August 2011 Archives

NEW DELHI: Reliance Industries on Tuesday said it has closed the USD 7.2 billion deal to sell 30 per cent stake in 21 oil and gas bearing areas to UK's BP Plc, an alliance the Mukesh Ambani firm is banking on to arrest sagging production at its showpiece KG-D6 gas fields.

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NEW DELHI: Reliance Industries on Tuesday said it has closed the USD 7.2 billion deal to sell 30 per cent stake in 21 oil and gas bearing areas to UK's BP Plc, an alliance the Mukesh Ambani firm is banking on to arrest sagging production at its showpiece KG-D6 gas fields. "This significant step will commence the planned alliance which will operate across the gas value chain in India, from exploration and production to distribution and marketing. The completion of the deal delivers one of the largest ever foreign direct investments into India," the two firms said in separate statements. Sources said BP, as required by the government, has furnished bank guarantees for 18 blocks which are under exploration while the same for three has not been done as they have moved into development phase.

Reliance Industries closes $7.2 bn deal with BP - Economic Times

State-owned Oil and Natural Gas Corp (ONGC) today said it is investing Rs 24,890 crore in developing marginal oil and gas fields to make up for fall in production at old and ageing properties.

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State-owned Oil and Natural Gas Corp (ONGC) today said it is investing Rs 24,890 crore in developing marginal oil and gas fields to make up for fall in production at old and ageing properties.

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State-owned Oil and Natural Gas Corp (ONGC) today said it is investing Rs 24,890 crore in developing marginal oil and gas fields to make up for fall in production at old and ageing properties. "We have taken up 10 major projects for development and one project for additional development of D-1 field with estimated investment of Rs 24,890 crore," ONGC Chairman and Managing Director A K Hazarika told company shareholders here.

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ONGC invests Rs 24890cr to develop marginal oil, gas field - Moneycontrol.com

Govt's energy strategy under fire - TVNZ

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The Government today released its energy strategy which claims deep sea drilling off New Zealand's coast will bring in jobs and billions of dollars.

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While many fear an oil disaster could damage New Zealand's clean, green image, the Government says it is worth the risk. "We know we have significant oil gas and mineral potential, we know that brings significant wealth," said Acting Energy and Resources Minister Hekia Parata. It claims that figure could quadruple in the future with more drilling. "That could increase to $12.7 billion with future discoveries, which would help pay for schools, hospitals, broadband and roads," Parata said.

Govt's energy strategy under fire - TVNZ

Saying she would consider drilling for oil and gas in the Everglades, GOP presidential candidate Michele Bachmann may have stepped into a political swamp in Florida.

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During a weekend campaign swing through the state, the Minnesota congresswoman promoted energy independence as crucial to jump-starting the U.S. economy.

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During a weekend campaign swing through the state, the Minnesota congresswoman promoted energy independence as crucial to jump-starting the U.S. economy. "The United States needs to be less dependent on foreign sources of energy and more dependent upon American resourcefulness. Whether that is in the Everglades, or whether that is in the eastern Gulf region, or whether that's in North Dakota, we need to go where the energy is," she said.

Michele Bachmann Would Drill for Oil and Gas in the Everglades - Sunshine State News

SSN +3.52% advises it has been awarded, on a conditional basis, approximately 956 net acres of leasehold offered by competitive tender from the University of Wyoming. This land is part of the University's agricultural research facility. Because the acreage is within Samson's propriety 3-D seismic coverage, Samson had a significant advantage by being knowledgeable about the rock qualities in the area. Samson has also been successful in acquiring additional acreage in the State of Wyoming's lease sales as well as leasing acreage from fee owners. Accordingly, Samson has now increased its holding to 17,489 net acres in the Hawk Springs area. This holding assumes that Samson's farminee exercises its full right to earn a 25% interest within the farmin area.

