April 2011 Archives

Gas prices continue to soar ahead of the holiday weekend. So much so that President Obama has created a task force to make sure consumers aren't being ripped off.

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Across the country, the average price for a gallon of gas is now at $3.84 a gallon creeping closer to the all-time high of $4.11 set back in 2008. Here in Eau Claire drivers are paying $3.94 for a gallon of regular at most gas stations. On Thursday, Obama promised the attorney general would look into any cases of price gouging. Across the country, the average price for a gallon of gas is now at $3.84 a gallon creeping closer to the all-time high of $4.11 set back in 2008. Here in Eau Claire drivers are paying $3.94 for a gallon of regular at most gas stations. On Thursday, Obama promised the attorney general would look into any cases of price gouging. "That includes the role of traders and speculators. We are going to make sure that no one is taking advantage of the American consumers for their own short-term gain," says Obama.

Speculators help fuel oil prices, prices at the pump - WQOW TV News 18

New Delhi: Concerned over fall in output at India’s biggest gas field, oil regulator DGH will summon Reliance Industries (RIL) to seek explanation on its failure to meet drilling commitments that were a few years back used to justify over $8.8 billion expenditure on KG-D6 field.

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Reliance in 2006 won government nod to invest $8.836 billion on its eastern offshore KG-D6 field after promising to produce 61.88 million cubic meters per day of gas from 22 well by April 2011 and 80 mmscmd from 31 wells by 2012. But situation on ground has been markedly different with Reliance producing about 42 mmscmd from 16 out of the 18 wells drilled so far on Dhirubhai-1 and 3 (D1 and D3) field in the KG-D6 block, Directorate General of Hydrocarbon (DGH) director general S. K. Srivastava told the new agency.

DGH to summon RIL next month on falling KG-D6 output - Livemint

NEW DELHI: The government is not satisfied with Reliance Industries' explanation for a sharp fall in gas output from the KG-D6 field , director general of hydrocarbon SK Srivastava said.

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The RIL-operated block is currently producing about 50 million standard cubic meters per day (mmscmd) gas, well short of 69.8 mmscmd as per the government approved plan. The block has three producing fields D-1 and D-3 gas fields and MA, which produces both oil and gas. The RIL-operated block is currently producing about 50 million standard cubic meters per day (mmscmd) gas, well short of 69.8 mmscmd as per the government approved plan. The block has three producing fields D-1 and D-3 gas fields and MA, which produces both oil and gas. "They have not been able to give very satisfactory reasons (for a decline in the output)," Srivastava told reporters after a review meeting called by the petroleum secretary to assess the continued fall in gas production from KG-D6 block.

Govt not satisfied with RIL's explanation over KG-D6 - Economic Times

Indian equity benchmarks closed the session on a positive note though indices washed out half of their gains in the last one hour of trade due to TCS, BHEL and Bharti. Oil & gas, financial, metal, realty, power and select auto companies' shares held the markets in green.

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The 50-share NSE Nifty touched the 5900 level in an intraday trade, before closing at 5,885, with 33 points gain supported by 30 shares out of 50.

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According to Prakash Diwan, Head-Institutional Business, Networth Stock Broking, 5,950 is the level that we possibly need to watch a bit more closely. "That should give us an indication whether 6,000 should be taken away easily," he said.

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Sensex gains 131 points banks oil gas up TCS dips 2 - Moneycontrol.com

NEW DELHI: The oil ministry will hold a meeting on Thursday to assess reasons for a sharp decline in gas production from Reliance Industries-operated KG-D6 block and may consider reallocating gas in favour of high-priority sectors, such as fertiliser and power.

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It is also considering moves to offset the shortfall with imports. "The reasons for the fall in gas production are being examined. We will meet shortfall in supplies through imported LNG," petroleum secretary S Sundaresan said on Wednesday. Earlier, oil minister Jaipal Reddy told reporters late on Tuesday that the oil ministry would review the situation on Thursday. "We have asked them to cater to priority sectors like power and fertiliser," he said on the sidelines of a ceremony for signing a contract between ONGC Petro Addition and Turkey's Fernas Construction for a 2,200 crore project.

Decline in gas production from RIL-operated KG-D6 block under govt's scanner - Economic Times

The benchmark Sensex added more than 250 points in the afternoon trade and shrugged off trial court order on 2G case. The rally was led by buying across sectors at 14:30 hours - TCS was the leading star, with rising more than 4%.

