May 2011 Archives

Equity benchmarks rallied sharply on the back of buying in almost all sectors, tracking positive global cues. Oil & gas, financial, technology and FMCG were the leading sectors on Nifty .

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The 30-share BSE Sensex gained 292 points at 18,524 and the 50-share NSE Nifty surged 97 points to 5,570 at 14:47 hours. About three shares advanced for every one share. On the global front, European markets like France's CAC, Germany's DAX and Britain's FTSE were trading 1-2% higher. Asian markets too rallied in late trade - Nikkei, Kospi, Taiwan and Hang Seng went up 2% each. Shanghai, which was in the red, rose 1.4% and Straits Times moved up 0.6%.

Rally in oil gas banks IT FMCG drive Nifty above 5550 - Moneycontrol.com

An increased subsidy burden pulled down the fourth quarter net profit of Oil and Natural Gas Corporation Ltd (ONGC), the state-owned oil and gas explorer, by 26 per cent at Rs 2,791 crore. The Maharatna public sector undertaking (PSU) had posted a net profit of Rs 3,776 crore in the corresponding quarter last year.

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The company had to pay a fuel subsidy compensation of Rs 12,136 crore during the quarter, half of the overall burden of Rs 24,892 crore, as discounts on crude oil sold to refining companies, Chairman and Managing Director A K Hazarika said. The company had paid a fuel subsidy of Rs 4,999 crore in the corresponding quarter in 2009-10.

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More “ONGC’s sharing of the loss incurred by the fuel retailers, on selling diesel, domestic LPG and kerosene at controlled rates, went up to 38 per cent in 2010-11 from 33 per cent earlier. Our net profit would have been higher by Rs 2,000 crore had the fuel subsidy not increased,” Hazarika said.

Subsidy burden pulls down ONGC net 26% - Business Standard

The Bombay Stock Exchange benchmark Sensex wiped off its opening session gains and continues to trade flat in the mid-session today due to profit-booking by funds and retail investors in select stocks amid a mixed trend in the Asian markets.

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Volume toppers during the session were SBI, Tata Motors, Tata Steel, L&T and RCom. Major Sensex losers were ITC, RIL, Mahindra & Mahindra, ONGC, L&T, Hindalco Industries and Tata Steel. Cipla, HDFC and TCS were the major gainers. Among the sectoral indices, healthcare was up 2.09 per cent, consumer durables 1.84 per cent, realty 1.55 per cent and bankex 0.53 per cent. Oil & gas was down 0.61 per cent, auto 0.6 per cent, FMCG 0.34 per cent and capital goods 0.3 per cent.

Sensex trading flat; Auto, oil & gas down - Hindu Business Line

Vietnam on Saturday demands that China immediately stop and not to repeat actions that violate Vietnam’s sovereignty and jurisdiction rights over its continental shelf and exclusive economic zone.

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Foreign Ministry Spokesperson Nguyen Phuong Nga made the statement at a press conference in Hanoi regarding the May 26 incident in which Chinese marine surveillance vessels cut exploration cables of the Binh Minh 02 ship of the Vietnam National Oil and Gas Group (PetroVietnam) when the ship was conducting seismic surveys on the continental shelf of Vietnam. The incident took place in an area called Block 148 about 120 km (80 miles) off the south-central coast of Vietnam from the beach town of Nha Trang, and some 600 km (370 miles) south of China's Hainan island.

Vietnam demands China stop sovereignty violations - Thanh Nien Daily

ANCHORAGE, Alaska — Robert Duvall won't be on board the ship that offloads Escopeta Oil's jack-up rig the week of May 29, but he will be making a trip north once the company starts drilling for oil and natural gas in Alaska's Cook Inlet.

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A long-time friend of Houston-based Escopeta President Danny Davis, the well known actor and director is a staunch supporter of domestic oil and gas drilling. Duvall would have been on board the vessel that is bringing the Spartan 151 jack-up rig into Cook Inlet, but he's about to start work on an independent film, "Jayne Mansfield's Car," directed by Billy Bob Thornton.

Permit woes, Hollywood actors follow Cook Inlet drill seeking oil, natural gas - The Republic

Sime Darby Engineering Sdn Bhd , a unit under Sime Darby's troubled energy and utilities (E&U) division. In FY2010, the E&U division posted RM1.75bil in operating losses, mainly due to cost overruns in its Qatar oil and gas projects.

