July 2011 Archives

It said the sale would “preempt talks on the issues of ancestral domain and patrimony and land ownership.” “We have been minoritized in our own homeland of Mindanao due to massive landgrabbing and resettlement programs. And now, the little resources that is remaining to us, some of those win the private sector and their partners in government still greedily covet,” the statement read.

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The statement was issued three days before the government and MILF peace panels are scheduled to meet in Kuala Lumpur. The panels are supposed to return to the negotiating table on August 2 to 4.

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The MILF Central Committee’s statement reiterated that the natural resources of the Bangsamoro belong to the Bangsamoro people. “Resources” is one of the four strands in the ancestral domain issue which is central to the GPH-MILF negotiations.

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MILF to GPH: suspend oil/gas explo of foreign firms in Bangsamoro areas - Minda News

Houston: BP started sending workers back to three deepwater Gulf of Mexico platforms on Friday as Tropical Storm Don churned toward the Texas coast, bypassing the basin's largest concentrations of energy facilities.

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Later in the day, Chevron Corp said it had shut in some production and started evacuating some workers from parts of the Gulf of Mexico. Chevron, giving its first update since Wednesday, declined to specify how much output was shut in or how many workers were being evacuated, "as conditions are constantly changing". The US Bureau of Ocean Energy Management said 11.9 per cent of Gulf of Mexico crude and 6.2 per cent of natural gas output in the western part of the basin was shut in, based on reports from 21 companies.

BP, BHP back to work as Don changes course - gulfnews.com

July 29 (Bloomberg) -- U.S. oil and natural gas rigs fell for the first time in 11 weeks, dropping by eight to 1,908 this week, according to data published by Baker Hughes Inc.

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Natural-gas rigs dropped for the first week in three, falling 12 to 877, and oil rigs rose by four to 1,025, again reaching the highest level since Baker Hughes separated the oil and gas rig counts in 1987. Oil rigs have gained every week since April 15, rising by 145. Miscellaneous rigs were unchanged at 6.

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The combined oil and gas rig count had previously risen for 10 straight weeks, to the highest level since 2008, according to data on Baker Hughes' website. The count reached a 22-year high of 2,031 that year.

U.S. Oil, Gas Rig Count Falls for First Time in 11 Weeks - San Francisco Chronicle

NEW DELHI: Oil and Natural Gas Corporation (ONGC) is scrutinising data of Russian blocks of theSistema group, preparatory to finalising a seven-month old proposal to merge their assets in Russia to create giant energy firm that will be 25% owned by Indian firm's overseas armONGC Videsh (OVL), two oil ministry officials said. They said Sistema was also studying data of OVL's Russian assets held by Imperial Energy.

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NEW DELHI: Oil and Natural Gas Corporation (ONGC) is scrutinising data of Russian blocks of theSistema group, preparatory to finalising a seven-month old proposal to merge their assets in Russia to create giant energy firm that will be 25% owned by Indian firm's overseas armONGC Videsh (OVL), two oil ministry officials said. They said Sistema was also studying data of OVL's Russian assets held by Imperial Energy. "The valuation of companies will be ascertained after that," one official said, requesting anonymity.OVL acquired Imperial Energy in 2009 for $2.1 billion. OVL managing directorJoeman Thomas confirmed the development. "We have received data from Sistema very recently. It may take couple of months to analyse data before we take a decision," he told ET. Last December, energy majors of two countries had announced a mega-merger of three companies - Bashneft, RussNeft and Imperial Energy - that would make ONGC a shareholder in Russian firms' annual oil production of 25 million tonnes, refining capacity of 20 million tonnes a year, and discovered oilfields Trebs and Titov. The merger is expected to bail out Imperial Energy that is struggling to be profitable due to high taxes imposed on foreign oil and gas in Russia.

ONGC, Sistema may soon merge assets in Russia - Economic Times

The regulations would apply to new wells that are hydraulically fractured to stimulate greater production, as well as older wells that are re-fractured. They would also cover facilities such as natural gas processing plants, gas compressor stations and storage tanks at well sites.

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The regulations would apply to new wells that are hydraulically fractured to stimulate greater production, as well as older wells that are re-fractured. They would also cover facilities such as natural gas processing plants, gas compressor stations and storage tanks at well sites. "Reducing these emissions will help cut toxic pollution that can increase cancer risks and smog that can cause asthma attacks and premature death -- all while giving these [oil and gas] operators additional product to bring to market," EPA official Gina McCarthy said in a statement. The regulations would take effect Feb. 28 after a comment period that would include public hearings "in the Dallas, Denver and Pittsburgh areas," the agency said. Specific dates and locations will be announced later.