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Samson further advises that the Defender US33 #2-29H well has reached the Niobrara core point at a depth of 6,937 feet and is currently cutting 120 feet of core from the Niobrara 'A' and 'B' intervals. This vertical pilot hole will then be drilled to an approximate total depth of 7,450 feet, at which point the hole will be logged, with both the core data and the log data used to determine the final horizontal azimuth. The vertical pilot hole will be plugged back to a kick-off point above the Niobrara. From the kick-off point, the borehole angle will be built until it is horizontal and the bit is positioned within the Niobrara "B". Then 7-inch intermediate casing will be set through the curve and the lateral will thereafter be drilled for a distance of approximately 4,300 feet within the Niobrara "B". The well will be completed using a plug and perforation process in 15-stages that is expected to involve the placement of approximately 3,000,000 pounds of proppant into the Niobrara Formation. The Defender US33 #2-29H is the first Niobrara appraisal well in Samson's Hawk Springs project.

Samson Oil & Gas Advises on Hawk Springs Acreage Acquisition and Defender ... - MarketWatch (press release)

PetroChina Earnings Up Slightly - Zacks.com

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Analyst Report ) announced its first half 2011 earnings of RMB 66.0 billion or RMB 0.361 per diluted share, compared with RMB 65.3 billion or RMB 0.357 per diluted share in the year-earlier period. Earnings per ADR came in at $5.59 (exchange rate: US$1.00 = RMB 6.46, 1 ADR = 100 shares). The slight improvement can be primarily attributable to higher oil prices and stronger volumes, which were almost offset by refining losses. PetroChina’s total revenue for the six months totaled RMB 952.2 billion, an increase of 39.1% from the year-earlier period.

PetroChina Earnings Up Slightly - Zacks.com

NEW DELHI: State-owned Oil and Natural Gas Corp (ONGC) wants to drill eight wells in its gas discovery block in the prolific Krishna-Godavari Basin off the Andhra coast to appraise finds it has made in the area.

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The firm has made 10 discoveries in the KG Basin's KG-DWN-98/2 block, which sits next to Reliance Industries' showpiece producing KG-D6 gas fields, Minister of State for Petroleum and Natural Gas R P N Singh said today. The firm has made 10 discoveries in the KG Basin's KG-DWN-98/2 block, which sits next to Reliance Industries' showpiece producing KG-D6 gas fields, Minister of State for Petroleum and Natural Gas R P N Singh said today. "ONGC has submitted a proposal to the Ministry of Petroleum and Natural Gas (and) Directorate General of Hydrocarbons requesting permission for drilling eight additional exploratory/appraisal wells in block KG-DWN-98/2 and also seeking an extension of the exploration period for drilling these wells," he said a written reply to a question in the Lok Sabha.

ONGC looking to drill 8 wells in Krishna-Godavari gas block - Economic Times

Today’s planetary position: Moon will be transiting in Gemini. Sun & Venus in Leo. Mercury in Cancer. Mars in Gemini, Ketu in Taurus, Jupiter in Aries. Rahu in Scorpio. Saturn in Virgo. Pluto in Sagittarius Uranus in Pisces. Neptune in Aquarius.

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Planet mercury, which controls our mind (Buddhi) is transiting in Leo & will be in retrograde position from 3rd August to 27th August 2011. During retrograding, it will be in Cancer from 17th August to 5th September. Be cautious, as one is likely to take wrong decisions, resulting in financial losses, depending on its position in individual horoscope. Persons with Virgo, Gemini, Leo & Aquarius rashi need to be extra vigilant.

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It is advised to trade silver & gold till astrological position about Stock Market become comfortable. We have also started astrological consultancy services for Silver & Gold.

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Oil gas pharma to get astrological support Satish Gupta - Moneycontrol.com

StockMarketWire.com - Shares in Ascent Resources (LON:AST) rose by over 9% after it revealed encouraging results from the Pg-10 well at the Petiaovci project in Slovenia.

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The results confirm the reservoir quality and potential commerciality of the Middle Miocene reservoir section, which is independently estimated to contain over 400bn cu ft of gas-in-place, and delineate the substantial new deeper reservoir section discovered by the Pg-11A well. The appraisal of the deeper Miocene or 'K' sand reservoirs showed a total of approximately 123m of new net additional reservoir with 63m of good to moderate sand quality along with another 60m of poorer quality sands in a 370m gross reservoir section.