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MISC Bhd (itself the parent of MHB) had in 2008 proposed injecting the then unlisted MHB into Ramunia in a reverse takeover of the latter. However, talks fell through and subsequently, Ramunia's fabrication yard was sold to Sime Darby, which is now selling the same yard to Petronas.

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Sime Darby had paid RM550mil for Teluk Ramunia, including debts it assumed. It is now receiving about RM250mil less from selling the same yard to Petronas.

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Sale of fabrication yards marks Sime's exit from oil & gas - Malaysia Star

But opponents said state lands not currently open to drilling should remain that way. And a last-minute amendment offered by Republicans to prohibit drilling in Ohio's nature preserves did little to gain Democratic support.

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It's uncertain, however, what will happen next. Park drilling provisions are included in the $55.6 billion biennial budget being considered in the Senate. The legislation OK'd by the House Wednesday could be added to the budget bill, or lawmakers could choose to disregard it. HB 133 would create a state oil and gas leasing commission to oversee the leasing of state-owned land for the exploration and production of oil and natural gas. The commission would consider the environmental, geologic, tourism and other impacts before finalizing leases.

House sends bill to allow oil, gas drilling in state-owned lands to Senate - Wooster Daily Record

Nagaland meet on ownership of oil & gas Times of India DIMAPUR: The state cabinet, in a meeting held on Thursday, discussed ownership of natural oil & gas resources among other issues. The cabinet took note of the reply given by the minister of state in the ministry of petroleum & natural gas to a question ... and more »

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Nagaland meet on ownership of oil & gas - Times of India

The scheme has been recommended for the consideration of the Empowered Group of Ministers (EGoM) on fuel prices, which is scheduled to meet on June 9.

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Shares of oil & gas PSUs like ONGC, IOC, HPCL and BPCL gained on Friday after a business daily reported that the Government is contemplating scrapping the subsidies on cooking gas and kerosene from April 2012. While ending subsidies will triple the price of kerosene and double that of LPG, the Centre is mulling giving direct cash compensation to the actual users of kerosene, according to a financial newspaper.

Oil & Gas Round Up - May 23 to May 27, 2011 - India Infoline.com

Markets bounced back after Wednesday’s drubbing and closed near the day's high tracking firm Asian peers and buying interest in oil & gas shares.

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The Nifty opened marginally higher and trended up, supported by buying in heavyweight Reliance Industries, ONGC, ICICI Bank and Larsen & Tourbo. The S&P CNX Nifty touched a high of 5422 in the afternoon trades and closed near day’s high at 5,412, up 63 points. The Sensex was up 197 points, at 18,045. Markets bounced ahead of expiry because they were oversold on the technical charts. However, analysts expect the markets to remain weak going into May series because put call ratio, a ratio of the trading volume of put options to call options which is used to gauge investor sentiment is below 1.2 which indicates bearish sentiment. Ashish Chaturmoha, Vice President (Derivatives & Technical Analyst) IIFLWealth said call writers may continue to remain aggressive in the market till Nifty trades below 5550 levels.

Markets end near day's high, oil & gas shares rally - Business Standard

The market witnessed smart rally on F&O expiry day and the benchmark indices ended with over 1% gains at close. The NSE Nifty closed above its psycological 5400 mark. Strong buying was seen in oil & gas, auto, realty, metal and capital goods stocks. However, broader indices were ended flat.

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And looks like the next quarter will be no different. Market veteren Nirmal Jain of IIFL feels the market will continue to remain under pressure in the first quarter of FY11-12 due to earnings downgrade. Going forward, he sees market consolidating in a tight range. Top gainers on the Sensex were ONGC at Rs 273.70 up 4.21%, DLF at Rs 217.65 up 3.59%, Hero Honda at Rs 1,862.15 up 3.37%, Reliance at Rs 933.30 up 2.92% and Cipla at Rs 320.25 up 2.83%.

Nifty ends above 5400; Oil & gas surges 3% - Moneycontrol.com

DALLAS/SAN RAMON, Calif., May 25 (Reuters) - Large blocks of investors in the two largest U.S. oil companies on Wednesday demanded more disclosure about the environmental risks of extracting oil and gas through hydraulic fracturing.

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Exxon Mobil Corp (XOM.N: Quote ) defended the practice at its annual shareholder meeting on Wednesday, even as investors peppered Chief Executive Rex Tillerson with concerns and questions about it.

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Plus, a proposal requiring more disclosure by Exxon on the impact of "fracking" received about 30 percent of the votes by shareholders in the world's largest publicly traded oil company.

