June 2011 Archives

The recent oil and gas boom has brought good times to Carrollton’s downtown restaurants and its sole hotel, the Days Inn on Canton Road.

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The recent oil and gas boom has brought good times to Carrollton’s downtown restaurants and its sole hotel, the Days Inn on Canton Road. “The Days Inn has been full all year, between people doing abstracting for leases and actual drillers,” said Amy Rutledge, director of the Carroll County Chamber of Commerce. In fact, Glenn Enslen, the county’s economic development director, was told by some of the oil and gas people that Carrollton doesn’t have enough hotel space, she said. Hotels in New Philadelphia and Canton have taken the overflow.

Oil, gas drilling boom good for local businesses - Canton Repository

This little brown reptile is a concern for state officials, who hope that federal officials don't designate it an endangered species. That, they say, could disrupt oil and gas exploration in the heart of Texas' oil country, leading to higher gas prices and shrinking dollars for schools.

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The U.S. Fish and Wildlife Service, which has had the issue before it for about a decade, is considering protections because oil and gas exploration and ranching are shrinking the lizard's habitat. A decision could come by year's end.

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The blunt-nosed lizard at the heart of the issue has bright yellow eyes but is barely as long as a person's hand. The lizard is important prey for a number of other species, including some birds and mammals.

Tiny lizard could block Texas oil, gas exploration - Sacramento Bee

From the Comptroller and Auditor General’s (CAG) draft report, which says that favouritism was shown to private players in oil- and gas-sharing contracts, it would appear that the government ignored the queries and concerns of EAS Sarma, a former energy secretary.

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The CAG draft report has concluded that the government showed undue favours to private companies. The draft report identifies the production-sharing contract (PSC) structure for oil and gas as the problem, saying it allowed private companies such as Reliance Industries Limited (RIL) and Cairn to gain “undue benefit” at the government’s expense. Incidentally, in the 2G spectrum scam, the prime minister’s office did not heed Janata Party president Subramanian Swamy, the prime whistleblower, till the Supreme Court intervened.

Is PMO ignoring another scam after 2G, this time in energy? - Daily News & Analysis

Indian equity benchmarks closed lower for third consecutive session on Friday, with falling about 2% for the week and more than half a percent in today's trade. Oil & gas, technology, auto and select metal companies' shares dragged down the market while buying in banking, power and telecom stocks has limited the downside.

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Benchmarks stayed below their psychologically important levels for another session - the 50-share NSE Nifty fell 30.35 points, to close at 5,366.40 and the 30-share BSE Sensex dropped 115.35 points, to end at 17,870.53. Shorts build up in heavyweights could be the reason behind today's downtrend. European markets recovered after cabinet reshuffle in Greece. Government appointed Evangelos Venizelos as a finance minister, replacing George Papaconstantinou, who is now environment minister in the same cabinet.

Nifty remains below 5400 again oil gas tech autos drag - Moneycontrol.com

Petroleo Brasileiro S.A. (Petrobras), a world leader in deep-water and ultra-deep water oil production, has awarded GE Oil & Gas a four-year service agreement to deliver repairs, maintenance and retrofits on Petrobras' fleet of subsea equipment installed in the Campos Basin offshore Brazil. The scope of the agreement, valued at approximately $120M, includes service and repairs on over 300 exploration and 250 production tools, as well as retrofitting six subsea production trees each year with GE advanced technology.

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GE will conduct the service program from its Macae Service Center, located in Rio de Janeiro state, which is currently undergoing a $30M investment refurbishment and expansion. The 91,000 sq. meter facility, which employs over 200 highly skilled employees, will be capable of state-of-the-art inspection, maintenance, repair, spares parts, rental tools and field services for capital drilling, subsea wellhead systems, and subsea production and controls equipment. The frame service agreement builds on the announcement this week that Petrobras has awarded GE's Wellstream business a long-term, $200M-plus flexible pipe and subsea equipment logistics services contract to be supported from a dedicated new 55,000 sq. metre, $90M investment Logistics Base that GE will build adjacent to Wellstream's existing manufacturing site in Niteroi, 14 kms outside Rio de Janeiro.

GE Oil & Gas Awarded 4-Year, $120M Subsea Service Contract to Maintain ... - MarketWatch (press release)

The Supreme Court on Thursday issued notice Petroleum and Natural Gas Regulatory Board (PNGRB) to over a plea filed by state-run gas utility firm GAIL against the petroleum and gas sector regulator for issuing licence to Gujarat State Petronet (GSP) for Rs 5,000 crore Mehasana Bahatinda Natural Gas Pipelines (MBPL).