Oil & Gas Sector: Ascent shares rise after encouraging results in Slovenia - Stock Market Wire

LONDON (MarketWatch) -- London-listed Indian energy company Essar Energy PLC (ESSR.LN) Monday reported a 48% rise in first-half earnings before interest, tax, depreciation and amortization, or Ebitda, and said plans to expand capacity at its giant Vadinar refinery remain on track, although warned of continued regulatory delays in key markets.

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The power, oil and gas exploration company spun out of Indian conglomerate Essar Group in 2010 said half-year Ebitda rose to $477.9 million from $320.2 million in the same period a year ago.

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The power, oil and gas exploration company spun out of Indian conglomerate Essar Group in 2010 said half-year Ebitda rose to $477.9 million from $320.2 million in the same period a year ago. "The first half has been a mixed period for the company," said Chief Executive Narrash Nayyar. "Operational performance has been good with a solid performance at our Vadinar refinery and high availability across our power plants. However, we continue to experience delays due to slow progress with certain regulatory approvals, particularly for our coal blocks in India and Indonesia," Nayyar added.

India's Essar 1st-half Ebitda up; will expand site - MarketWatch

COLUMBUS, Ohio (AP) — Drilling for oil and gas has fallen to a modern-day low in Ohio, but experts predict a drilling boom as companies race to tap into shale formations.

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New drilling declined by more than 50 percent in the last two years, probably due to low prices for natural gas, and the 651 new oil and gas wells drilled last year was the lowest number since 1887, The Plain Dealer in Cleveland (http://bit.ly/of5UN4 ) reported. Records from the Ohio Department of Natural Resources for 2010 show that wholesale natural gas prices have fallen more than 50 percent since 2008.

Ohio oil, gas well drilling drops but may see boom - Houston Chronicle


International oil, gas conference insightful
The News-Press
Every year in August there is a weeklong event called the Oil & Gas Conference. It's in Denver and draws an international audience. This year about two-dozen Canadian companies also debuted. Following are a few of the more pertinent and interesting ...

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International oil, gas conference insightful - The News-Press

Tensions are mounting between the Cyprus and Turkey over the island nation's plans to begin oil and gas exploration in the eastern Mediterranean Sea. Drilling is scheduled to start in just six weeks.

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Turkey, which backs the Turkish Cypriots, says it objects to the drilling and says it will take action if the exploration goes ahead before a solution to the 37-year-old division of Cyprus is found. Ankara claims that only a peace settlement between the two communities would ensure the Turkish Cypriot community’s share of any natural resources discovered.

Tensions Mounting in Cyprus Over Oil, Gas Exploration Plans - Voice of America

Aug 20 (Reuters) - U.S oil company ConocoPhillips has begun preliminary work to carry out exploration in Bangladesh's offshore gas field in October this year, a senior energy official said on Saturday.

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Bangladesh approved on May 23 a plan by the firm to explore for oil and gas in two deep sea blocks in the coming winter. "We are happy that the international oil firm is to begin its work on time as we are deeply short of natural gas," Mohammad Hussain Monsur, chairman of the state-run Bangladesh Oil, Gas and Mineral Corporation or Petrobangla, told Reuters.

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Bangladesh faces acute gas shortages, with production at around 2,000 million cubic feet (mmcft) per day against demand of more than 2,500 mmcft a day.

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ConcoPhillips begins Bangladesh gas search in October - Reuters

NEW DELHI: ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp, is targeting doubling of crude oil production from its assets abroad to 20 million tonnes by 2020.

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OVL and other PSUs have properties in more than 20 countries including Russia, Sudan, Vietnam, Venezuela, Syria and Columbia, Minister of State for Petroleum and Natural Gas R P N Singh said in a written reply to Lok Sabha today. OVL and other PSUs have properties in more than 20 countries including Russia, Sudan, Vietnam, Venezuela, Syria and Columbia, Minister of State for Petroleum and Natural Gas R P N Singh said in a written reply to Lok Sabha today. "OVL has produced about 9.448 million tonnes of oil and equivalent gas during the year 2010-11 from its assets abroad," he said.

ONGC Videsh Ltd targeting 20 mn tonnes of oil output from assets abroad - Economic Times

BSE Benchmark Sensex held its 100 points gain since the opening trade though it erased about 60 points from day's high of 17,035.49. However, broader indices were lacklustre in trade.