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Big US oil companies face growing fracking concern - Reuters Africa

Guest commentary: Tax hikes on oil industry lead to higher gas prices Detroit Free Press ConocoPhillips CEO James Mulva, left, with a chart showing taxes on US energy companies, testifies at a US Senate hearing on "Oil and Gas Tax Incentives and Rising Energy Prices" May 12. / JIM WATSON/AFP/Getty Images BY GARY WOLFRAM The wild ride gas ... and more »

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Guest commentary: Tax hikes on oil industry lead to higher gas prices - Detroit Free Press

The initial public offering of Russia’s search engine Yandex (YNDX) on Tuesday is more than merely another exotic Wall Street flavor of the day stock. Yandex is an example of how Russia can be more than oil and gas.

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Indeed, this is the new Russia, and how the country wants to sell itself abroad and remake itself at home. It’s not just the country of the world’s largest natural gas reserves leader Gazprom. It’s not just home to wild oligarchs buying up the New York Nets. This is the nation that first brought us space travel, afterall. And Yandex should remind investors that Russia’s high tech know-how did not disappeared with the old Soviet Union.

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Indeed, this is the new Russia, and how the country wants to sell itself abroad and remake itself at home. It’s not just the country of the world’s largest natural gas reserves leader Gazprom. It’s not just home to wild oligarchs buying up the New York Nets. This is the nation that first brought us space travel, afterall. And Yandex should remind investors that Russia’s high tech know-how did not disappeared with the old Soviet Union. “Russia just doesn’t sit on fields of oil and gas, but also on fields of mathematicians and scientists,” says John Connor, fund manager of the Third Millennium Russia fund (TMRFX). Connor was one of the subscribers in the IPO.

Yandex Proves Russia More than Oil & Gas - Forbes (blog)

State oil and gas company PT Pertamina raised US$1.5 billion from the issuance of global bonds to international investors last week, according to the company’s finance chief.

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Pertamina finance director M. Afdal Bahaudin said on Monday that the company received $1 billion in cash from the sales of 10-year notes on May 16 and another $500 million from the sales of 30-year notes on May 21. The offerings were conducted in New York, the United States. “Pertamina’s bonds have attracted many investors from Asia, Europe and the US,” he told reporters in Jakarta after a hearing held by the House of Representatives’ Commission VII overseeing energy.

Pertamina issues $1.5b in global bonds - Jakarta Post

Oil and Natural Gas Corporation (ONGC) is likely to soon lose the tag of being the biggest profit-making company in the country, to Mukesh Ambani’s Reliance Industries Ltd (RIL). This comes days after its position as the public sector unit with the largest market cap was challenged by Coal India.

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An increase of Rs 3,832 crore in the company’s oil subsidy burden for 2010-11 is expected to dent net profit in the year’s fourth quarter by Rs 2,000 crore and impact annual performance, chairman and managing director A K Hazarika said on Friday. For the first three quarters of 2010-11, ONGC reported net profit of Rs 16,133 crore. This could be a dampener for its follow-on public offer plan for early July, wherein the government aims to sell five per cent stake in the company. The official details on the fourth quarter and annual numbers are to be announced towards the month-end. RIL has reported net profit of Rs 20,286 crore in 2010-11. In 2009-10, RIL reported net profit of Rs 15,818 crore, about 5.65 per cent lower than ONGC’s Rs 16,767 crore. “ONGC will not have an EPS of more than Rs 22 for FY11. This would result in a net profit of around Rs 18,000 crore, well behind RIL’s profit,” said investment advisor S P Tulsian.

RIL may replace ONGC as biggest profit maker - Business Standard

TEHRAN (Reuters) - Iran has discovered a deposit of light oil offshore of an estimated in-place reserve of 756 million barrels valued at $13.6 billion, the state TV website reported on Saturday quoting a senior oil official. The oil reserve was...

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TEHRAN (Reuters) - Iran has discovered a deposit of light oil offshore of an estimated in-place reserve of 756 million barrels valued at $13.6 billion, the state TV website reported on Saturday quoting a senior oil official. The oil reserve was found at Khayyam field off the Gulf shore in Hormuzgan province. It was originally discovered in 2010 but was classified only with natural gas reserves.

Iran says finds light oil in offshore gas field - Reuters

The government has increased the contribution of upstream state-owned oil and gas exploration companies including Oil and Natural Gas Corporation (ONGC) to 38.50 per cent for the fiscal 2010-11 from the conventional 33.33 per cent of the total revenue loss incurred by oil marketing companies by selling petroleum products, petrol, diesel, LPG, Kerosene, etc, below cost prices.