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Heavyweights ONGC, Wipro, SBI, NTPC, ICICI Bank, Bharti, ITC and HDFC gained 1-2%. HCL Tech extended its upmove - rallied 9% after the 17% rise in third quarter net profit of Rs 468 crore.

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Infosys, BHEL and Reliance Industries were up 0.8% each. M&M and Tata Motors were other biggest gainers, with gaining 5.5% & 3.5%, respectively.

Banks, tech, oil & gas drive Nifty above 5800 - Moneycontrol.com

NEW DELHI: In a surprise move, oil regulator DGH has rejected two gas discoveries made by Reliance Industries off the Orissa coast and has refused to approve budget on its prolific KG-D6 gas fields .

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The Directorate General of Hydrocarbons (DGH) will not recognise two discoveries Reliance made in the NEC-25 deepsea block off the Orissa coast because tests done to confirm reserves were different from the ones recommended by the regulator, sources in know of the development said. On similar grounds, DGH is likely to reject four discoveries in Krishna Godavari basin KG-D6 block where the regulator is yet to approve spending for 2010-11 and 2011-12.

DGH rejects RIL's 2 gas finds, holds back nod for KG-D6 budget - Economic Times

KARACHI: The government’s decision to change the boards of directors and managements of state-run oil and gas companies will do little to overcome the energy crisis and the inter-corporate circular debt, analysts said on Monday.

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Replacement of the officials who guided the companies in the worst of times will instead deepen the crisis as liquidity and security issues persist, they said. Dr Asim Hussain, an orthopedic surgeon and the newly appointed Advisor on Petroleum Affairs, has said that managements of eight companies will be replaced with professionals.

Management change no panacea for oil, gas firms - The News International

NEW DELHI: ONGC Videsh Ltd , the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), can raise its stake in Kazakhstan's Satpayev oil block to 35 per cent upon commercial discovery, a government official said today.

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OVL on Saturday signed an agreement with Kazakhstan's national oil firm KazMunaiGas (KMG) to buy a 25 per cent stake in the Caspian Sea block. OVL on Saturday signed an agreement with Kazakhstan's national oil firm KazMunaiGas (KMG) to buy a 25 per cent stake in the Caspian Sea block. "Under the agreement, OVL has a right to take another 10 per cent stake upon commercial discovery in the block," the official said here.

ONGC Videsh Ltd can raise stake in Satpayev oil block to 35 % - Economic Times

UTICA SHALE » Age: 443 million to 488 million years old » Depth: 2,700 to 12,000 feet. In eastern Ohio, it's about 7,000 to 10,000 feet below the surface.

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UTICA SHALE » Age: 443 million to 488 million years old » Depth: 2,700 to 12,000 feet. In eastern Ohio, it's about 7,000 to 10,000 feet below the surface. » Geography: 170,000 square miles, including parts of Ohio, Pennsylvania, West Virginia, New York, Tennessee and Canada, according to the U.S. Geological Survey » What it is: In the Ordovician geologic period, Ohio would have been a much different place. Think tropical. From a summary by the Ohio Geological Survey: "A warm, shallow sea (deeper in eastern Ohio) similar to the Bahamas, covered Ohio." As the oceans receded, the soil at that time would have become clay. With time and under the pressure caused by new layers of earth on top of it, the clay would combine with other minerals to become shale, which is characterized by tiny cracks -- fissures -- that split it into thin layers, according to Geology.com. Trapped between the thin layers is oil and natural gas. Jeff Daniels, a geophysicist at Ohio State University, said, "Shale is the origin of it all." Some gas migrated upward to porous sandstones -- such as the Clinton and Berea sandstones, more traditional sources of natural gas in Ohio -- before the maturing shale became impermeable, Daniels said. There the oil and gas remained locked until people began tapping into the formation, which started in Ohio in 1982, according to a state well database.

