policies,' he told the meeting, organised by the Federation of Indian Chambers of Commerce and Industry (FICCI).

Reform-focussed Nigeria seeks Indian capital in energy, banking - Sify

AGARTALA: State-owned exploration major Oil and Natural Gas Corporation (ONGC) has established a significant gas discovery in the northeastern state of Tripura, officials said here Tuesday.

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AGARTALA: State-owned exploration major Oil and Natural Gas Corporation (ONGC) has established a significant gas discovery in the northeastern state of Tripura, officials said here Tuesday. "The fresh discovery of gas was established after the drilling of a well up to a depth of 3,515 metres. On testing, one of its sand zone flowed gas at the rate of 113,400 cubic meter per day, through 8 mm bean," an ONGC spokesman told reporters.

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The breakthrough of natural gas at Amtali, 15 km south of Tripura capital Agartala, has been notified to Directorate General of Hydrocarbons, the upstream regulator of hydrocarbons, he added.

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ONGC strikes new gas field in Tripura - Economic Times

NEW DELHI: Unhappy with the fall in output at India's largest gas field, upstream oil regulator DGH has asked Reliance Industries to fulfill its commitment of drilling 22 wells in the KG-D6 field to boost production.

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The Directorate General of Hydrocarbons (DGH) last month wrote to Reliance asking it to drill two more wells by April to meet its commitment of drilling 22 wells in the phase-1 development of the Dhirubhai-1 and 3 or D1 and D3 gas fields in the KG-D6 block, official sources said here. The rate of natural gas production as per the approved Field Development Plan (FDP) should have been around 61 million standard cubic metres per day, but current output is about 51 mmscmd.

DGH asks RIL to fulfill well drilling commitment in KG-D6 - Economic Times

MUMBAI: Oil and gas stocks, led by Reliance Industries, were back in the limelight to close over 2 per cent up on the Bombay Stock Exchange (BSE), supported by cooling crude oil prices in the global market.

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The BSE oil and gas index emerged as the best performer among sectoral indices by rising 217.93 points, or 2.24 per cent, at 9,936.95 points as heavy-weight Reliance Industries and state-run oil companies stocks rallied.

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Sentiments in refiners' stocks improved, after crude oil prices declined in the global market on speculation the disastrous earthquake in Japan will reduce demand.

Oil & gas stocks recover on BSE, RIL major gainer - Economic Times

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Sensex snaps 2-day fall, gains 265 points on dip in oil prices Hindustan Times Oil and gas and metals were the highest gainers on Monday. While oil and gas stocks increased by 2.2%, metal stocks rose by 2.0%. Ajay Parmar, head institutional equities, Emkay Global Financial Services, said, “The impact of physical international ... Oil & gas stocks recover on BSE, RIL major gainerEconomic Times Markets extend gain; oil & gas, metals shineBusiness Standard Sensex sustains strong gains...Oil & Gas stocks sizzleIndia Infoline.com Moneycontrol.com -Moneylife Personal Finance site and magazine -istockAnalyst.com (press release) all 106 news articles »

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Sensex snaps 2-day fall, gains 265 points on dip in oil prices - Hindustan Times

Khaleej Times

Abu Dhabi, SKorea agree to cooperate on oil, gas BusinessWeek The governments of Abu Dhabi and South Korea have signed deals aimed at strengthening cooperation in the oil and gas industry. The agreements announced Sunday by Emirati state news agency WAM include provisions for Korean companies to explore oil ... S. Korea and Abu Dhabi Government expand Cooperation in Oil and Gas SectorWAM - Emirates News Agency UPDATE: South Korea, UAE Sign MoU For Major Gas, Oil CooperationZawya Korea Signs Major Oil Deal with UAEThe Chosun Ilbo AFP -Arirang News all 186 news articles »

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Abu Dhabi, SKorea agree to cooperate on oil, gas - BusinessWeek

NEW DELHI: Reliance Industries and BG Group of UK have dragged the oil ministry to arbitration on disputes over Panna/Mukta and Tapti oil and gas fields but the ministry has refused to appoint arbitrator to resolve differences.