EPA proposes emissions cuts for oil, gas operations - Fort Worth Star Telegram

The benchmark Sensex shed about 200 points in the morning trade on the back of gloomy picture across the globe post US House Speaker John Boehner revised his plan to raise the US debt ceiling on Republicans support but Democratic Party was against it.

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The benchmark Sensex shed about 200 points in the morning trade on the back of gloomy picture across the globe post US House Speaker John Boehner revised his plan to raise the US debt ceiling on Republicans support but Democratic Party was against it. The 50-share NSE Nifty lost 69 points to 5,478 on the back of fall in 46 shares and the 30-share BSE Sensex tumbled 215 points to 18,217. "The market is likely to fall and test the lower end again, as reforms from the government’s side would be incapable in offsetting the losses caused from RBI’s steeper-than-expected policy rate tightening," Nitin Rakesh, CEO, Motilal Oswal Asset Management Company said.

Tech banks oil gas push Sensex down 200 pts - Moneycontrol.com

SSN -6.04% announced today that it has closed its purchase of 20,028 acres of oil and gas leases in the Fort Peck Indian Reservation in, Roosevelt County, Montana, from the Fort Peck Energy Company LLC (FPEC).

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Tranche 1, which closed today, is a 100% working interest in a 20,028 acre block that carries with it an obligation for Samson to drill two wells.

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Tranche 2 is an option to acquire a 100% working interest in 20,000 additional acres from FPEC that Samson will earn upon the completion of the initial two wells in Tranche 1. The Tranche 1 and Tranche 2 areas are mainly contiguous.

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Samson Oil & Gas Closes First Tranche of Roosevelt Acquisition - MarketWatch (press release)

GE Oil & Gas has entered into an agreement with Bechtel International, Inc. for the supply of compression technology for two customized LNG refrigeration trains for the Chevron-operated Wheatstone Project in Western Australia. A final investment decision on the Wheatstone Project is expected in the second half of 2011.

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This is GE Oil & Gas's first installation of an LM6000 mechanical drive aeroderivative gas turbine. Chevron committed for a total of 16 LM6000PFs, 12 for mechanical drive and four to drive generators. The mechanical drives will be used in the main refrigeration compression trains of the LNG facility. More than 800 LM6000 units are in operation with more than 20 million hours of service. The gas turbines will be manufactured in Evendale, Ohio, and packaged in Florence, Italy. GE Oil & Gas in Florence also will build and package the refrigeration compressors and tests will be conducted in Massa, Italy. The Chevron-led Wheatstone Project is located at Ashburton North, 12 kilometers west of Onslow in Western Australia. The initial phase of the project will consist of two liquefied natural gas trains with a combined capacity of 8.9 million tons per annum and a domestic gas plant.

GE Oil & Gas Supplying Compression Equipment for Wheatstone Project in Western ... - MarketWatch (press release)

New Zealand Oil & Gas extended its slide to a seven-year low, leading the decline in the NZX 50 Index, as investors trimmed their valuations to reflect smaller reserves in the Tui oilfield.

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The NZX 50 fell 13.29 points, or 0.4 per cent, to 3403.32, heading for a third straight daily decline. Shares also fell after a sell-off on Wall Street amid stalled negotiations in the US Congress to agree to raise America's debt ceiling.

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NZ Oil & Gas fell 4.3 per cent to 67c and earlier touched 65c, the lowest since August 2004. AWE, the Australian operator of the Tui field, said probable reserves are between nine and 11 million barrels of oil smaller than the 50.5 million barrels previously thought to be recoverable. NZO owns 12.5 per cent of the field.

NZ Oil & Gas extends slide to 7-year low - Stuff.co.nz

Natural gas ignited during drilling operations at an oil well in western North Dakota, starting a fire that severely burned two men, injured another and will likely burn for at least a week before it's brought under control, the state's top oil regulator said Monday.

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Lynn Helms, the director of the state Department of Mineral Resources, said the fire started Sunday at the site near Beach. The drill rig toppled during the blaze, and oil, gas and debris were still burning Monday, he said. Lynn Helms, the director of the state Department of Mineral Resources, said the fire started Sunday at the site near Beach. The drill rig toppled during the blaze, and oil, gas and debris were still burning Monday, he said. "They had just finished their drilling operation and it caught fire," Helms said.