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So far the three upstream state-owned oil and gas exploration companies, ONGC, GAIL and Oil India Limited, have been bearing nearly one third (33.33 per cent) of the total revenue losses being incurred by PSU oil marketing firms, namely IOC, BPCL and HPCL by selling crude oil to them through discounts.

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The government’s move to enhance the oil subsidy burden of the state-owned upstream oil companies is primarily to reduce the government’s subsidy burden on oil products, a move to help fiscal consolidation, sources in the Petroleum Ministry said. However, the decision to enhance the oil subsidy burden of upstream oil and gas exploration firms is going to adversely impact the proposed plan of ONGC to go for Follow-on Public Offering (FPO). The government has been planning to sell 5 per cent of its shares in ONGC through (FPO) route.

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Oil exploring cos to bear larger share of subsidy - Deccan Herald

Pranab Mukherjee, Finance Minister was quoted as saying that the Empowered Group of Ministers headed by him would decide on the price hike of diesel, LPG and kerosene when it meets next week.

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It is learnt that the oil ministry has decided to shift the subsidy burden of Rs. 60 bn for 2010-11, among oil marketing firms and upstream companies as the finance ministry has rejected demands to fully compensate refiners for selling fuel at low administered prices.    "The finance ministry has given the final cash compensation of Rs. 200 billion against our demand of Rs. 260 billion for 2010-11. The balance will be shared by all oil PSUs equitably," an oil ministry official said on condition of anonymity. This move is likely to impact financial performance of Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL). It will also raise the subsidy burden on ONGC, OIL and Gail India.

Oil & Gas Round Up - May 16 to May 20, 2011 - India Infoline.com

Srei Infrastructure Finance Ltd, one of the few pure-play private sector infrastructure finance companies in the country, is planning to re-enter the port sector this fiscal to grab opportunities in upgradation of existingports.

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Within the country, Srei would also explore issuing infrastructure bonds but only in the later part of the year. “Infra bonds are not attractive to investors from the tax savings angle and we may look at this option but only after September,” Hemant said.

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Ltd. “Last week we were there with government officials who indicated us that the government is planning to invest about `12,000 crore in existing ports to have more berths and the tendering would happen this year, in which they want investment of private sector,” managing director Hemant Kanoria said.

Srei Infra Finance to launch $1 billion infra fund, start oil & gas exploration - Daily News & Analysis

Indian benchmark indices were continued to trading in rangebound. Buying was seen oil & gas and FMCG stocks while selling pressure was seen in realty, capital goods and power stocks. Broader indices were also trading quiet.

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Domestic market has witnessed much volatility in the past few weeks due to various factors like macroeconomic issues, earnings downgrades and interest rate hikes. Analysts on the street feel that the market has got derated and unless concerns over macroeconomic issues simmer down, the market won’t be able to enjoy a strong rally. Mehraboon Irani, principal and head of private client group business at Nirmal Bang Securities, said that the market has lost its feet and till the time inflationary pressure comes down, the market will have to endure pain.

Nifty rangebound; oil & gas, FMCG up - Moneycontrol.com

Oil & Gas shares have witnessed a steep decline on reports that the government would raise subsidy of upstream oil companies from 33% to 38.5%, which would affect the profitability of these companies.

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Varatharajan Sivasankaran, VP-Research of Indiabulls Securities, in an interview with CNBC-TV18's Sonia Shenoy and Anuj Singhal, gave his perspective on the hurdles oil explorers may face in the wake of upstream subsidy burden. A: The earnings per share (EPS) impact may range between 8% and 10% for ONGC as well as Oil India. However, it’s variable for GAIL as the sharing formula has been altered over a period of time.

Indiabulls Sec sees 8-10 EPS impact on ONGC Oil India - Moneycontrol.com

Markets continued to trade on a lacklustre note after opening higher as oil & gas shares weighed over subsidy sharing concerns. The Nifty was up 2 points, at 5,440 and the Sensex gained 22 points, at 18,158.

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Oil & Gas shares were leading the losses on reports that the government would raise subsidy of upstream oil companies from 33% to 38.5% which would weigh on the profitability of these companies. After touching a high of Rs 282, ONGC slipped into the red for the second consecutive day, down 1% ar Rs 274. HPCL, BPCL and Indian Oil Corporation were down over 2% each. Investors bought IT shares as a defensive bet, the BSE IT index was up 1.1%. Wipro surged 2.2%, Tech Mahindra advanced 1.4% and Infosys gained 1.2%.