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Reliance and BG, who along with state-run Oil and Natural Gas Corp (ONGC) are joint operators of the western offshore fields, had in December 2010 sent a Notice of Arbitration on dispute like recovery of contractor cost and price at which royalty is payable, sources in know of the development said. But despite the reminders, the oil ministry has refused to appoint arbitrator saying the "notice is pre-mature" and the issue should be sorted out of court through conciliation.

Reliance, BG drag govt to arbitration on PMT dispute - Economic Times

PARIS (Reuters) - French Prime Minister Francois Fillon extended a moratorium on research and drilling for shale oil and gas until mid-June, pending reports commissioned by the government to establish their impact on the environment. France has...

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PARIS (Reuters) - French Prime Minister Francois Fillon extended a moratorium on research and drilling for shale oil and gas until mid-June, pending reports commissioned by the government to establish their impact on the environment.

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France has large oil and gas shale reserves, but projects have sparked controversy due to the possible impact on the environment caused by drilling techniques used on such deposits.

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France extends shale oil, gas exploration ban to June - Reuters

NEW DELHI: India will identify areas that have the potential for shale gas, or hydrocrbons trapped in sedimentary rocks, and also formulate a policy soon to tap what experts say will become a rich global source for fuels in the years to come.

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NEW DELHI: India will identify areas that have the potential for shale gas, or hydrocrbons trapped in sedimentary rocks, and also formulate a policy soon to tap what experts say will become a rich global source for fuels in the years to come. "Based on geo-scientific data gathered so far during exploration of conventional oil and gas, few onland sedimentary basins and areas in India appear to be prospective in terms of shale gas deposits," Minister of State for Petroleum R.P.N. Singh said. NEW DELHI: India will identify areas that have the potential for shale gas, or hydrocrbons trapped in sedimentary rocks, and also formulate a policy soon to tap what experts say will become a rich global source for fuels in the years to come. "Based on geo-scientific data gathered so far during exploration of conventional oil and gas, few onland sedimentary basins and areas in India appear to be prospective in terms of shale gas deposits," Minister of State for Petroleum R.P.N. Singh said. "Based on the identification of prospective areas and assessment, and after formulating an appropriate policy, steps would be taken for exploration and exploitation of shale gas resources in the country," he told the Lok Sabha , the lower house of parliament.

India to formulate policy to tap shale gas - Economic Times

WASHINGTON — US President Barack Obama's Republican foes on Thursday blamed his energy policies and efforts to combat climate change for soaring oil and gasoline prices and called for boosting domestic production.

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WASHINGTON — US President Barack Obama's Republican foes on Thursday blamed his energy policies and efforts to combat climate change for soaring oil and gasoline prices and called for boosting domestic production. "As gas prices go up, so does the cost of everyday life," Republican House Speaker John Boehner told reporters as he unveiled a campaign dubbed the "America Energy Initiative" to increase supplies and roll back regulations.

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WASHINGTON — US President Barack Obama's Republican foes on Thursday blamed his energy policies and efforts to combat climate change for soaring oil and gasoline prices and called for boosting domestic production. "As gas prices go up, so does the cost of everyday life," Republican House Speaker John Boehner told reporters as he unveiled a campaign dubbed the "America Energy Initiative" to increase supplies and roll back regulations. "It costs more to drive to work, to buy groceries, or just to get the kids to school. And at a time when our economy already isn't creating enough jobs, rising gas prices hurt the very people we need to lead us out of our economic crisis: Small businesses," he said.

US Republicans assail Obama as gas prices rise - AFP

HDFC Mutual Fund has enhanced its exposure in metals & mining, information technology and oil & gas sectors, while decreased its weightage in engineering & capital goods, banking & financial services and pharmaceuticals space.