3 injured in ND oil well explosion - BusinessWeek

Hydraulic fracturing, or fracking, the extraction of natural gas from rock thousands of feet below ground, is the latest point of strain in the energy-versus- environment tug of war. We side with those who focus on the technique’s promise.

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As long as the wells and wastewater pits are carefully built and maintained, fracking can be a relatively clean and safe way to obtain natural gas. Because natural gas can reduce U.S. consumption of crude oil and coal, it can lessen dependence on Mideast oil and significantly reduce greenhouse gases and acid rain. The U.S. possesses an estimated 827 trillion cubic feet of gas available for extraction from rock, enough to meet current natural gas consumption for 35 years. The U.S. uses about 20 trillion cubic feet of natural gas a year, mostly for electricity production and home heating, but cars and trucks, the biggest consumers of oil, could also be configured to run on natural gas.

Cleanly Exploit the Great Promise of Shale Gas Fracking: View - Bloomberg

The benchmark indices were holding their morning gains and still trading higher. The NSE Nifty was trading high points of the day and broke its 150-days simple moving average (5614). On the global front, Asian and European markets surged on Greece bailout plan announcement.

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The benchmark indices were holding their morning gains and still trading higher. The NSE Nifty was trading high points of the day and broke its 150-days simple moving average (5614). On the global front, Asian and European markets surged on Greece bailout plan announcement. Strong buying interest emerges from IT, oil & gas, capital goods, banks, auto, power and pharma stocks. All stocks on the BSE Sensex were trading in positive terrain.

Nifty holds 5600 IT oil gas capital goods surge - Moneycontrol.com

State-run Oil and Natural Gas Corporation (ONGC) plans to invest about Rs 26,000 crore in putting 50 onshore and offshore fields on production, 49 through in-house efforts and one through service contract.

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ONGC’s efforts to monestise these fields stems from two things — a burgeoning demand for natural gas and the absence of any significant onland gas find. “For some time, we have not discovered any giant field on land. Our efforts are on to find big ones, but except for Cairn India’s Rajasthan field, no other company has been able to discover any big find,” ONGC Chairman A K Hazarika had told Business Standard.

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The company, which accounts for 79 per cent of India’s crude oil and 54 per cent of natural gas production, said it had taken a strategic decision to improve production by early development and monetisation of new and marginal fields. “The recent oil price rise has given a new dimension to field development economics and many of the discovered fields which were considered to be unviable are no longer marginal,” the company said in an emailed statement.

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ONGC to monetise marginal fields - Business Standard

MUMBAI: The Cabinet on Friday approved UK's BP buying 30 per cent stake in Reliance Industries' 23 oil and gas blocks, including the showpiece KG-D6 gas fields, for $7.2 bn, ET Now said on Friday.

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The Cabinet Committee on Economic Affairs (CCEA), headed by Prime Minister Manmohan Singh, today approved BP buying stake in RIL's 21 blocks, sources said. RIL , India's most valuable company, had on February 21 agreed to sell 30 per cent stake in 23 out of its 29 oil and gas blocks to London-based BP Plc for USD 7.2 billion, and may get an additional USD 1.8 billion if the two explorers find more hydrocarbons.

$7.2 bn deal: Govt approves BP buying stake in RIL's 21 blocks - Economic Times

NEW DELHI: In signs of a souring relationship, state-owned Oil and Natural Gas Corp (ONGC) has withheld consent for internal restructuring of Cairn India Ltd for the past one year.

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Cairn wants the stakes that its different subsidiaries, including some registered abroad, hold in various oil and gas properties, including the showpiece Rajasthan oilfields, to be transfered into one India-based company.

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Since ONGC is partner in six of those properties, Cairn procedurally sought a no-objection from ONGC, but the state-run oil giant has so far not agreed to the proposal, sources privy to the development said.

ONGC holds back consent for Cairn India restructuring - Economic Times

The benchmark Sensex was trading with moderate loss amid volatility - especially after a fall in European markets. Technology, oil & gas, auto, healthcare and major financial stocks were on sellers' radar.

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The 30-share BSE Sensex was trading at 18,485, down 78 points and the 50-share NSE Nifty fell 25 points to 5,556. Even broader indices came off their day's high. European markets like France's CAC, Germany's DAX and Britain's FTSE were down 1% each. Dow Jones and Nasdaq futures too lost more than 0.5%. Gold touched a new high of USD 1601 an ounce.