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BSE benchmark Sensex held on to its 100 point opening trade gain though it lost about 60 points from day's high of 17,035.49. The broader indices also were lacklustre in trade.

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Oil & gas, banking, technology, capital goods, cement and select auto companies' shares were supporting the market. However, the selling continued in GAIL, DLF, Maruti, Kotak Mahindra Bank and Reliance Capital, which fell 1-2%. Meanwhile, HDFC, Ranbaxy Labs and Reliance Infrastructure slipped over 0.5%.

Sensex holds on to early gains oil gas banks support - Moneycontrol.com

Contango is a Houston-based, independent natural gas and oil company. The Company's business is to explore, develop, produce and acquire natural gas and oil properties primarily offshore in the Gulf of Mexico. Additional information can be found on our web page at www.contango.com .

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This press release contains forward-looking statements regarding Contango that are intended to be covered by the safe harbor "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995, based on Contango's current expectations and includes statements regarding acquisitions and divestitures, estimates of future production, future results of operations, quality and nature of the asset base, the assumptions upon which estimates are based and other expectations, beliefs, plans, objectives, assumptions, strategies or statements about future events or performance (often, but not always, using words such as "expects", "projects", "anticipates", "plans", "estimates", "potential", "possible", "probable", or "intends", or stating that certain actions, events or results "may", "will", "should", or "could" be taken, occur or be achieved). Statements concerning oil and gas reserves also may be deemed to be forward looking statements in that they reflect estimates based on certain assumptions that the resources involved can be economically exploited. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those, reflected in the statements. These risks include, but are not limited to: the risks of the oil and gas industry (for example, operational risks in exploring for, developing and producing crude oil and natural gas; risks and uncertainties involving geology of oil and gas deposits; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to future production, costs and expenses; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; health, safety and environmental risks and risks related to weather such as hurricanes and other natural disasters); uncertainties as to the availability and cost of financing; fluctuations in oil and gas prices; risks associated with derivative positions; inability to realize expected value from acquisitions, inability of our management team to execute its plans to meet its goals, shortages of drilling equipment, oil field personnel and services, unavailability of gathering systems, pipelines and processing facilities and the possibility that government policies may change or governmental approvals may be delayed or withheld. Additional information on these and other factors which could affect Contango's operations or financial results are included in Contango's other reports on file with the Securities and Exchange Commission. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from the projections in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Contango does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change. You know Mitt Romney, Michele Bachmann and Rick Perry, but how about Thaddeus McCotter and Gary Johnson? A look at all the Republican hopefuls.

Contango to Present at EnerCom Oil & Gas Conference in Denver - MarketWatch (press release)

NEW DELHI: Fertiliser, power and other firms may have to pay an astronomical USD 5.5 billion (Rs 2.5 lakh crore) more for imported LNG from 2014 because of certain price changes Petronet LNG (PLL) had agreed to some years ago.

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RasGas of Qatar had in 2002 agreed to sell sell 7.5 million tons a year of liquefied natural gas (LNG) to Petronet at USD 16 a barrel oil price floor and USD 24 per barrel ceiling. However in 2003, PLL renegotiated the price and agreed to having a fixed price at USD 20 per barrel oil (USD 2.53 per mmBtu) for five years from 2004 to 2009. For the next five years, it agreed to a price linked to moving average of the last 5 years of crude oil price and thereafter direct indexation with crude oil.

Fertliser, power firms to pay $5.5 billion more for imported LNG - Economic Times


David Kamm: Oil & Gas Conference offers chance to learn
The News-Press
Every year in August, there is a weeklong event called The Oil & Gas Conference (It's this week in Denver). The organizer is Greg Barnett, CEO of a company named EnerCOM Inc. It specializes in corporate communications, business advisory, and investor ...
Samson Oil & Gas EnerCom Presentation and Operations AdvisoryMarketWatch (press release)

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David Kamm: Oil & Gas Conference offers chance to learn - The News-Press

VADODARA: Public Sector Oil and Gas behemoth ONGC is outdoing the private companies in exploration on the west coast of the country, a top official said here today, adding that in the last fiscal alone, Western Onshore Basin of ONGC achieved nine discoveries.