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GAIL has alleged that PNGRB issued licence to GSP in an arbitrary and illegal manner, violating its interim direction that all such decisions should be done by a multi-member board and not by its Chairman's nominee.

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Admitting GAIL's application, a vacation bench of Justice B S Chauhan and Justice Swatanter Kumar issued notice to the PNGRB directing it to file a reply within two weeks.

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SC issues notices to oil gas regulator on GAIL s plea - Moneycontrol.com

MUMBAI: Benchmarks slipped towards day's lows after a knee-jerk reaction following the Reserve Bank of India's moved to hike interest rates by 25 basis points. The central bank has hiked repo rate to 7.5 per cent and reverse repo rate to 6.5 per cent. In a hawkish tone, the RBI said it will continue to persist with anti-inflationary stand.

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At 1:15 pm; Bombay Stock Exchange's Sensex was at 18013.60, down 118.64 points or 0.65 per cent. The 30-share index hit a high of 18115.10 and low of 18005.82 intraday. National Stock Exchange's Nifty was at 5409.70, down 37.80 points or 0.69 per cent. The broader index touched a high of 5447.50 and low of 5404.40 in trade so far.

Sensex slips lower; tech, metals, oil & gas down - Economic Times

If ‘first come, first served' was the structural flaw which led to the 2G spectrum scam in the telecom sector, the Comptroller and Auditor-General has identified the production-sharing contract (PSC) structure for oil and gas as the original sin which allowed private companies such as Reliance Industries Ltd. to gain “undue benefit” at the government's expense.

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Hitting out at the Petroleum Ministry and the Directorate-General of Hydrocarbons (DGH) for having “failed to protect” the government's financial interests, CAG has called for complete structural changes in the present PSCs for the management of hydrocarbon exploration and production involving the private sector.

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The Indian PSC today is based on a scaled formula for profit-sharing between the government and private contractors. The slabs for profit-sharing are so designed that the more capital-intensive the project — or the lower the ‘Investment Multiple' (IM), in industry parlance — the lower the government's share of profit petroleum, even as low as 5 to 10 per cent.

Oil, gas-sharing contracts favour private players: CAG - The Hindu

NEW DELHI: The oil ministry has ruled out any loss to the exchequer on account of Reliance Industries , or RIL, raising the capital cost of developing India's largest gas field, and plans to tell the national auditor that some of its observations were not practical and would repel much-needed private capital in the high-risk exploration business.

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The ministry is preparing its response to the draft report of the Comptroller and Auditor General of India, or CAG, which slammed the oil ministry and its technical arm, Directorate General of Hydrocarbons (DGH), for allegedly neglecting national interest to allow companies such as RIL and Cairn India make handsome profits. The auditor has questioned the DGH's approval for an $8.5-billion capital expenditure by Reliance in the D6 block against $2.4 billion initially. Officials said the government, which was wooing private firms to explore oil and gas in the energy-hungry country, had a clear strategy: it wanted to reward companies that discovered hydrocarbons instead of discouraging them by blocking projects with bureaucratic obstacles, as long as national interest was not compromised. Oil ministry officials said the controversial $8.5-billion capex was merely a long-term estimate.The officials said the actual expenditure was approved by the government in the annual budget for the gas field after thorough verification of each item. This expenditure was subsequently recovered from the produce of the block only after an official audit, an oil ministry expert with direct knowledge of the matter said requesting anonymity. "All operators, including RIL have to get government approval of their annual work programme budget before making any expenditure in their blocks every year, so the fear of financial loss to the government by allegedly inflating capex of KG-D6 is baseless," said an oil ministry official, who did not want to be identified because of the sensitivity of the matter.

No loss to exchequer from RIL's KG-D6 : Oil Ministry - Economic Times

HDFC Mutual Fund has increased its weightage in the Pharmaceuticals, Tobacco and Cement & Construction sectors, while slashed its exposure in the Oil & Gas, Banking & Financial Services and Miscellaneous space.

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In the Tobacco segment, it bought ITC. It bought Jaiprakash Associates, Birla Corporation, Sadbhav Engineering and KNR Constructions in the Cement & Construction sector. The fund introduced NCC in the space. The selling was seen in the Oil & Gas pack, where it sold ONGC, GAIL, BPCL and Oil India. However, it bought Reliance Industries and IOC.