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UTICA SHALE » Age: 443 million to 488 million years old » Depth: 2,700 to 12,000 feet. In eastern Ohio, it's about 7,000 to 10,000 feet below the surface. » Geography: 170,000 square miles, including parts of Ohio, Pennsylvania, West Virginia, New York, Tennessee and Canada, according to the U.S. Geological Survey » What it is: In the Ordovician geologic period, Ohio would have been a much different place. Think tropical. From a summary by the Ohio Geological Survey: "A warm, shallow sea (deeper in eastern Ohio) similar to the Bahamas, covered Ohio." As the oceans receded, the soil at that time would have become clay. With time and under the pressure caused by new layers of earth on top of it, the clay would combine with other minerals to become shale, which is characterized by tiny cracks -- fissures -- that split it into thin layers, according to Geology.com. Trapped between the thin layers is oil and natural gas. Jeff Daniels, a geophysicist at Ohio State University, said, "Shale is the origin of it all." Some gas migrated upward to porous sandstones -- such as the Clinton and Berea sandstones, more traditional sources of natural gas in Ohio -- before the maturing shale became impermeable, Daniels said. There the oil and gas remained locked until people began tapping into the formation, which started in Ohio in 1982, according to a state well database. » Estimated recoverable gas/oil: The state's head of geology speculated that there could be up to 15.7 trillion cubic feet in Ohio's share of the Utica shale, enough at current consumption rates to meet state demand for more than 21 years. The amount of oil estimated inside, 5.5 billion barrels, could by itself satisfy the entire Midwest's thirst for three years.

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Ohio's shale deposits hold potential for oil, gas, jobs - Fremont News Messenger

TEHRAN (FNA)- Tehran signed a contract with Germany to provide Iranian experts and technicians with the latest technical know-how needed for storing the natural gas extracted from Iran's rich gas fields.

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The contract was inked by the Iranian and German officials on the sidelines of the 16th Oil, Gas, Refining and Petrochemicals Exhibition in Tehran in recent days. Tehran had earlier signed a similar deal with a French company, but later annulled the contract after the French failed to fulfill their undertakings.

Iran, Germany Sign Deal on Exchanging Technical Know-How in Gas Sector - Fars News Agency

State- owned ONGC Videsh plans to spend $400 million for the 25 per cent stake in Kazakhstan’s oil and gas assets it secured today after six years of negotiations.

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The energy pact to buy a 25 per cent stake in the Satpayev exploration block in the Caspian Sea was signed between ONGC Videsh Ltd (OVL) and Kazakhstan’s national company Kazmunaigas during Prime Minister Manmohan Singh’s trip to the mineral-rich country.

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India has been trying to gain a foothold in Kazakhstan oil reserves for a long time and the two countries took more than six years to finalise the agreement.

OVL seals $400m Kazakh deal - Calcutta Telegraph

A petroleum ministry order has now instructed Reliance to supply gas to priority sectors in full and if there is any gas left over it should be given to other sectors on pro-rata basis, a financial daily reported.

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The global supply constraints, substantial price increase and uncertain outlook for cotton availability is creating considerable substitution opportunities for polyester products like Polyester Filament Yarn (PFY) and Polyester Staple Fibre (PSF). It is expected that polyester will capture around 80% of incremental global fibre demand of around 2.9 million tons per annum over the medium to long term. Demand for Polyethylene Terephthalate (PET), which is already India’s fastest growing polymer is also poised for exponential growth due to continued demand in the bottling, packaging and food & beverages sectors.  With its strong manufacturing presence in India & Malaysia, cost leadership position and wide product range, Reliance is uniquely positioned to benefit from this market growth. Bank of America Corp. has reportedly given Reliance Industries Ltd. Chairman Mukesh Ambani shares valued at $24,700 as fees for being a director at the bank.

Top Oil & Gas Newsletterfor the week Apri 11-April 15 - India Infoline.com

REGINA — April's sale of oil and gas drilling rights brought in $109 million, more than half of that from the Shaunavon area, Saskatchewan Energy and Resources said Thursday.

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The April land sale — third-highest on record — brings total revenues for the two sales in 2011 to $152 million. It also marked the seventh time in the last three years that a single land sale has topped $100 million. The April land sale — third-highest on record — brings total revenues for the two sales in 2011 to $152 million. It also marked the seventh time in the last three years that a single land sale has topped $100 million. "This was a great sale, based on both the quantity and the quality of the bids we received," Energy and Resources Minister Bill Boyd said in a news release Thursday.