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Sterlite Industries , Zee Entertainment and Time Technoplast were the top buys, while Apollo Tyres , Larsen and Toubro and Exide Industries were the top sells. The fund purchased Tata Consultancy Services, Infosys Technologies and Wipro in the information technology sector, while it exited Zee Learn.

HDFC Mutual Fund picks metal oil gas sells engg banking - Moneycontrol.com

Brent crude rose 1.5x over past 12 months, to US$116/bbl, of which ~50% rise came over past two months, driven by unrest in MENA oil exporting countries.

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Polymer spreads rose MoM. PE and PVC spreads were down 9% and up 7% YTD respectively. The price premium over imported polymers fell to 4-10% v/s 12-16% in FY10. Strong oil prices are positive for pure oil plays like Cairn India but news flow on the Cairn-Vedanta deal will dictate near term stock price moves. Though OMC stock prices fell sharply, lack of clarity on subsidy sharing will be an overhang. After the BP deal we expect positive news on RIL's E&P business. Sustained refining and petchem performance are good for the stock. We are positive about ONGC due to its attractive valuation and robust earnings.

GASOLINE: The oil & gas monthly - March 2011 - Motilal Oswal - Equity Bulls

President Barack Obama was inaugurated. As American drivers and small-business owners feel the pain at the pump, he should reverse course and stop punishing consumers to promote a "green" agenda.

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In past debates over gas prices, the conversation centered on how much we drill, but now the perspective is remarkably different. The Energy Information Administration reports that the U.S. will produce 13 percent less offshore domestic supply this year than last. President Obama has needlessly left his drilling moratorium in place, in violation of federal court orders, permanently stalling nearly all permits for oil leases. As a result, domestic drilling access is decreasing at an alarming rate, and potential suppliers are moving their business to other countries, taking much-needed jobs with them, as well as billions of dollars in lost federal revenue normally created by offshore drilling.

Opinion: End Obama's Policy of Higher Gas Prices - AOL News

The markets have turned around and are trading in the red. The Sensex fell 75 points to 18,364 and the Nifty declined 23 points to 5,497 at 11.17 am.

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Oil, gas and IT stocks led the declines. The BSE oil & gas index fell on retreating crude prices sent. ONGC was the top loser on the BSE Sensex falling 1.38 per cent. RIL declined 1.12 per cent.

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Healthcare and metal stocks were also trading lower. Cipla fell 1.27 per cent. Sterlite, Jindal Steel and Tata Steel declined 0.8-1.2 per cent lower.

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Nifty below 5500; ONGC, RIL, Infosys fall - NDTV.com

Q Perhaps you can clear the air a little about something that is both timely and an outrage. As you know, the price of oil has jumped the past couple of weeks and once again, we are being throttled by gas station owners.

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A I understand your anger, but several experts I talked to say it is misplaced. First, a little lesson in oil pricing. While the price of oil and gas are based on contracts for delivery in upcoming months, both are also traded at spot prices, which are current. Not only are prices of future crude contracts rising, but current spot prices are also rising. Q I was on my way home from work last Thursday night and as I approached the Winchester Boulevard exit off of Highway 85, I saw about 20 police cars on the opposite side of the highway. There were not any wrecked vehicles or ambulances, but there was a helicopter. "... Any idea of what was going on last Thursday night on Highway 85 at Saratoga Avenue about 10:30 p.m.? There were about 15 police cars. They had traffic stopped on both sides of the road.

Roadshow: Don't blame gas station owners for rising gas prices - San Jose Mercury News

Nifty was trading above the 5500 level - supported by buying in across all sectors. Metal, auto, realty, banking, capital goods and oil & gas companies' shares were leading the markets in today's upswing.

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Nifty was trading above the 5500 level - supported by buying in across all sectors. Metal, auto, realty, banking, capital goods and oil & gas companies' shares were leading the markets in today's upswing. "Investors are watching oil prices very closely but are still buoyant on India. Market valuations here have compressed this year," Abhay Laijawala of Deutsche Equities India said.