HDFC MF dumps oil gas banks - Moneycontrol.com

Partnerships key to RIL's growth Livemint Till last year, RIL had traversed a four-decade-long journey of backward integration, from being a textile producer to an explorer of oil and gas largely on its own, barring some external technical help and minor equity partners in some of its oil and ... and more »

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Partnerships key to RIL's growth - Livemint

NEW DELHI: The CAG has said the Oil Ministry and its technical arm, the DGH, bent rules for Reliance Industries , but did not conclusively say if the Mukesh Ambani firm overbilled the government on its KG-D6 gas fields to adversely impact government revenues.

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In a draft audit report on the KG-DWN-98/3, or KG-D6, block, the Comptroller and Auditor General (CAG) said the Directorate General of Hydrocarbons (DGH) allowed Reliance to hike capital expenditure for developing Dhirubhai-1 and 3, the largest of 18 gas finds in the block, by 117 per cent.

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In a draft audit report on the KG-DWN-98/3, or KG-D6, block, the Comptroller and Auditor General (CAG) said the Directorate General of Hydrocarbons (DGH) allowed Reliance to hike capital expenditure for developing Dhirubhai-1 and 3, the largest of 18 gas finds in the block, by 117 per cent. "The increase in cost from (USD 2.39 billion in the) Initial Development Plan to (USD 5.196 billion) in the Addendum to the Initial Development Plan is likely to have a significant impact on the government of India's financial take.

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'Oil Min, DGH bent rules for RIL in KG-D6 gas fields' - Economic Times

Government aided RIL in gas contract, lost money: CAG government's independent auditor who enjoys constitutional status said, Cairn Energy, BG (the former British Gas) and others were lax or worse in meeting government conditions specified in production sharing contracts, resulting in huge revenue losses to the government that gets a share of the profits.

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The CAG has questioned the role of the Director General of Hydrocarbons (DGH) and the Ministry of Petroleum and Natural Gas in supervising or approving key aspects of the contract administration. The CAG has questioned the role of the Director General of Hydrocarbons (DGH) and the Ministry of Petroleum and Natural Gas in supervising or approving key aspects of the contract administration. "Contrary to the PSC, the MoPNG and the DGH facilitated the desires of the contractor (RIL)," said the CAG report in one reference.

Oil hunt: CAG picks govt holes - Hindustan Times

It was a memorable year for other reasons too. Charles and Diana were wed. MTV was born. Muhammad Ali fought, and lost, his final fight. President Ronald Reagan survived an assassination attempt; Egyptian President Anwar Sadat did not. Sandra Day O’Connor became the first woman on the Supreme Court. The first space shuttle shot spectacularly into space.

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Ah, those were the days. I also remember being appalled as gas prices doubled from 1979 to $1.35 a gallon. This was just a few years after the first oil crisis forced Americans nationwide into lengthy gas lines and smaller, more fuel-efficient cars.

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It was clear the country needed an energy policy that didn’t depend on deregulating the oil industry or throwing more tax breaks at them, hoping it would lead to greater fuel efficiency and less reliance on foreign oil.

Obama strikes a gusher of truth - Nashua Telegraph

In response to Martin Kidston's May 19 Gazette story regarding the BLM's Big Horn Basin Resource Management Plan, I would like to address the charge that only 501 of 1,700 oil and gas leases are actively being developed in the Basin. Such a blanket statement is misleading. Leasing is essential to the long-term development of domestic resources. While opponents of domestic energy development point to industry not instantaneously developing leases, this reflects a misleading portrayal of the critical role leasing plays in long-term prospects for domestic energy development.

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First, if a lessee wins the bid on a tract, a significant investment is made up front -- the first year's advance rental and a per-acre bonus bid. While companies have 10 years to develop a lease, it takes several years to evaluate the underlying geology and perform the necessary technological and environmental analyses before they can move forward with an exploration project to determine whether a lease contains commercial quantities of oil or natural gas. During this phase the lease may be considered "idle" as far as not producing oil or gas, but the planning is in place to produce. It is also important to note that even if a lease is not being drilled, the lessee pays a yearly per-acre rental fee to the government, half of which goes to the state in which the lease is located. If the lease produces oil and gas, royalty payments are made to the government, half of which also goes to the state.

Oil and gas leases take time to develop - Billings Gazette

It may be recalled that just recently, the overall oil subsidy payout for the public sector upstream companies was hiked to 38.7% for the fiscal year ended March 2011.