Saskatchewan's sale of oil and gas rights brings in $109M in April - Regina Leader-Post

Tullow finds more gas in Ghana - GhanaWeb

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Oil and gas firm Tullow Oil has had more success off the coast of Ghana, with the Tweneboa-4 appraisal well in the Deepwater Tano licence encountering gas condensate.

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The well encountered 18 metres of net gas condensate pay in high quality stacked reservoir sandstones which are in static pressure communication with both the Tweneboa-1 and Tweneboa-2 wells. Tullow added that it has reactivated the exploration and appraisal campaign in Uganda after farming out some interests to global oil companies CNOOC and Total. Drilling on two wells in Exploration Area 1 is expected to start within the next two weeks. The OGEC 600 rig is preparing to start drilling on the high-impact Jobi-East prospect and the OGEC 750 rig is getting ready to drill the first Mpyo exploratory appraisal well to test its upside potential.

Tullow finds more gas in Ghana - GhanaWeb

PARIS—A report published by the French government Wednesday could give impetus to the country's search for alternative energy sources, at a time when the Libyan rebellion is disrupting oil and gas supplies and boosting prices and Japan's radiation crisis heightens concerns about the safety of nuclear power.

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One option that has been fiercely debated is shale gas, whose emergence in the U.S. has helped the country reduce its dependence on imported energy and eased prices while providing a fuel that burns cleaner than oil or coal. France has abundant shale, with the most promising drilling area covering 10,000 square kilometers in the southeast, and technological advances are making it possible to extract deposits trapped deep in the rock.

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It isn't yet clear whether French shale holds commercially viable natural-gas deposits - or whether nearby residents can be persuaded that the benefits outweigh shale's environmental risks. A U.S. study released this week finding shale extraction generates more greenhouse-gas emissions than burning coal over 20 years could complicate matters further. Nor is shale gas likely to supplant nuclear power, which provides 80% of France's electricity, any time soon.

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French Report Backs Shale Gas, Oil Production - Wall Street Journal

NEW DELHI: Petroleum Ministry has sought security clearance from Home Ministry for allowing UK's BP Plc to buy 30 per cent stake in most of the Reliance Industries' oil and gas blocks, including the giant KG-D6 off east coast.

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Upstream regulator Directorate General of Hydrocarbons (DGH) has processed application made by Reliance for transfer of its 30 per cent interest in 23 oil and gas blocks and sent its recommendation to the Oil Ministry, an official said. Upstream regulator Directorate General of Hydrocarbons (DGH) has processed application made by Reliance for transfer of its 30 per cent interest in 23 oil and gas blocks and sent its recommendation to the Oil Ministry, an official said. "DGH had sought some clarifications on the USD 7.2 billion deal which Reliance has already provided. Now, the Petroleum Ministry has approached Home Ministry for a no-objection," he said.

Reliance-BP deal: Oil min seeks Home Ministry' nod - Economic Times

Blackstone Group LP and privately held Alta Resources LLC agreed to invest as much as $1 billion in a venture they are forming to acquire and develop unconventional oil and natural-gas assets in North America.

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The new entity, called Alta Energy Partners, will be headed by Joseph G. Greenberg, president of Alta Resources, a U.S. onshore oil and natural-gas explorer that he founded in 1999 that focuses on shale-gas resources.

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Blackstone, Alta Resources To Invest In Oil, Gas Assets - Wall Street Journal

Oil marketing public sector undertakings (PSUs) are holding talks with Reliance Industries (RIL), Oil and Natural Gas Corporation (ONGC) and GAIL India on sharing the burden of losses arising from subsidies on liquefied petroleum gas (LPG) and kerosene.

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The discussions come in the wake of RIL seeking around Rs 400 crore from the marketing companies in connection with the sale of these two products. RIL has signed product offtake agreements with Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation to sell petroleum products at import parity prices. This agreement is valid till March 2004.

Soon, small taxpayers will have 'Sugam' I-T form - Business Standard (blog)

With CNBC-TV18’s Siddharth Zarabi, Dr SC Sharma, the OSD for petroleum at the planning commission of India, BC Tripathi, the Chairman and managing director of public sector GAIL , L Mansingh, the Chairperson of Petroleum and Natural Gas board of India and Bazmi Hussain, the managing director of ABB in India, discuss India’s most crucial sector — petroleum and natural gas sector.