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Seeing a strong directional shift in market in the second half of calendar year 2012, he said, inflation, commodity prices and reforms will determine its movement. "We are cautiously optimistic on Indian markets," he added.

Nifty holds 5500 oil gas metals infra lead - Moneycontrol.com

JAISALMER: Education has armed women with the skills to explore new frontiers. The oil sector, which had been a male-dominated domain, is now offering exciting career options for women.

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With new oil and natural gas explorations and billion-dollar investments by companies such as Cairn India, ONGC , women in the state are not letting go off the opportunity to take up challenging assignments. Divyakshi Jain is one among the several girls who are breaking the glass ceiling. An engineering graduate from Jaipur, Divyakshi is now part of Cairn's field engineers team. "It was tough initially but, I learnt the ropes gradually. In the beginning, my profile seemed very challenging. However, with time and my seniors' support, I made my own space in the male-dominated oil and gas sector. I adapted to the surroundings and today I am a stronger person," said Divyakshi.

Raj women break gas ceiling' - Times of India

With gasoline prices rising at near record rates, the Obama administration is considering tapping into the nation's oil reserve. Sharyl Attkisson reports on the latest details.

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The rising price of gasoline is presenting a threat to small businesses across the U.S. Seth Doane reports on the affect of increasing gas prices on new hiring. If you've purchased gasoline in the past few days you know the story: the price has gone up, and it keeps going up while showing no signs of stopping.

Obama considering tapping oil reserves - CBS News

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Algeria Oil Always Reliable Despite Terrorism, Staff Demands-Min Wall Street Journal ALGIERS (Dow Jones)--Algeria's oil and gas supply has always proved reliable despite past terrorism, while the country is addressing oil workers' demands through negotiations, the country's energy minister said Sunday. The statements come after ... BP Backs Off From Algeria Asset Sales- Algerian Energy MinisterAutomated Trader Algeria - Are They Next on the Revolution List?Oye! Times BP May Not Sell Algeria AssetsBenzinga all 182 news articles »

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Algeria Oil Always Reliable Despite Terrorism, Staff Demands-Min - Wall Street Journal

If you ask any child in Kurdistan Region to draw a picture, he or she will draw an image of a Kurdish village where there is a mountain, a sun behind it, sheep, river and a Kurdistan flag. But now the children in the areas where oil and gas have been discovered add a new thing in their drawing, a tower with fire coming out of it--oil.

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The last three years have been "exceptional" for the Kurdistan Region in terms of discoveries of both oil and gas, Ashti Hawrami, the Kurdistan Region Minister of Natural Resources, told an audience of diplomats, international oil companies and reporters in Rotana Hotel in Erbil city.

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The last three years have been "exceptional" for the Kurdistan Region in terms of discoveries of both oil and gas, Ashti Hawrami, the Kurdistan Region Minister of Natural Resources, told an audience of diplomats, international oil companies and reporters in Rotana Hotel in Erbil city. "we see our region sitting on at least 45 billion barrels of oil and as much as 100-200 trillion cubic feet of gas and we expect that soon some of our reserve estimates will be included in that of Iraq's overall reserves," he said. Then he added that production levels were steadily increasing and that exports of crude from the region had already reached around 100, 000 barrels per day.

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Kurdistan launches the 2011 oil and gas year - Kurdish Globe

The Jakarta Post reported that Indonesia's oil and gas production may slump by around 196 million barrel oil equivalent in 2011 if the government insists on going ahead with a plan to implement the cabotage principle in May 2011.

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Mr Sammy Hamzah VP of Indonesian Petroleum Association told the House of Representatives Commission V overseeing transportation affairs that the House should consider excluding several types of vessels used in the oil and gas industry from being subject to the principle. Mr Sammy said that the production and investment losses came from four major production sharing contract holders, which are Chevron, ConocoPhillips, Total E&P Indonesie and ExxonMobil.