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It may be recalled that just recently, the overall oil subsidy payout for the public sector upstream companies was hiked to 38.7% for the fiscal year ended March 2011. The much-awaited meeting of the Empowered Group of Ministers (EGoM) on fuel prices, which was to take place on June 9, was cancelled, according to media reports. The EGoM on fuel prices was expected to announce an increase in diesel and LPG prices. However, with the international oil prices having moderated in recent days it will be interesting to see how much is the eventual hike in diesel and LPG prices. The state-run oil marketing companies (OMCs) on May 14th hiked petrol prices by Rs. 5 per litre. Petrol was de-regulated in June last year but the other petroleum products like diesel, LPG and kerosene are yet to be made market linked. Separately, media reports said that the Government could restore the share of the upstream oil & gas companies in the annual subsidy to 33%. It may be recalled that just recently, the overall oil subsidy payout for the public sector upstream companies was hiked to 38.7% for the fiscal year ended March 2011.

Oil & Gas Round Up - June 06 to June 10, 2011 - India Infoline.com

It sounds like a pitch for an overnight getaway: an all-expenses-paid trip to the Pittsburgh area, including airfare or bus transportation, meals and lodging.

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In an effort to populate a federal public hearing with natural gas-drilling supporters, an oil and gas industry public relations group is offering those incentives to area landowners to encourage them to travel to Washington, Pa., to speak up for drilling on Monday night. Mr. Shepstone is a local consultant for Energy in Depth, an oil and gas industry organization formed in 2009 to combat criticism and regulation of hydraulic fracturing, a controversial technique necessary to harvest gas from tight rock formations.

Pro-gas group offers all-expenses paid trip for local landowners - Scranton Times-Tribune

FIRST Minister Alex Salmond has claimed that a series of SNP government measures to limit the impact of a multi-billion pound tax raid on the North Sea oil and gas industry would save 15,000 jobs.

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FIRST Minister Alex Salmond has claimed that a series of SNP government measures to limit the impact of a multi-billion pound tax raid on the North Sea oil and gas industry would save 15,000 jobs.

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Mr Salmond published a paper yesterday setting out a series of alternatives to a £2 billion windfall tax being imposed on oil and gas companies by the Treasury, which the First Minister warned would "severely" damage the sector.

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Alex Salmond tax plan to 'save 15000 oil and gas jobs' in North Sea - Scotsman

The NSE Nifty was trading weak and found it difficult to notch up to its psychological 5450 mark in afternon trade. Except BSE IT index, all other sectoral indices were trading negative. FMCG, oil & gas, auto, banks and realty indices were down over 0.5% each.

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Anil Manghnani, Modern Shares & Stock Brokers says after this rangebound session market could swing either ways. "The problem is lack of volumes. If there is a small amount of buying or selling, whether in Nifty futures or stocks, the market tends to move 30-40 points very quickly," he says. Top losers on the Sensex were Maruti Suzuki at Rs 1,197 was down 1.66%, Hero Honda at Rs 1,722.60 down 1.31%, ITC at Rs 192.55 down 1.23%, Jaiprakash Asso at Rs 81.30 down 1.22% and Reliance at Rs 942.55 down 1.21%.

Nifty trades weak; FMCG, oil & gas, auto down - Moneycontrol.com

WASHINGTON, DC , June 9, 2011 (ENS) - The Greater Natural Buttes Area Gas Development Project in Utah, first proposed by Kerr-McGee Oil & Gas Onshore LP in 2006, has been delayed over concerns about its impacts on air quality in the Uintah Basin, already experiencing some of the unhealthiest winter time ozone levels in the nation.

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Today, Secretary of the Interior Ken Salazar announced that the company and the two federal agencies involved in permitting have reached an agreement that allows the project to go forward while keeping air pollution low.

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The Kerr-McGee project would include up to 3,675 new gas wells in the basin that could potentially produce more than six trillion cubic feet of natural gas over 10 years. The company says between 1,000 and 4,000 jobs would be created over the life of the project.

Clean Air Plan Allows Utah Gas Development to Move Forward - Environment News Service

BANGALORE: A slow demand in the IT and ITes sector has pushed down the growth of Bangalore according to a survey by Monster Employment Index. The city grew by only 4% in May compared to Coimbatore's which shot up by 31%.

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Amongst industries, oil and gas generated maximum amount of interest and grew at 30% in May compared to same period last year. While the IT industry showed a 21% growth, the lowest was recorded by telecom sector at -10%. A slow demand in the IT and ITes sector has pushed down the growth of Bangalore according to a survey by Monster Employment Index. The city grew by only 4% in May compared to Coimbatore's, which shot up by 31%.