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Tripathi says that the Indian economy is largely dependent on import of petroleum products. Therefore, he says, “We need the infrastructure available to receive those products to process them, transport them, and bring it to the consumer level.” Hussain, adds that the efficiency levels of production, transportation and consumption needs to be improved. The way we look at it, if India has to grow at the rate of 7% to 8% for continuously next 10 years as the major policy makers are projecting, the energy needs are also going to grow almost three to four times what it is today, by 2020. Now to have these kinds of energy supplies, you definitely need large amount of infrastructure redevelopment activity in our country. At this stage, we are largely dependent on import of petroleum products, at least the crude and natural gas, and to support that, we need the infrastructure available to receive those products to process them, transport them, and bring it to the consumer level.

Oil gas vs Indian economy experts say close call - Moneycontrol.com

MUMBAI: Indian markets were witnessing some selling pressure after the index of industrial production data dampened sentiments. Realty, auto and oil & gas led the sectoral losers pack while FMCG, technology and healthcare space held fort.

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India's industrial output rose slower-than-expected 3.6 per cent in the month of February from a year earlier. The IIP growth fell by 0.1% as compared to the month of January. At 11:30 am; Bombay Stock Exchange's Sensex was at 19317.62, down 133.83 points or 0.69 per cent. The 30-share index hit a high of 19426.30 and low of 19300.98 intraday.

Sensex slips lower; realty, auto, oil & gas down - Economic Times

Oil prices are soaring and some petroleum analysts say gas prices could hit $5 this summer if unrest and fighting spreads in the Middle East from Libya to places like Saudia Arabia.

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With violence in Libya and the Middle East sending oil prices even higher, gas prices have soared in the past several weeks to near $4 per gallon. But several petroleum industry analysts say gas prices could reach record prices this summer, even hitting $5 per gallon.

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Gas prices have increased 50 cents in Dayton during the past month, and have jumped 25 cents this past week . The region's highest price Friday was $3.89 per gallon, and many stations were charging between $3.80 and $3.85.

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Gas prices at $5 per gallon possible - Bizjournals.com

With energy firms widely using the hydraulic fracturing method to get to oil and gas deposits, many Colorado oil and gas operators will voluntarily provide information about the chemicals being used on a new website that will be accessible to the public.

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The method of fracturing through layers of rock and shale, known as “fracking,” is gaining notice as the Environmental Protection Agency and many rural residents are stepping up concern about potential harm to drinking water supplies. The website, which is expected to go live Monday, is a product of the Groundwater Protection Council and the Interstate Oil and Gas Compact Commission. It will enable the public to learn about the components of fracturing fluids used at specific wells.

New website to provide data about fracking chemicals - Greeley Tribune

Statoil ASA (STL) , Norway’s biggest oil and gas producer, reported a gas leak near its Visund platform today and evacuated non-essential staff until the cause is determined.

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About half of the 120 staff on the platform were helicoptered away as part of a safety protocol. No injuries or platform damage was reported, he said. Statoil suspended production at Visund yesterday after damage to flexible risers was detected at the Njord field.

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Visund, a floating production, drilling and living quarters in the Norwegian North Sea , began producing gas and exporting it to continental Europe in 2005. Statoil is the operator with a 53 percent stake, while Petoro AS has 30 percent, ConocoPhillips Skandinavia holds 9 percent and Total E&P Norge has almost 8 percent, according to Statoil’s website.

Statoil Evacuates Staff After Visund Gas Leak off Norway - Bloomberg

NEW DELHI, April 8 (Reuters) - State-run explorer Oil and Natural Gas Corp. (ONGC) on Friday said oil and oil-equivalent gas output of its overseas investment arm ONGC Videsh Ltd. rose an annual 6.3 percent in the 2010/11 fiscal year.

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ONGC Videsh's output in the last fiscal that ended in March, rose to 9.433 million tonnes or 188,660 barrel per day (bpd), from 8.87 million tonnes or 177,400 bpd a year ago, the company said in a statement. Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.

India ONGC Videsh's 2010/11 oil, gas output up 6.3 pct vs yr ago - Reuters Africa

By Thyagaraju Adinarayan and Arup Roychoudhury BANGALORE (Reuters) - Independent oil and gas companies are placing big bets on a new shale field on the hopes of tapping into vast supplies of oil, but some fear they could be pumping large amounts of...