Market choppy autos IT oil gas pharma dip - Moneycontrol.com

According to maps submitted to the Department of Environmental Protection, it will be used to drill horizontally to neighboring properties in the area.

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According to maps submitted to the Department of Environmental Protection, it will be used to drill horizontally to neighboring properties in the area. "They gather all of that gas from the neighboring tracts and bring it out of my surface. They've destroyed my surface for the benefit of the neighboring. The terrain is just the same. They could have just as easily put the wells on the people who are going to reap the benefits," he said. After doing some research, he said he decided to file a lawsuit to prevent companies like Waco and XTO from coming onto people's properties and destroying surface that doesn't belong to them.

Marion County Man Suing Two Oil, Gas Companies - WBOY-TV

CA:ZAR +0.28% ("Zargon") today announced that its Board of Directors has approved the current dividend policy of $0.14 per common share per month for the third quarter of 2011, based on the current economic conditions of our business. The monthly cash dividend for the month of July in the amount of Cdn. $0.14 per common share will be paid on August 15, 2011 to shareholders of record on July 31, 2011. The ex-dividend date is July 27, 2011.

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Our dividend policy is reviewed monthly and is based on a number of factors including current and future commodity prices, foreign exchange rates, our commodity hedging program, current operations, financial and legal requirements and other conditions existing at such future times. We will continue to carefully monitor the impact of all these issues and adjust our monthly dividend as conditions dictate. Zargon's 2011 third quarter cash dividend to shareholders of $0.14 per common share per month based on our 2011 guidance is as follows: ---------------------------------------------------------------------------- Record Date Ex-Dividend Date Dividend Payment Dividend Per Date Share ---------------------------------------------------------------------------- July 31, 2011 July 27, 2011 August 15, 2011 $0.14 ---------------------------------------------------------------------------- August 31, 2011 August 29, 2011 September 15, 2011 $0.14 (i) ---------------------------------------------------------------------------- September 30, 2011 September 28, 2011 October 17, 2011 $0.14 (i) ---------------------------------------------------------------------------- (i) The above reflects an anticipated dividend based on Zargon's current projected commodity prices, commodity hedge positions and production volumes. Dividends are subject to change should there be a material change in expected cash flow for the respective periods.

Zargon Oil & Gas Ltd. Announces 2011 Third Quarter Cash Dividends - MarketWatch (press release)

NEW DELHI: Exploration and production major ONGC is preparing for a total recast in its top management over the next few years, as almost all its directors and executive directors will retire by 2013.

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Besides these, close to 7,000 experienced hands will also retire in the next five years, adding to the state-run exploration giant's challenges in attracting and retaining talent at a time when private sector activity in the oil and gas sector is poised to expand significantly.

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ONGC is struggling to maintain crude production from onshore operations and intensifying its efforts offshore. To deal with the situation, it is planning to undertake a massive recruitment drive and promote its group general managers and general managers to higher ranks.

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ONGC prepares to recast top management to fill up vacancies - Economic Times

A host of new surveys don't paint a pretty picture for many small businesses. Uncertainty about the economy, slow retail sales and high commodity prices have small business owners in the dumps this summer.

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WASHINGTON, July 12 (Reuters) - The U.S. Interior Department is concerned potential cuts in the government's 2012 budget, to take effect this October could slow oil and natural gas drilling off the Alaskan coast, an official said on Tuesday. WASHINGTON, July 12 (Reuters) - The U.S. Interior Department is concerned potential cuts in the government's 2012 budget, to take effect this October could slow oil and natural gas drilling off the Alaskan coast, an official said on Tuesday. "The Arctic is an very good example of an area that could be affected in very significant ways by budget negotiations," David Hayes, the Deputy Secretary of the U.S. Department of Interior told a meeting at the Center for Strategic and International Studies.

US budget cuts may slow Alaska drilling -official - Reuters

NEW DELHI: The much talked about Rs 11,500 crore share sale of state-run Oil and Natural Gas Corp (ONGC) has been deferred again and is unlikely to hit the market before mid-August.

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The public offer in which government plans to sell 5 per cent (427.77 million shares) was originally planned for 2010-11 fiscal 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.

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It was then scheduled for July but it has again been deferred, a senior government official said here. "This not the right time for the follow-on public offer (FPO). It is now being planned to happen after ONGC reports its first quarter earnings," he said adding the Q1 numbers will give out the government mood on fuel subsidy sharing.