Bangalore growth the slowest according to Monster index - Economic Times

State-owned Oil and Natural Gas Corp (ONGC) and gas utility GAIL India Ltd are in talks to buy a part of Exxon Mobil Corp's stake in Kazakhstan's Kashagan oilfield.

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State-owned Oil and Natural Gas Corp (ONGC) and gas utility GAIL India Ltd are in talks to buy a part of Exxon Mobil Corp's stake in Kazakhstan's Kashagan oilfield. "We are definitely interested but it is too early to say anything. We are working on it," GAIL Chairman B C Tripathi said. While Tripathi refused to say how much of Exxon's stake in Kashagan were the two state-run companies looking to acquire, sources privy to the development said the duo may be eyeing at least half of 16.8 per cent interest of Exxon. Kashagan, operated by Italy's Eni, is expected to produce 300,000 barrels of oil per day (15 million tonnes a year) by 2014. Kazakhstan's KazMunaiGas, Royal Dutch Shell, Exxon Mobil, Total SA of France and ENI SpA each own 16.81 per cent in Kashagan field in Caspian Sea while ConocoPhillips and Japan's Inpex Corp hold 8.4 per cent and 7.56 per cent, respectively.

ONGC, GAIL in talks to buy Exxon's part stake in Kazakh oilfields - Business Standard

Indian equity benchmarks fell half a percent amid a choppy trade on Wednesday following weak global cues post Ben Bernanke comments. Oil & gas, financial, metal, healthcare and cement companies' shares dragged the market lower.

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US Federal Reserve Chairman Ben Bernanke acknowledged an economic slowdown in the United States, but offered no suggestion of further stimulus to support growth, souring sentiment across equity markets and towards the dollar as investors expect US interest rates to remain low for a longer period of time. European markets like France's CAC, Germany's DAX and Britain's FTSE were trading about one percent lower, at the time of closing of Indian equities. US index futures namely Dow Jones and NASDAQ too were down half a percent.

Global cues drag Sensex 101 pts down; oil & gas, banks dip - Moneycontrol.com

Hess Well Encounters 490 Net Feet Of Oil & Gas Condensate Pay Wall Street Journal (HES) Tuesday confirmed its recent oil and gas discovery at the Paradise-1 deep-water exploration well offshore of Ghana. The New York-based oil and gas company said it told Ghanean authorities it encountered 490 net feet of oil and gas rich-sands. ... Hess strikes oil offshore GhanaGhana Business News Hess strikes oil off West African coastReuters Yet More Oil FoundGhanaWeb MarketWatch -4-traders (press release) -Offshore Oil and Gas Magazine all 54 news articles »

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Hess Well Encounters 490 Net Feet Of Oil & Gas Condensate Pay - Wall Street Journal

MUMBAI: Benchmarks were near day's highs as positive cues from European peers provided support. All the sectoral indices, except Capital goods space, moved higher.

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At 2:35 pm; Bombay Stock Exchange's Sensex was at 18532.25, up 112.14 points or 0.61 per cent. The 30-share index hit a high of 18545.95 and low of 18351.24 in trade so far. National Stock Exchange's Nifty was at 5567.55, up 35.50 points or 0.64 per cent. The broader index touched a high of 5570.10 and low of 5507.80 intraday.

Sensex above 18500; realty, oil & gas, tech advance - Economic Times

NEW DELHI: State-owned Oil and Natural Gas Corp (ONGC) should exercise its preemption rights to takeover Cairn India's crown-jewel Rajasthan oilfields, CPI(M) MP Tapan Sen has demanded.

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The Rajasthan fields are currently producing 125,000 barrels of crude oil per day and will reach 240,000 bpd (12 million tonnes a year) output in one years' time.

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ONGC, having a 30 per cent interest in the fields, has the first right of refusal or preemption rights which are triggered by Cairn India's parent company Cairn Energy Plc decision to sell majority stake to Vedatna Resources .

'Cairn should exercise preemption rights in Cairn stake sale' - Economic Times

Equity benchmarks were trading with moderate losses amid volatility since the opening trade today, reacting to weak global cues post disappointing US employment data.