Markets continue to trade flat, oil & gas share weigh - Business Standard

The Obama administration is strongly endorsing a congressional Democratic plan to strip oil companies of billions in tax breaks, citing high gas prices, company profits and the national debt.

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The Obama administration is strongly endorsing a congressional Democratic plan to strip oil companies of billions in tax breaks, citing high gas prices, company profits and the national debt. "The nation's outdated tax laws currently provide the oil and gas industry billions of dollars per year in these subsidies, even though oil and gas prices are high and the industry is reporting out-sized profits," said a just-released Statement of Administration Policy.

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The (Obama) Administration strongly supports Senate passage of S. 940, which would repeal tens of billions of dollars in special tax breaks for oil and gas companies over the next decade.

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Obama backs bill to strip oil companies of tax breaks - USA Today

The Hindu

Markets trade marginally lower, oil & gas shares weigh Business Standard Oil & Gas shares were leading the losses on concerns that upstream oil companies may have to bear the subsidy burden of Rs 30000 crore according to television reports as government increased upstream subsidy sharing to 38.5% of the total burde (Rs ... Oil & gas, consumer durables pull Sensex downHindu Business Line Sensex rises; Nifty takes 5500NDTV.com Sensex provisionally down 1.05%India Infoline.com Mangalorean.com all 171 news articles »

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Markets trade marginally lower, oil & gas shares weigh - Business Standard

Naren`s view on oil & gas sector Moneycontrol.com S Naren, CIO Equity, ICICI Prudential feels that oil & gas is the best sector to invest in if you believe that crude will go up to 90- 80. Naren told CNBC TV18, “Our view on oil & gas is very simple. I think the month of 45 days back upstream oil is ... and more »

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Naren`s view on oil & gas sector - Moneycontrol.com

HYDERABAD: Following the Defence Ministry's objections to exploration of certain oil and gas blocks in the Krishna-Godavari basin, as they lie between two proposed defence establishments, uncertainty is looming large over the further offering of blocks in the prolific basin.

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Spread over 50,000 square kilometres along the East Coast of India, the KG Basin is estimated to have up to 1,130 million metric tonnes of oil and oil-equivalent gas, or approximately 60 trillion cubic feet of natural gas, according to the Ministry of Petroleum and Natural Gas . However, due to the Defence Ministry's objections, not a single KG Basin block identified as having oil and gas production potential was put up for auction in the recently concluded New Exploration Licencing Policy (NELP) bidding round.

Future of oil drilling in KG Basin uncertain after Defence Ministry's objects - Economic Times

Oil Ministry's move to ask domestic natural gas users to subsidise costlier imported LNG has come in for sharp criticism from industry bodies who said the plan not only violates competitive market practices but is also against interest of domestic gas producers.

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CII and Association of Oil and Gas Operators (AOGO) have even questioned the constitution of an inter-ministerial group (IMG) saying panel is loaded with directors or promoters of private sector Petronet LNG Ltd which will be the beneficiary of the plan. The IMG headed by Planning Commission Member Saumitra Chaudhri includes Petronet LNG CEO and its representatives of its principal promoters gas utility GAIL India and ONGC. Also, a Joint Secretary in the Oil Ministry, who is a director on Petronet board, is also part of the IMG, thereby loading the panel with people who are in favour of the move.

Oil Ministry's gas pooling move criticised by industry - Business Standard

President Obama announced Saturday that he was ramping up oil and gas drilling in the U.S. - but city drivers fed up with sky high gas prices said it was too little, too late.

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Facing withering criticism from voters and Republicans over prices at the pump, Obama vowed to expand drilling in Alaska, explore new oil sources off the Atlantic coast and extend leases for Gulf Coast states hit with a temporary moratorium on drilling in the wake of last year's BP spill. Insisting that the moves "make good sense," Obama conceded that they won't bring immediate relief to commuters reeling from $4 a gallon prices.

President Obama will increase oil and gas drilling in the US in attempt to ... - New York Daily News

We continue to recommend Canadian energy to be a core part of any investment portfolio however, it can at times be overdone especially among those earning a living from the industry.

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The answer to this question becomes clearly evident during periods of excessive volatility not unlike what has recently occurred in the energy markets. Canadian oil and gas stocks peaked in March of this year and have since fallen over 15% from their highs. Oil prices weren’t too far behind falling over 15% from their end of April highs.