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Stating that ONGC has formed a joint venture with Gujarat government-controlled GSPC in Cambay basin, Pandey said the corporation considered all the state petroleum companies as its strategic partners.

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He also claimed that ONGC's success rate in discoveries in the new fields in Cambay basin was higher than that of private sector companies, due to its vast experience of exploration, highly qualified team of geo-scientists, and use of cutting-edge technologies.

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'ONGC outdoing private cos in exploration on the west coast' - Economic Times

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In an article for 'Foreign Policy,' RFE's Abubakar Siddique looks at the many factors that are fueling separatist and sectarian violence in Pakistan's Baluchistan province. We're hoping that rferl.org will soon get a new look and feel. We want to hear from you, our audience, about how we can make a better website. What new rubrics or features could we add? What do we do well and what can we improve on? Please leave your comments on this forum or e-mail us here . We look forward to hearing from you.

Syrian Army Attacks Latakia, As US Urges Oil, Gas Boycott - RadioFreeEurope/RadioLiberty

Franklin Templeton Asset Management has reduced its exposure in engineering & capital goods, metals &mining and media & entertainment sectors, while increased its weightage in telecommunication, oil & gas and banking & financial services space.

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Franklin Templeton Asset Management increased its weightage in telecommunication, oil & gas and banking & financial services space, while reduced its exposure in engineering & capital goods, metals &mining and media & entertainment sectors.

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NHPC , Idea Cellular and Standard Chartered PLC were the top buys, while South Indian Bank , Jagran Prakashan and Apollo Tyres were the top sells.

Franklin Templeton picks telecom oil gas sells metal - Moneycontrol.com

The western onshore basin plans to spend Rs 475 crore in the current fiscal year and another Rs 525 crore to continue its exploratory thrust for finding oil and gas in the oil fields of the corporation in Gujarat and Rajasthan.

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The western onshore basin plans to spend Rs 475 crore in the current fiscal year and another Rs 525 crore to continue its exploratory thrust for finding oil and gas in the oil fields of the corporation in Gujarat and Rajasthan. "We have a target to drill 49 exploratory wells and aim to create 30 million metric tonnes (MMT) of in-place hydrocarbon reserve in 2011-12," said Pandey, adding that after the significant new finds in 2010-11 at Vadtal-1 and Vadtal-3 located near Nadiad and Aliabet-2 in the Gulf of Cambay, the public sector unit will aggressively take up operations in this region. The western onshore basin plans to spend Rs 475 crore in the current fiscal year and another Rs 525 crore to continue its exploratory thrust for finding oil and gas in the oil fields of the corporation in Gujarat and Rajasthan. "We have a target to drill 49 exploratory wells and aim to create 30 million metric tonnes (MMT) of in-place hydrocarbon reserve in 2011-12," said Pandey, adding that after the significant new finds in 2010-11 at Vadtal-1 and Vadtal-3 located near Nadiad and Aliabet-2 in the Gulf of Cambay, the public sector unit will aggressively take up operations in this region. "We will also deploy two 3D-3C, 5 3D and one 2D seismic crews for acquiring high resolution seismic data for our operations," said Pandey, adding that at Karvan near Vadodara production will commence soon as declaration of commerciality is being submitted.

ONGC to spend Rs 1000 cr for exploration in Guj, Rajasthan - Times of India


Sector Snap: Oil & Gas Exploration and Production
Kansas City Star
AP Natural-gas prices have nowhere to go but up, an analyst for for Brean Murray Carret & Co. said Friday, and that's good news for companies that look for and produce the fuel. Analyst Raymond Deacon started coverage of oil and gas exploration and ...
CABOT OIL & GAS (COG): NEW COVERAGE BY BREAN MURRAYZacks.com
The Zacks Analyst Blog Highlights: National Oilwell Varco, Cabot Oil & Gas ...PR Newswire (press release)

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Sector Snap: Oil & Gas Exploration and Production - Kansas City Star


Moneycontrol.com

'India has to act fast on oil, gas imports from Iran'
Tehran Times
Mr. Mehdi Nabizadeh, Ambassador of the Islamic Republic of Iran, in an interaction with Business Line says energy (oil and gas) is an important component and India should take certain decisions before it is too late. Our bilateral relations are not ...
Ambassador Urges India to Take Swift Decision on Energy Ties with IranFars News Agency

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'India has to act fast on oil, gas imports from Iran' - Tehran Times

Dhananjay Sinha, Economist & Strategist, Centrum Broking is underweight on metals sector. Sinha sees risks coming from profitability growth in the banking sector.