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BANGALORE (Reuters) - Independent oil and gas companies are placing big bets on a new shale field on the hopes of tapping into vast supplies of oil, but some fear they could be pumping large amounts of cash into a region whose potential is still far from proven. Niobrara shale, which is spread across Colorado, Western Nebraska, Wyoming, parts of Montana and North and South Dakota, has been in the limelight ever since some independents planned to spend more in the area amid high oil prices.

Analysis: Independent oil cos risk big money on unproven shale - Reuters

ABOARD THE ST-204B PLATFORM, GULF OF MEXICO — This oil-and-gas platform once bustled with activity. More than a dozen workers toiled aboard it round-the-clock to corral the 12,000 barrels of high-grade crude gushing up each day from reservoirs below.

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Today, the platform, 43 miles off Louisiana ’s coast, is eerily quiet. Six workers periodically check on pumps and diesel engines. Only six to seven barrels trickle in a day. The reservoir is nearly empty, and without new federal permits to poke new holes in the surrounding area, the platform is rendered nearly dormant, say officials at Pisces Energy, the platform’s owners.

Small oil drillers say new rules threaten wildcatters' survival - USA Today

MUMBAI: Benchmarks were witnessing a volatile session but in a narrow range as bulls stayed away from frontline stocks after the recent upmove. Meanwhile the midcap stocks continued to play catch-up game with the benchmarks.

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At 3 pm; National Stock Exchange's Nifty was at 5876.05, down 15.70 points or 0.27 per cent. The broader index touched a high of 5906.10 and low of 5866.25 intraday.

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Bombay Stock Exchange's Sensex was at 19568.32, down 43.88 points or 0.22 per cent. The 30-share index hit a high of 19665.09 and low of 19537.02 in trade so far.

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Nifty volatile; tech, oil & gas, PSU stocks down - Economic Times

NEW YORK, April 6 (Reuters) - Companies eager to capitalize on the shale revolution are buying up other companies that have deeds to land with access to reserves. In a report released on Tuesday, the U.S. Energy Information Administration...

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NEW YORK, April 6 (Reuters) - Companies eager to capitalize on the shale revolution are buying up other companies that have deeds to land with access to reserves. In a report released on Tuesday, the U.S. Energy Information Administration estimated that there are some 5.760 trillion cubic feet of recoverable shale gas resources in 32 foreign countries, compared with 862 tcf in the U.S.

FACTBOX-Key shale natural gas and oil deals - Reuters

PARIS—The U.K. government appears willing to consider measures to mitigate the effect of a recent increase in tax on oil and gas producers, following a meeting with oil-industry representatives last week, a senior executive at French oil company Total SA said Wednesday.

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Representatives of the Department of Energy and Climate Change and the Treasury "realized that the concerns of industry are real...not just a selfish reaction," said Patrice de Vivies, Total's vice president of ...

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Total Says U.K. Open to Easing Effects of Oil Tax - Wall Street Journal

LONDON, March 10 (Reuters) - British industrial output suffered a shock fall in February after a big monthly decline in oil and gas extraction due to maintenance work, official data showed on Wednesday. The figures point to a less strong rebound...

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LONDON, March 10 (Reuters) - British industrial output suffered a shock fall in February after a big monthly decline in oil and gas extraction due to maintenance work, official data showed on Wednesday. The figures point to a less strong rebound in broader economic output during the first three months of 2011, which may discourage the Bank of England from raising interest rates at t he start of next month, especially as factory output stagnated too.

RPT Oil sector drives shock fall in Feb UK industrial output - Reuters

NEW DELHI: The government's approval to the $9.6-billion Cairn-Vedanta deal, expected on Wednesday, will be subject to the LSE-listed Vedanta passing the home ministry's security scanner, two officials with direct knowledge of the matter said.

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The cabinet note has said that the government's consent is subject to "necessary security clearance" to Vedanta Resources Plc for acquiring the controlling stake in Cairn India which holds 10 oil and gas blocks in the country, including their main field in Rajasthan, close to the Pakistan border, they said requesting anonymity. Commenting on a draft cabinet note on the Cairn-Vedanta matter by the oil ministry, the home ministry has said that it would not be able to give security clearance to Vedanta immediately in such a short notice, the officials said. The government is being cautious as the deal could set precedence for similar acquisitions by foreign firms, including those from China and Pakistan, which could be controversial, the official said. The home ministry's security clearance to any company is a time-consuming process. The cabinet committee on economic affairs (CCEA) could clear the deal with the condition that Vedanta must get clearance from the home ministry, the officials said.