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More importantly, the average volatility of Canadian oil and gas stocks has risen from a very comfortable 12.5% at the beginning of the year to near 25% currently.

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Managing risk in your oil and gas portfolio - Financial Post

Next week's Celebrate Success business awards gala marks the third and final year he will co-chair the growing event. It was 2009 when Davies, director of public relations with MD Ambulance Care Ltd., ...

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Rampant homophobia stalks the hallways and classrooms of Canadian schools, according to a key finding of a national study on homophobia in Canadian schools to be released Thursday evening at the University... In what is being hailed as a landmark breakthrough in HIV prevention, a new study has shown that giving anti-AIDS drugs to HIV-positive people can reduce the transmission of the virus to spouses and partners...

Gas price up, oil price down - StarPhoenix

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NEW YORK — Motorists are paying nearly $4 for a gallon of gasoline as the oil industry reaps pretax profits that could hit $200 billion this year.

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This makes another big number hard to take: $4.4 billion. That’s how much the industry saves every year through special tax breaks intended to promote domestic drilling.

Oil alleges tax hikes may raise gas prices - NewsOK.com

OTTAWA — Canada’s government will summon oil refiners, distributors and retailers to Ottawa to explain why gasoline prices are so high, Industry Minister Tony Clement said on Thursday.

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Despite the announcement, the pro-market Conservative government is very unlikely to intervene to curb prices that have hit $1.50 a litre or more in some places, past highs seen during the last spike in 2008. Public unhappiness over the issue could become a political problem for the Conservatives, whose power base is in Western Canada, a major oil and gas-producing region.

Ottawa to probe high gas prices - National Post

Andhra Pradesh’s maiden attempt to search for oil and gas has met with regulatory hurdles. The defence ministry has objected to exploration activities at two blocks in the Krishna Godavari (KG) basin that were bagged by the state in consortium with ONGC.

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A third deepwater block in the same basin also won by Andhra Pradesh in partnership with ONGC, Oil India and British Gas is also facing the prospects of attracting similar restrictions. The defence ministry has raised objections over drilling activities in two blocks -- KG-OSN-2005/1 and KG-OSN-2005/2. The country’s largest explorer ONGC and state-run AP Gas Infrastructure Corporation (APGIC) are exploring energy resources in these blocks.

Andhra's oil search bid faces defence hurdles - mydigitalfc.com

Equity benchmarks were sailing in choppy waters since Monday - as if the market has factored in all negatives as well as positives, and now it could be waiting for EGoM meet. Even the market shrugged off positive global cues.

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Oil Ministry says that next Empowered Group of Ministers (EGoM) meet is likely to be held on May 17 or 18. Oil companies plead to raise petrol prices by Rs 5-6/litre to reduce their under recoveries. On the one side, technology stocks like TCS, Infosys, Wipro and HCL Tech were trading with 0.5-1% gain. Hero Honda was the top gainer on Nifty , with rising more than 4%.

Sensex see-saws private banks oil gas slip - Moneycontrol.com

Senate Democrats announced a proposal Tuesday to repeal $21 billion in tax incentives over 10 years for the five biggest oil and gas companies and use that money to reduce the deficit.

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The plan goes after some of the same industry tax incentives that Democrats and President Barack Obama have been targeting for years. The message is also largely the same as when gas prices hit $4 per gallon three years ago: Taxpayers don’t need to foot the bill to help companies earning tens of billions of dollars in profits annually.

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Democrats are able to point to big profits earned by the five companies — ExxonMobil, Shell, BP, ConocoPhillips and Chevron Texaco — during the first quarter of fiscal year 2011.

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Dems plot to get $21B from Big Oil - Politico

Indian equity benchmarks gained strength after a consolidation since yesterday. The Nifty was inching towards the 5600 mark, helped by FMCG, oil & gas, power, metal, capital goods, auto and Anil Dhirubhai Ambani group companies' shares.

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Portfolio Manager PN Vijay said the market should end closer to 5,650-5,700 by the end of May with a little bit upward bias - maybe if we get some good news on inflation. Portfolio Manager PN Vijay said the market should end closer to 5,650-5,700 by the end of May with a little bit upward bias - maybe if we get some good news on inflation. "Market might be listless for a bit more time but knowing the Indian psychic we don’t allow things to be listless too long. It may have to breakout one way or the other. The big fear has been inflation. We have lived through that fear right from November at more than 8% inflation. If we get one or two decent inflation numbers and if we had the IMF reaffirming India’s growth at 8% yesterday, if we had some dent in inflation with the corporate results practically out of the way, we may see a resumption of the rally we had mid last year," he said.