Indonesian oil and gas output may decline by 196 mmboe in 2011 - SteelGuru

Along with big bonus checks for mineral rights has come an exponential increase in truck traffic, with tankers hauling everything from oil to water. At night, floodlights, well fires and derricks light up the horizon in every direction.

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The rest of this story will be online at a later date. To read it today, pick up a copy of the Sunday Express-News or subscribe to the e-Edition .

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Unlike other large shale formations that have recently been tapped, the Eagle Ford includes a good deal of oil, mostly along the northern reach. Because oil prices are high and natural gas prices low at the moment, there's more activity in the oil region at this time, industry analysts say.

Oil boommay bustEPA limit - San Antonio Express

The DMK withdrew from the Congress-led government after a dispute over Tamil Nadu election seats but said it would give issue-based support to the UPA in parliament.

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By Nidhi Verma and Jo Winterbottom NEW DELHI (Reuters) - BP's $7.2-billion deal to jump into India's oil and gas sector with Reliance Industries is the first sign of new investment that could attract more players, helping to boost output and... NEW DELHI (Reuters) - BP's $7.2-billion deal to jump into India's oil and gas sector with Reliance Industries is the first sign of new investment that could attract more players, helping to boost output and meet surging demand.

BP-Reliance deal may usher in fresh oil, gas investments. Full Article - Reuters India

Assam Company India Limited has entered into a farmout agreement with Sismopetrol and R3 in Colombia, for exploration and production 0 the block ANN El Triunfo ("the Block") located in Casanare, Colombia.

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As per the agreement ACIL will acquire a 70% working interest in the Block and Sismopetrol and R3 will retain the balance 30% share. The work at the Block is expected to begin early July this year and production of oil should commence from November, 2011 onwards. Subject to ANH approval, the farmout agreement provides for ACIL to be the Operator of the Block, wherein ACIL will pay 100% of the drilling and initial testing costs of the Phase 5 commitment well in the Block. The Block is located in the prolific Lianos basin, less than 20 kilometers from Colombia's largest discovered field operated by British Petroleum. The geological set up of the area is comparable to that prevailing in Assam shelf, in the Northeast India. The company is expected to drill one well in phase five to 16,500 feet maximum depth, which is expected to cost between $10 to $15 million per well. The company estimates the un risked resource potential (recoverable) from the Block to be between 10 to 30MM barrels.

Assam Company to invest in Colombian Oil & Gas Market - Equity Bulls

India’s largest explorer ONGC’s follow-on-public issue, opening on April 5 and closing on April 8, plans to raise Rs 11,000-12,000 crore through sale of 5 per cent equity stake in the oil and gas explorer. This will make ONGC one of the first public enterprises to tap the capital markets in the new financial year. ONGC’s issue is likely to be followed by follow-on issues of Power Finance Corporation (PFC), Steel Authority Of India (SAIL) and Hindustan Copper, among others.

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Finance minister Pranab Mukherjee has set target to garner Rs 40,000 crore in the financial year 2011-12 by selling equity stakes in government-run companies. “I intend to maintain the momentum on disinvestment in 2011-12 by raising Rs 40,000 crore,” finance minister Pranab Mukherjee had said in his budget speech on Monday. In the present year, government has sold stakes in six government-run enterprises, raising Rs 22,144 crore against a target of Rs 40,000 crore, which was also mentioned by Mukherjee in his budget speech.

ONGC's FPO to open on April 5, aims to mop up Rs 12000 crore - mydigitalfc.com

NEW DELHI: The Government has pushed back the Rs 11,500 crore share sale of state-owned Oil and Natural Gas Corp (ONGC) to next fiscal and the public offering is now slated to open on April 5, a senior official said today.

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The follow-on public offer (FPO) was originally scheduled to open on March 15 but has now been rescheduled. "The rescheduling is partly because of delay in appointment of independent directors on ONGC board to fulfil SEBI's listing requirement," he said.