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The 50-share NSE Nifty was trading at 5,490, down 26 points. The 30-share BSE Sensex fell 83 points to 18,293. "We are probably nearing the bottom of the turmoil from a stock market point of view," Nimesh Shah of Axis Bank said. "The inflation number is coming at consistently higher level but going forward, with good monsoon and RBI's monetary policy coming into play, we will see downward trajectory there. The Q4 GDP growth came at 7.8%, which is below expectation but hopefully the market will have re-price its expectation of growth and hence, whatever growth number comes in Q1 and Q2, it will be in line with the expectations of the market," he explained. Auto, power, Anil Dhirubhai Ambani Group, metal, PSU oil & gas and select financial companies' shares were putting pressure on the market. However, buying in Bharti Airtel, HDFC, HDFC Bank, TCS and L&T capped the losses. Healthcare stocks continued to their uptrend.

Nifty trades lower amid volatility; metals, oil & gas slip - Moneycontrol.com

The state-run Turkish Petroleum Corporation (TPAO) has signed an agreement with Iraq's petroleum ministry on the operating rights for the Mansuriya and Siba natural gas fields.

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TPAO General Manager Mehmet Uysal and Abdul-Mehdi al-Amidi, director of Iraq's Office of Licensing and Contracts at Iraq's Oil Ministry, have signed an agreement on the operating rights for Mansuriya and Siba natural gas fields for 20 years. On Oct. 20 of last year, Iraq auctioned off three major natural gas fields to international companies, part of its strategy to shake off a legacy of war and isolation by opening up the lucrative sector. TPAO and its consortium partners won the tender for the operating rights to the Mansuriya and Siba gas fields. The fields have estimated combined reserves of 11.23 trillion cubic feet of gas, about 10 percent of Iraq's total 112 trillion cubic feet of proven natural gas reserves, the world's 10th largest. In his remarks to the Anatolia news agency, Turkish Energy and Natural Resources Minister Taner Yıldız said Turkey is ready to support the development and stability of Iraq's energy sector. “Turkish companies will do anything to win more tenders in Iraq's energy sector,” he said. Iraq's Oil Minister Abdul-Karim Elaibi underlined that they are very happy to sign an agreement with Turkey in order to develop natural gas fields in the country.

Turkey signs natural gas operating deal with Iraq - Today's Zaman

Indian equity benchmarks closed Friday's trade on a negative note amid volatility seen in the second half of trade. The market was quite positive in the morning trade - seemed like good bounce back, but those gains shaved off in later part of the day.

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The 50-share NSE Nifty had touched the 5,600 mark - nearly at three-week high - but could not hold that level due to profit booking in heavyweights. It declined 33.60 points, to settle at 5,516.75. Indices continued the downtrend for third consecutive session. Rahul Mohindar of viratechindia.com feels that 5,480 on Nifty is an important level. "The market does seem a lot more vulnerable and that is why we are actually now much closer to 5500. The worry is if we break 5480, then we may see another 100-150 points bash on the downside. Technically, 5480 is the downside level which traders have started watching for. 5600 is definitely the point people want to see the market getting above. So we are going to be in that state of limbo where we are going to be slightly sideways," Mohindar said.

Sensex ends 118 pts lower; oil & gas, banks, metals drag - Moneycontrol.com

MUMBAI/AHMEDABAD: With indigenous gas production in the country seeing a sharp 10.6 per cent yoy decline in March 2011 in wake of the steep production shortfall at Reliance Industries (RIL) Krishna Godavri D6 fields, oil marketing companies, city gas distributors and gas aggregators are queuing up for imported liquefied natural gas (LNG).

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MUMBAI/AHMEDABAD: With indigenous gas production in the country seeing a sharp 10.6 per cent yoy decline in March 2011 in wake of the steep production shortfall at Reliance Industries (RIL) Krishna Godavri D6 fields, oil marketing companies, city gas distributors and gas aggregators are queuing up for imported liquefied natural gas (LNG). "Our promoters Bharat Petroleum Corporation and the Indian Oil Company have indicated that they will require additional supply of LNG, for their own usage at their refineries and for their various customers in the fertilizer and others sectors, so we are planning to source two cargoes of LNG in the near-term and are currently negotiating with our regular suppliers and others," Ashok Balyan, MD & CEO, Petronet LNG told ET.

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In the same vein, Nitin Shukla, CMD, Hazira LNG told ET, "We are aware that various customers are approaching gas aggregators (like GAIL) for additional supply of LNG who in turn are approaching us for their supply requirements and we will be looking to source more LNG cargoes in the near future." In fact according to sources RIL itself has signed a two-year contract with Hazira LNG to import spot LNG in April 2011.

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Natural gas buyers queue up for LNG - Economic Times

GUWAHATI: The anti-talks faction of Ulfa led by commander-in-chief Paresh Baruah on Friday asked a private oil and gas exploration company engaged in exploration work in upper Assam to quit the state within 45 days.