Nifty inches towards 5600 FMCG autos oil gas gain - Moneycontrol.com

The international oil and gas ventures of Reliance Industries (RIL) have suffered losses, according to data in its 2010-11 annual report. Reliance Explorat-ion and Production DMCC, the holding company for international oil and gas blocks, has suffered a loss of Rs 881.63 crore. RIL’s three shale gas assets in the US bought a year ago have suffered a cumulative loss of around Rs 21 crore.

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SP Tulsian, an independent broker and RIL expert, says the losses are marginal compared to the investments. “The company has already increased its investments in these assets, though it will take some time before they turn profitable,” he added.

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Last year the company bought US shale gas assets of Pioneer Natural Resources, Atlas Energy and Carrizo Oil & Gas at a cost of $3 billion. The company also separately entered into a joint venture with Pioneer to address mid-stream opportunities in gas evacuation and transportation.

RIL's overseas oil & gas, shale ventures bleed - mydigitalfc.com

Reliance Industries Ltd’s (RIL’s) latest annual report sheds no new light on the future of its KG-D6 natural gas fields off India’s east coast, beyond pointing to technical issues for a decline in output.

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Falling production in the offshore block in recent times has dragged down the company’s share price, with India’s upstream oil regulator asking for an explanation for the drop. RIL produced 4.584 billion cu. m of gas from the KG-D6 block in the three months ended 31 March, compared with 5.383 billion cu. m a year earlier, according to a presentation on its website.

RIL annual report gives few clues on KG-D6 output - Livemint

They cite several oil and gas analysts who expect a fall of around $0.50 in the price of gas this summer. That would bring it below the $4 a gallon level many places around the U.S. have experienced in recent weeks.

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The recent fall in the price of crude below $100 a barrel is a huge driver for this potential drop off. The AP story alludes to the fact that the price decline in gas will not happen right away, as higher prices tend to remain sticky. But it's also important to note that if crude was to rally, on bad weather disrupting refining operations or more Middle East turmoil, the drop in gas prices could be short-lived.

This Week's Crude Oil Plunge Has Everyone Fantasizing About Lower Gas Prices - The Business Insider

Thursday, in a little-noticed move, the House of Representatives “ passed legislation Thursday that would require the U.S. government to offer up offshore areas for oil and gas leasing,” with all but two Republicans and 33 Democrats voting for the bill.

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BURGESS: Another area of concern already mentioned by other people on this dais is high commodity prices. Consumers across the coutnry face higher oil and food prices. If we don’t want an economic revival to stall these prices have to come down. Good news yesterday was that oil prices did come down under a hundred dollars a barrell. What happened yesterday? Oh, the House passed a bill.

GOP Rep. Burgess Claims Oil Prices Fell Because 'The House Passed A Bill' - Think Progress

HOUSTON (MarketWatch) -- Crude oil's retreat to below $100 a barrel hit share prices of companies engaged in oil and gas production, but is providing a boost to the beleaguered refining sector.

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The selloff in oil prices, which dropped almost 15% this week, is mainly hurting independent oil producers that earlier this year had to raise spending because the cost of drilling wells rose along with crude prices.

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Lower crude prices now could mean lower revenue and lasting high costs for oil producers, said Subash Chandra, an analyst with Jefferies & Co.

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Oil price retreat hurts producers, helps refiners - MarketWatch

Hardy Oil and Gas will not raise its stake in blocks owned jointly with Reliance Industries (RIL) in India. The UK-based firm has a 10 per cent stake in some Reliance blocks, including the prolific Krishna Godavari (KG) basin block.

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RIL is selling 30 per cent interest in its blocks to BP Plc for $7.2 billion, and Hardy had an option to raise its stake by 10 per cent of the stake being sold to BP, which is 3 per cent. RIL is selling 30 per cent interest in its blocks to BP Plc for $7.2 billion, and Hardy had an option to raise its stake by 10 per cent of the stake being sold to BP, which is 3 per cent. “Had we exercised the option, Hardy would have to pay approximately $150 million to Reliance, payable in three instalments over a seven-month period from the closing of the BP acquisition. The option consideration implies a gross value of approximately $5 billion for the KG exploration licence,” Hardy said.