ONGC FPO further deferred - Economic Times

The benchmark indices continue to trade strong but off the day's high. Buying interest was seen in oil & gas, auto, realty, pharma, banks, and metal stocks. The broader indices were trading up 1% each.

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Top gainers on the Sensex were Reliance Comm at Rs 99 up 2.38%, DLF at Rs 225.10 up 2.16%, ONGC at Rs 287 up 1.95%, Bharti Airtel at Rs 393.10 up 1.47% and Reliance Infra at Rs 571.55 up 1.42%. Top losers on the Sensex were HDFC at Rs 685.30 down 0.75%, Tata Power at Rs 1,282 down 0.54%, Infosys at Rs 2,780.65 down 0.49%, HUL at Rs 331.25 down 0.38% and Wipro at Rs 413.90 down 0.19%.

Sensex soars oil gas auto realty gain - Moneycontrol.com

Penny Stock Specialist is more of an under-$10 newsletter. We do have some penny stocks in there, but you may see some large caps that trade under $10 as well. About 80% is in small caps. In May, most small caps were trading at their most expensive valuations to large caps in more than three decades. That was before we saw seven straight weeks of declines. I may lean toward recommending even more mid- to larger-cap companies going forward.

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There have been a lot of major changes. I do like oil right now. Most analysts and people I talk to see lower prices in the short term. But, looking at the long-term picture I think oil is getting more difficult to find. The political landscape is more challenging than ever. That is probably why every major oil company is spending billions of dollars buying shale gas assets in North America. Short term, we may see oil prices push under $90/barrel (bbl.), especially with the political motivation to release oil from the strategic oil reserves, a step that is only supposed to be taken under extreme emergency conditions. The last time we released any significant oil from strategic oil reserves was 2005 during Hurricane Katrina. That was an emergency. Also during the Gulf War. That was an emergency, but oil at $100/bbl. is not an emergency. So, it seems more like another short-term stimulus package aimed at pushing the price of oil under $90/bbl. ahead of an election year. But longer term, I like oil and I think it goes a lot higher from here.

Frank Curzio: Penny Stocks to Profit from Higher Oil & Gas Demand - Jutia Group

SALT LAKE CITY — A new report asserts Utah and the West could produce enough oil and gas on a daily basis by 2020 to equal U.S. imports from Saudi Arabia, Iraq, Venezuela and five other foreign countries combined.

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Released Monday by the Western Energy Alliance, which represents more than 400 oil and gas companies in the West, the report says if energy producers are allowed to develop vast resources found on public lands, investment in the region will double to $58 million annually by 2020. For that to happen, however, federal policies that stymie growth, investment and expansion need to be abolished, and a moratorium on new and expanded layers of regulation should be invoked, the report said.

Report: West could displace foreign oil, gas imports - Deseret News

Reliance Industries Ltd, Cairn Energy and British Gas will formally respond to the audit findings of the Comptroller and Auditor General (CAG) in its draft report over irregularities in developing some of India's biggest oil and gas fields.

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The CAG is holding an exit conference on July 12 with the petroleum ministry, which in turn has asked the three private companies to come prepared with their replies.

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The ministry wrote to the three firms on June 28. "You have already received the relevant portions of the draft audit report …and are requested to keep the replies ready and come for the meeting on 12th July, 2011," the ministry's letter said.

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Ministry, petro firms to meet CAG on gas - Hindustan Times

Indian equity benchmarks inched up further amid a choppy trade - the Sensex added about a 100 points, backed by FMCG, oil & gas, capital goods, power, healthcare and select technology companies' shares. Heavyweights SBI and Bharti Airtel too were leading the market.

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In the July series Ambareesh Baliga, chief operating officer, Way2Wealth expects Nifty to trade in 5,400 to 5,600-5,650 range. "If the market moves beyond these levels we might see domestic selling coming in and foreign institutional investor (FII) buying which we have seen in the last couple of days may not continue for too long," he added. Baliga expects to see a moderate correction of about 150-200 points in market. The 30-share BSE Sensex was trading at 18,826, up 99 points and the 50-share NSE Nifty gained 28 points at 5,653. The Nifty July futures were trading with 12 points premium.

Nifty holds 5650 amid choppy trade FMCG oil gas up - Moneycontrol.com

Serious spills of oil and gas from North Sea platforms are occurring at the rate of one a week, undermining oil companies' claims to be doing everything possible to improve the safety of rigs.