Government nod for Cairn-Vedanta deal may come with rider - Economic Times

Indian equity benchmarks were trading lower amid volatility today, with the Sensex losing more than 100 points for the first time since couple of weeks. Heavyweights Infosys and Wipro were down around 1.4% each on the back of profit booking at 13:18 hours.

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Oil & gas majors like ONGC and Reliance Industries declined nearly 1%. Private financials like ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank and HDFC were down 1-2%. Infrastructure companies' shares like L&T, NTPC, Tata Power, Power Grid and Reliance Power slipped 1-2%. Maruti, Bajaj Auto and M&M from auto pack lost 1% while Hero Honda and Tata Motors gained 0.5-1%.

Sensex trades lower amid volatility oil gas IT dip - Moneycontrol.com

Shiv-Vani Oil & Gas Exploration Services has informed BSE that the board of the company has approved to raise funds R500 crore through qualified institutional placement by issuing eligible securities including equity shares or non-convertible debt instrument with warrants in rupee or any other foreign currency denomination.

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Biofil Chemicals and Pharmaceuticals has informed BSE that the board of directors of the company has approved allotment of 57.12 lakh forfeited equity shares to four promoters group of the company, which are Scope Finance, Mid (India) Pharmaceuticals, Starline Equifin and Libra Healthcare.

Manufacturer of Skiploader Oil Tank

Infrastructure Development Finance Company has informed BSE that on Monday, pursuant to IDFC Employee Stock Option Scheme 2007, the company had granted to its employee 8,000 options equivalent to 8,000 equity shares at a price of R160.10...

Oil Tanks India manufacturing facility.



: Shiv-Vani Oil to raise R500 cr through QIP - Financial Express

Oracle Fin and Financial Tech are among the gainers in BSE IT Index.Oracle Fin and Financial Tech have gone up 3%, while HCL Tech and Infosys have gone up 2%.

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Wipro rose 1.71% at Rs 484 at 9:41 IST after the company said it will acquire the oil and gas information technology practice of US-based Science Applications International Corporation for $150 million, or about Rs 670 crore. The stock hit a high of Rs 490.15 and a low of Rs 480.50 so far during the day. The stock had hit a 52-week high of Rs 499.90 on 15 October 2010 and a 52-week low of Rs 327.85 on 6 July 2010.

Wipro hardens on acquisition in oil & gas vertical - India Infoline.com

MANDAREE, N.D. — North Dakota officials have been monitoring the clean-up of two oil well spills caused by problems with heater treaters.

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Kodiak Oil and Gas on Wednesday reported 40 barrels of oil and 10 barrels of water released in the Mandaree area when a gasket failed on the heater treater, said Glenn Wollan, a Bismarck-based field supervisor with the North Dakota Oil and Gas Division.

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Oil spray was carried off the site by the wind, he said. "The well was shut in, clean-up crews were mobilized, and berms and dikes were erected for containment," Wollan told the Minot Daily News.

North Dakota officials monitoring oil spill clean-up - Greenfield Daily Reporter

Software firm Wipro Technologies has proposed to acquire US-based Science Applications International Corporation’s (SAIC) oil and gas IT business in an all-cash deal of about $150 million.

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The unit provides consulting, system integration and outsourcing services to global oil majors. “Oil and gas companies are investing in the upstream business, while looking at rationalising cost through IT. The acquisition of SAIC’s global oil and gas information technology practice will strengthen Wipro’s existing Energy business unit,” Wipro Technologies Senior VP (Energy, Natural Resources and Utilities SBU) Anand Padmanabhan said. The unit provides consulting, system integration and outsourcing services to global oil majors. “Oil and gas companies are investing in the upstream business, while looking at rationalising cost through IT. The acquisition of SAIC’s global oil and gas information technology practice will strengthen Wipro’s existing Energy business unit,” Wipro Technologies Senior VP (Energy, Natural Resources and Utilities SBU) Anand Padmanabhan said. “As a result of the transaction, about 1,450 employees are expected to move to Wipro across North America, Europe, India and Middle East,” it said, adding that Wipro’s Energy, Natural Resources and Utilities Strategic Business Unit (SBU) is a high-growth unit and this acquisition will further strengthen Wipro’s leadership position.