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An email sent by publicity cell of the faction says, "Shiv-Vani Oil and Gas Exploration Services Limited is robbing Assam of its natural wealth. The company is also depriving local entrepreneurs in all spheres and hence they should stop their operations and leave the state within one and half months. If it fails, Ulfa will launch an armed protest against the company," it read. There was no comment from the company when TOI contacted its corporate office in New Delhi . The secretary to the chairman-cum-managing director said she would get back later.

Paresh quit notice to oil firm - Times of India

Indian equity benchmarks were trading marginally lower amid volatility. Oil & gas, healthcare, metal, FMCG, financial and select auto companies' shares were witnessing selling pressure in the last couple of hours.

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However, buying continued in L&T, Power Grid, Infosys, Wipro, Sesa Goa, M&M and Bajaj Auto. Anil Dhirubhai Ambani Group companies' shares too were on buyers' radar post 2G Trial court dismissed plea for charging Anil Ambani.

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The 30-share BSE Sensex was trading at 18,388, down 106 points and the 50-share NSE Nifty fell 31 points to 5,519. Both indices shed more than 250 points and 80 points from day's high.

Nifty below 5550; oil & gas, banks, metals slip - Moneycontrol.com

The anti-talks faction of the proscribed Ulfa today served a quit notice to a private service provider oil company, currently engaged in operations in collaboration with petroleum giants Oil and Natural Gas Corporation Limited (ONGCL) and Oil India Limited (OIL), in Upper Assam’s Sivasagar, Dibrugarh and Tinsukia districts.

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The outfit’s threat came in the form of a press release signed and issued by self-styled lieutenant Arunudoy Dahotia, controller of the central publicity wing of the outfit. In the statement, it has asked the company, M/s. Shiv-vani Oil and Gas Services Private Limited, to leave Assam within 45 days, starting today. Dahotia alleged that the company had always adopted an anti-Assam and anti-Assamese role for several years now. “The company was solely focussed on exploiting the rich natural resources of our motherland and never cared to give anything in return. Therefore, we ask the company to wind up all its activities in Assam within 45 days and leave,” the press release stated.

Ulfa gives oil firm 45 days to quit Assam - Calcutta Telegraph

MUMBAI: India's largest listed firm Reliance Industries expects government approval for its deal with BP Plc in the next few weeks, Chairman Mukesh Ambani said at the company's annual shareholder meeting on Friday.

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In February, Reliance agreed to sell a stake in 23 of its oil and gas blocks, including some in the KG basin, to BP in a $7.2 billion deal, and is expected to benefit from BP's deepwater exploration expertise. Last year, Reliance made a dramatic return to the telecom business with a $1 billion acquisition of Infotel Broadband, the only company to win a nationwide licence for broadband wireless spectrum in a government auction.

Reliance Industries sees govt approval for BP deal in few weeks - Economic Times

Oil and gas producer and explorer Petsec Energy Ltd says it will sell its oil interests in China for $A38 million and use the proceeds to develop its shale oil exploration in the United States.

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The sale represents five development areas that hold an estimated 10.6 million barrels of oil and are 60 kilometres offshore in the Beibu Gulf near Hainan Island. The purchaser is Horizon Oil Ltd, a Sydney-headquartered oil and gas producer and developer with interests in China, Papua New Guinea and New Zealand.

Petsec to sell China oil interest for $38m - Ninemsn

John Barrasso, M.D.   Across the country, Americans are feeling the pain at the pump.  Gas prices are approaching $4 a gallon.  The price is less in Wyoming, but we drive a longer distance than in any other state. Families are going to spend on average about $800 more on gas this year than they did just a year ago.

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John Barrasso, M.D.   Across the country, Americans are feeling the pain at the pump.  Gas prices are approaching $4 a gallon.  The price is less in Wyoming, but we drive a longer distance than in any other state. Families are going to spend on average about $800 more on gas this year than they did just a year ago.   Now more than ever, we must produce more American energy.  We need to do this to reduce our dependence on foreign oil.  At this crucial time, Americans are looking to Washington for leadership.

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John Barrasso, M.D.   Across the country, Americans are feeling the pain at the pump.  Gas prices are approaching $4 a gallon.  The price is less in Wyoming, but we drive a longer distance than in any other state. Families are going to spend on average about $800 more on gas this year than they did just a year ago.   Now more than ever, we must produce more American energy.  We need to do this to reduce our dependence on foreign oil.  At this crucial time, Americans are looking to Washington for leadership.   America should look to Wyoming.  In Wyoming, we do it right.  We understand that we need more American Energy, and we need it all. We understand that, in addition to the green jobs that are so popular in Washington, we need red, white and blue energy and red, white and blue energy jobs. We understand that we must focus on making our energy as clean as we can, as fast as we can, and do it in ways that do not raise the cost on American families.