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The Government is selling its 5 per cent stake or 427.77 million equity shares in the FPO that in today's closing price of Rs 269.85 on the Bombay Stock Exchange (BSE) will fetch over Rs 11,540 crore.

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ONGC FPO deferred to next fiscal - Economic Times

Indian equity benchmarks were witnessing selling pressure at 10:46 hours as crude retested last week highs again yesterday. Even profit booking was another reason behind the marginal sell-off today as benchmarks rallied 3.5% on Wednesday, reacted to Budget 2011.

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The sell-off was triggered by the arrest of a Shi’ite cleric in the Kingdom’s Eastern Province after he called for democratic reforms and a constitutional monarchy. Shares of technology, oil & gas, telecom, metal, Anil Dhirubhai Ambani Group (ADAG) and infrastructure companies were pulling the markets down. SBI, ICICI Bank and Axis Bank too were down 1.5-2.5%.

Nifty below 5500 IT oil gas metals slip - Moneycontrol.com

BP Talks to Buyers on UK Oil, Gas Assets Sale Wall Street Journal LONDON—BP PLC is talking to a range of interested buyers over the sale of some of its UK oil and gas interests, a company spokesman said Wednesday, with the North Sea element alone reported to be valued at $1 billion. ... and more »

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BP Talks to Buyers on UK Oil, Gas Assets Sale - Wall Street Journal

BP Talks To Range Of Buyers On Some UK Oil And Gas Assets Sale Wall Street Journal LN) is talking to a range of interested buyers over the sale of some of its UK oil and gas interests, a company spokesman said Wednesday, with the North Sea element alone reported to be valued at $1 billion. It is early days in the sale process, ... and more »

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BP Talks To Range Of Buyers On Some UK Oil And Gas Assets Sale - Wall Street Journal

March 2 (Bloomberg) -- U.K. summer and winter natural gas contracts matched their highest prices this year after Brent crude rose amid continued unrest in the Middle East and North Africa. Power gained on the higher cost of gas.

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Gas for next winter, the six months from October, rose as much as 0.4 pence, or 0.6 percent, to 65.5 pence a therm, according to broker prices compiled by Bloomberg. It was at 65.3 pence at 9 a.m. in London, equal to $10.62 a million British thermal units. A therm is 100,000 Btu. Libya halted gas exports to Italy on Feb. 22 and more than half the country’s oil production is shut in, according to the International Energy Agency. Italy is importing more Russian gas to make up for the shortfall, Snam Rete Gas SpA data show.

UK Natural Gas, Power Rise as Oil Trades Near Two-Year High - BusinessWeek

Panama City-- Gas prices have jumped as much as 25 cents a gallon in the last 2 days. The experts blame the instability in the middle east and say prices could rise to as much as 5 dollars a gallon by this summer. While most of us can't do much more than complain about the pain at the pump, there are some good things to know that could help you save some money in the long run.

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Betty Jackson of Conyers fills up her car Monday at the QuikTrip on West Avenue. Jackson said she hopes gas prices do not go up much more. She said she is only driving for the essentials — work and groceries. Jackson and other Rockdale County residents are feeling the pinch of higher gas prices that have risen significantly in recent weeks. Panama City-- Everyone's got their eyes on gas prices. "Right now, the Florida average is $3.41 and a week ago, it was $3.15 so quite a big jump," said AAA Spokeswoman, Jessica Brady.

Tips that could help you save money on gas - WJHG-TV

What's in the Budget for Oil & Gas sector? India Infoline.com No cut in customs duty on crude oil will have a positive impact on ONGC, Oil India, Cairn. No reduction in excise duty on petrol/diesel will have a negative impact for OMCs, ONGC, Oil India and Gail. Tax benefits not extended for NELP IX is negative ... and more »

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What's in the Budget for Oil & Gas sector? - India Infoline.com