Wipro to buy SAIC's IT biz for $150 mn - Indian Express

SAIC Inc. said Friday it has agreed to sell its U.S. oil and gas information technology services business and certain subsidiaries to Wipro Ltd. as it looks to focus its growth in other areas of the energy sector, including smart grid and renewable energy.

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Some of the SAIC subsidiaries involved in the sale are located in the United Kingdom, France, India and the Middle East. In all, the operations employ about 1,450 people, the company said. SAIC Chief Executive Walt Havenstein said the deal would better enable the company to focus on strategic growth areas, including smart grid, renewable energy and energy efficiency.

SAIC selling some assets to Wipro - BusinessWeek


PakTribune.com

OGRA responsible for oil price hike: PM
Daily Times
ISLAMABAD: Prime Minister Yousaf Raza Gilani on Friday held the Oil and Gas Regulatory Authority (OGRA) responsible for price increase in petroleum products, absolving his government of having any hand in dropping the latest petrol bomb on the masses. ...
Petroleum products : Rs35b subsidy paid to consumers: ShaikhThe Express Tribune
Pakistan hikes petrol price by up to 13%AFP
POL prices hiked by 13 pcThe News International
Bloomberg -DAWN.com
all 78 news articles »


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OGRA responsible for oil price hike: PM - Daily Times

Read more on » smallcap index | reliance communications | reliance capital | national stock exchange | national bank | jaiprakash associates | hcl technologies ltd.

Diesel Tanks India

MUMBAI: Benchmarks ended lackluster session marginally in the red as bulls ran out of steam after eight-day long winning streak. Buying activity was seen in broader markets as the investors turned focus on midcaps and smallcaps after sharp rise in frontline stocks.

Manufacturer of Diesel Tanks India.

According to experts, the market may witness some upmove in the short-term on the back of dollar inflows from foreign institutional investors but rising crude oil prices and inflation worries may play spoil sport.

Diesel Tanks India



Nifty ends in red; banks, oil & gas, tech decline - Economic Times

BANGALORE: IT major Wipro Technologies has acquired the oil and gas information technology practice of US-based Science Applications International Corporation (SAIC) for $150 million (about Rs 670 crore). It's Wipro's second biggest acquisition in the IT space, the largest being its $600 mn takeover of Infocrossing.

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SAIC is a $10-billion scientific, engineering, and technology applications company. It has a subsidiary in India that operates in Noida and Bangalore . SAIC's oil and gas information technology practice provides consulting, system integration and outsourcing services to global oil and gas majors involved in upstream activities. The acquisition will be funded through internal cash resources. The acquisition entails the acquisition of SAIC's assets in the US and equity in its UK and Indian subsidiaries.

Wipro buys IT unit for $150m - Times of India

In an interview with CNBC-TV18, Suresh Senapaty, CFO of Wipro said, "We are very happy with this acquisition because it is in line with our strategy of filling in gaps, complementarity or building critical mass in some of these areas that we are focused on." "With this particular acquisition, our oil and gas is almost doubling from our current size with what we acquired. Similarly, the complementarity is that we have only 10% of our revenue coming from US, now with this piece coming in, which is dominated from United States is almost 50-50 in terms of the Europe and US component, he added.

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A: We have talked about focusing on certain particular verticals of ours, which is high growth orientation and potential. Similarly, energy and utility was identified as one such vertical where organic as well as inorganic approach, we wanted to grow.

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When you look at energy and utilities SAIC's oil and gas business come out very strategic for us. Because, it is a domain specialization in the area of digital oil field, petro technical global data management and petroleum application services.

See equal revenue from Europe, US post SAIC arm buy: Wipro - Moneycontrol.com

The £10 billion raid has led to claims 40,000 jobs could be lost and a string of companies have already announced they will be scaling back investment in new fields.

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Statoil, the Norwegian state oil company, and Valiant Petroleum were first to say they would scale back planned investment as a result, followed by Scottish Gas subsidiary Centrica. Mr Alexander, the Chief Secretary to the Treasury, was attending a meeting of business leaders in Inverness where he faced strong criticism of the windfall tax of which he had boasted of being the architect.

Alexander faces windfall tax backlash - Herald Scotland

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