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Senator John Barrasso: Free America's Oil - Little Chicago Review

Morecambe gas field after one month's shutdown for maintenance should be sending shudders through the Treasury. The energy giant had given plenty of notice that last March's surprise rise in UK oil taxation could make South Morecambe unprofitable.

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He used that money to stop the planned 1p rise in petrol duty. For South Morecambe the extra levy meant the total tax rate for the gas field rose from 75% to 81%. In other words, for every £100 of gas that Centrica sells from the field it hands £81 to the Government, leaving it £19 to pay its staff, reinvest in new oil and gas exploration and production and pay dividends to shareholders. The converse of that, of course, is that every day Centrica leaves the tap turned off it forgoes millions of pounds of income but the Government misses out on four times as much in tax. Last week, the trade body Oil & Gas UK warned that at least 25 oil and gas projects worth a total of £12 billion were unlikely to go ahead unless the tax regime is changed.

Fair Fuel Stabiliser screws all concerned: Scrap it, George - Evening Standard

LONDON, June 2 (Reuters) - Britain's biggest business lobby group urged the government to ditch a tax hike on oil and gas producers a month before energy giant Centrica said it would idle one of its North Sea gas fields.

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British finance minister George Osborne unexpectedly raised a supplementary tax charge on oil and gas producers to 32 percent from 20 percent in his budget on March 23 to fund a cut in fuel duty that was aimed at easing the burden of rising oil prices on consumers. The tax hike provoked an outcry in the oil and gas industry.

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British utility Centrica shut one gas field, saying the rise would make it unprofitable to run, echoing a decision by Norway's Statoil to put some developments on hold.

UK business lobby group hits out at oil tax hike - Reuters Africa

This deal represented as one of the largest deals yet in the Eagle Ford oil and gas shale (an area in south central Texas permitted companies to unlock oil and natural gas trapped in shale rock).

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Marathon Oil Corp. NYSE:MRO would buy the principal assets of Hilcorp Resources Holdings, represented a partnership between Kohlberg Kravis Roberts & Co and Hilcorp Energy Corp. to develop Eagle Ford land. Kohlberg Kravis Roberts & Co stated on announcing the deal that this acquisition would project MRO 141,000 acres in the Eagle Ford along with the opportunity to purchase supplementary 14,000 additional acres.

Marathon Oil Corporation To Acquire Eagle Ford Shale Assets for $3.5 Billion - USA Market News

New York Times

Marathon Oil Buys South Texas Assets For $3.5 Billion Wall Street Journal (MRO) agreed to buy South Texas oil assets owned in part by private equity firm Kohlberg Kravis Roberts & Co LP for $3.5 billion in one of the largest deals seen yet in the up-and-coming Eagle Ford oil and gas shale. Marathon agreed to buy the ... Texas Billionaire Sees Big Payday Dealing Eagle Ford Acres To Marathon OilForbes (blog) Marathon Paying High Price for Eagle Ford Assets, Analysts SayBloomberg Three Firms Gas Up on Latest Eagle Ford Shale DealThe American Lawyer Oil & Gas Financial Journal -FuelFix (blog) -NASDAQ all 233 news articles »

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Marathon Oil Buys South Texas Assets For $3.5 Billion - Wall Street Journal

NEW DELHI: State-run energy explorer Oil India plans to spend about $1 billion in acquiring oil and gas producing blocks abroad in next couple of years.

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NEW DELHI: State-run energy explorer Oil India plans to spend about $1 billion in acquiring oil and gas producing blocks abroad in next couple of years. "We are looking at assets in Venezuela , southeast Asia, Australia , Latin America, Canada , former Soviet Union and Africa," Oil India chairman NM Borah told reporters. He also expressed company's interest in picking up a stake in shale gas assets in Argentina . Oil India is sitting on a cash balance of 12,700 crore ($2.8 billion) and could invest up to 4,500 crore ($1 billion) in overseas assets, company director-finance TK Ananth Kumar said. "We may also borrow some money to fund our overseas acquisitions," he said while reporting company's fourth quarter and annual results for the previous financial year.

OIL Q4 net rises 30% to Rs 564 Crore - Economic Times