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Shell has emerged as one of the top offenders despite promising to clean up its act five years ago after a large accident in which two oil workers died.

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Documents obtained by the Guardian record leaks voluntarily declared by the oil companies to the safety regulator, the Health and Safety Executive(HSE) , in a database set up after the Piper Alpha disaster of 6 July 1988 which killed 167 workers. They reveal for the first time the names of companies that have caused more than 100 potentially lethal and largely unpublicised oil and gas spills in the North Sea in 2009 and 2010.

Oil and gas spills in North Sea every week, papers reveal - The Guardian

Conditions are certainly looking better than they did in the midst of the Great Recession in 2009, but the industry's fiscal vitality is still struggling to reach parity with those good times of 2007 or 2008.

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That somewhat hesitant, less than jubilant characterization of the oil and gas industry's health in Utah is replicated in neighboring energy-producing states such as Colorado, Wyoming, Montana and New Mexico. An annual running rig count average for these Western states done by Baker Hughes, an oil field services company, reflects healthy numbers in 2008, drastic drops in 2009 and some gains made last year.

Utah's oil, gas industry fighting to recover from recession - Deseret News

NEW DELHI: The CBI may ask Oil Ministry to appoint an expert to assist it in understanding transactions surrounding Reliance Industries' crown jewel KG-D6 fields, where the company has shown a phenomenal increase in cost of producing gas.

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The CBI wants to understand the arguments offered by Mukesh Ambani's firm when it raised the cost of developing Dhirubhai 1 and 3 gas fields in the KG-D6 block from USD 2.39 billion proposed in 2004 to USD 5.196 billion in Phase-1 and another USD 3.3 billion in Phase-II. Exploration and production of oil and gas from deep sea being complex issues, the agency wants to use the expertise of a domain expert to understand if all the expenses proposed by Reliance and approved by the Directorate General of Hydrocarbons (DGH) were justified.

CBI wants Oil Ministry to appoint expert to help in Reliance case - Economic Times

SSN -2.36% has elected to participate in the drilling of the State 24-63 #10-1H well with Chesapeake Energy (operator) for its 25% working interest. The State 24-63 #10-1H well is located in Township 24N, Range 63W, Section 10 in Goshen County, WY. The well will be drilled as an 11,447' measured depth horizontal well in the Codell Sandstone (which lies directly beneath the Niobrara Formation). Upon completion of the well in the Codell sandstone, the fracture stimulation job is expected to fracture the Niobrara Formation.

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Samson Oil & Gas Limited has also elected to participate in the drilling of the State 24-63 #14-1H well with Chesapeake Energy (operator) for its 12.5% working interest. The State 24-63 #14-1H well is located in Township 24N, Range 63W, Section 14 in Goshen County, WY. The well will be drilled as an 11,272' measured depth horizontal well in the Codell sandstone. Upon completion of the well in the Codell sandstone, the fracture stimulation job is expected to fracture the Niobrara Formation. Terry Barr, CEO, will be presenting to a number of institutional investors in Sydney, Melbourne and Perth, Australia during the week of July 4th to 8th, 2011. The presentation can be found at Samson's website www.samsonoilandgas.com .

Samson Oil & Gas Advises on State 24-63 #10-1H & #14-1H Wells - MarketWatch (press release)

NEW DELHI: Opposing the present ad-hoc fuel subsidy sharing mechanism, state-run Oil and Natural Gas Corp (ONGC) has said its profitability and cash flows will be seriously impacted if the government forces it to bear one-third of marketing companies' revenue loss on fuel sales.

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Oil and gas producers like ONGC have to make good one-third of the revenues that retailers lose on selling diesel, domestic LPG and kerosene at government-controlled rates. ONGC gives discounts to IOC , BPCL and HPCL on crude oil it sells to them to make up for losses on fuel sales.

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Oil and gas producers like ONGC have to make good one-third of the revenues that retailers lose on selling diesel, domestic LPG and kerosene at government-controlled rates. ONGC gives discounts to IOC , BPCL and HPCL on crude oil it sells to them to make up for losses on fuel sales. "The upstream companies' share of under-recoveries (revenue loss) has been increased from one-third (33.33 per cent) to 38.75 per cent for the year 2010-11 and 46.89 per cent for Q4 of FY-11," ONGC Chairman and Managing Director A K Hazarika wrote to Oil Secretary G C Chaturvedi.

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Ad hoc subsidy sharing hurts profitability, cash flows: ONGC - Economic Times