Hardy drops option to up stake in RIL blocks - Calcutta Telegraph

NEW DELHI: UK's Hardy Oil and Gas Plc today said it will not exercise the option to raise its stake in a Reliance Industries-operated gas block, which is one of the 23 areas where the Mukesh Ambani firm is selling 30 per cent interest to BP Plc for USD 7.2 billion.

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Reliance is selling a stake in 23 oil and gas block it had won under various rounds of New Exploration Licensing Policy (NELP) rounds along with partners like Niko Resources of Canada and Hardy since 1999.

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The UK firm holds a 10 per cent stake each in the Reliance-operated D3 and D9 blocks in the Krishna-Godavari Basin and onland Assam-Arakan basin block AS-ONN-2000/1.

Hardy Oil not to raise stake in Reliance gas block - Economic Times

NEW DELHI: After being deferred twice, state-owned Oil and Natural Gas Corp's (ONGC) Rs 11,500 crore public offer is now been scheduled to open on July 5.

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The government plans to sell 5 per cent (427.77 million shares) through the follow-on public offer (FPO) that will open on July 5 and close on July 8, an official said here. The share sale was originally planned to happen in 2010-11 but was deferred to April 5 as the company did not have adequate number of independent directors on its board to meet the market regulator Sebi's listing norm.

Oil and Natural Gas Corporation's FPO to open on July 5 - Economic Times

The Hindu

Oil & Gas scrips up for second straight day India Infoline.com The EGoM on oil prices will meet on May 11, according to reports. It could also consider an increase in LPG prices. The BSE Oil & Gas index is trading higher at 9869, up 86 points or 0.8% over the previous close. It had earlier touched a day's high of ... Oil stocks on fire as eGoM meet nearsmydigitalfc.com all 47 news articles »

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Oil & Gas scrips up for second straight day - India Infoline.com

Oil & Gas UK’s quarterly business index reveals that there has been a drop in confidence throughout the UK upstream oil and gas industry in the first quarter of 2011.

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The shift towards a negative outlook is said to reflect the impact of the increase in supplementary tax from 20 per cent to 30 per cent imposed by the UK government on North Sea oil production, which saw the value of investments in the UK continental shelf (UKCS) fall by 24 per cent overnight following the Budget in March this year. In a report recently published by Aberdeen University, economists Prof Kemp and Linda Stephen comment that the tax rise could reduce UK oil and gas investment by up to £30bn and production by up to a quarter over the next 30 years.

'Confidence drop' in UK upstream oil and gas industry - The Engineer

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Surging gasoline prices have triggered another energy brawl between the White House and congressional Republicans, this time over oil-company tax breaks, as both sides try to skirt voter blame for the increasing pain at the pump. Now averaging $3.88 a gallon nationwide, gas prices have jumped 37% so far this year and have more than doubled since President Barack Obama took office. The issue could weigh heavily over the 2012 election.

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We should put additional taxes on oil and gas and then use the income as a tax rebate to poor and working class people so they can use it to buy food.

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What steps should Congress take to lower gas prices? - Wall Street Journal

RTT News

Falling gas prices dent Anadarko's profits Financial Times Anadarko Petroleum, the US oil and gas independent with a minority stake in BP's disaster-hit Macondo well, has reported a 12 per cent fall in underlying earnings for the first quarter because of a decline in natural gas prices ... Anadarko sees profits dip in Q1Bizjournals.com Chesapeake, Anadarko results hurt by hedgingReuters Africa Anadarko Beats, Goes All-In for GhanaTheStreet.com Marketwire (press release) -American Banking News -Barron's (blog) all 38 news articles »

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Falling gas prices dent Anadarko's profits - Financial Times

Indian equity indices were continued to trades lower as banking stocks got hammered a day ahead of RBI Policy meet. Banking major SBI was down over 4%, followed by Kotak Maindra, IDFC down 3-4%. Selling pressure was also seen in oil & gas, auto and metal stocks. However, select realty and pharma stocks were trading with some gains.

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Stocks like Reliance, ICICI Bank, ITC, HDFC and L&T were negative contributors to the Sensex . Broader indices were trading lower 1% each.

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Top losers on the Sensex were SBI at Rs 2,688.95 down 4.16%, Sterlite Ind at Rs 176 down 2.82%, Maruti Suzuki at Rs 1,290 down 2.25%, Reliance at Rs 962.70 down 1.96% and HUL at Rs 280.55 down 1.63%.

Sensex slides further banks oil gas down - Moneycontrol.com