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Dhananjay Sinha, Economist & Strategist, Centrum Broking (CBPL) is overweight on oil and gas, FMCG and pharma sector. However, he is underweight on metals sector.

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Sinha sees risks coming from profitability growth in the banking sector. In an interview to CNBC-TV18, he said, there is a fairly high possibility of asset quality worsening. "We believe that these sectors might see a downside revision in earnings," he added.

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Overweight on Oil Gas FMCG and pharma space Centrum - Moneycontrol.com

LONDON -( Dow Jones )- U.K. oil, gas and mining equities recovered some of their earlier losses following better-than-expected U.S. payrolls data but were still in the red due to perceived risk that these stocks could be hit by any global economic downturn.

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Nonfarm payrolls rose by 117,000 last month as private-sector employers added 154,000 jobs, the U.S. Labor Department said Friday. This was better than the 75,000 jobs that had been anticipated, but the labor market in the world's largest economy remains weak--around 14 million are still looking for work. The U.K.'s FTSE 350 Basic Resources index, which tracks oil, gas and mining equities, fell as much as 5.2% from Thursday and was down only 3% after the payroll data, broadly in line with the 2.3% drop in the FTSE 100 index, which tracks the U.K.'s top 100 listed companies.

UK Oil, Mining Equities Find Relief But Still Down - Fox Business


Williston Daily Herald

Fracking: The not-so-secret to success to drilling in the Williston Basin
Williston Daily Herald
On April 4, 1951, the state of North Dakota changed forever with the discovery oil near Tioga. From that day forward the oil and gas industry has spent years working to find ways to unlock the secret to extracting black gold from the Williston Basin. ...
CONTINENTAL RESRCES Reports Operating Results (10-Q)GuruFocus.com
10-Q: CONTINENTAL RESOURCES INCMiddle East North Africa Financial Network

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Fracking: The not-so-secret to success to drilling in the Williston Basin - Williston Daily Herald

US oil, gas rig count up by 12 - Xinhua

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HOUSTON, Aug. 5 (Xinhua) -- The number of operating oil and natural gas rigs in the United States rose by 12 to 1,920 this week, according to a weekly report released here on Friday.

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A total of 1,031 rigs were exploring for oil and 883 for natural gas, with another six rigs listed as miscellaneous, according to the report released by Houston-based oil service company Baker Hughes Inc.. Of the major U.S. oil- and gas-producing states, Oklahoma gained nine rigs, North Dakota added five, Texas added four, New Mexico added two and California and Pennsylvania each added one.

US oil, gas rig count up by 12 - Xinhua

Larger font size CHEYENNE, Wyo. — Wyoming’s top elected officials Thursday adopted a revised state oil and gas lease form that is not fully satisfactory to the industry nor to representatives of beneficiaries of the income from the leases.

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Bruce Hinchey, executive director of the Wyoming Petroleum Association, said his group is concerned about new language in the section of the lease dealing with the valuing of mineral royalties and deductions not allowed. Representatives of the Equality State Policy Center, the Wyoming Education Association and the Wyoming League of Women Voters supported an increase in the royalty rate from 16.66 percent to 18.75 percent.

Neither side totally happy with new oil-gas lease form rules - Billings Gazette

Top Wyoming officials are set to vote Thursday on the first substantial update to Wyoming's oil and gas lease form in 29 years to clarify how companies calculate the royalties they pay on oil and gas extracted from state lands.

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The Office of State Lands and Investments has been working on the new form since last year. The main goal over the past few months has been to spell out the costs oil and gas companies may deduct from their state royalty payments. Earlier proposed changes, including a state royalty rate hike from 16.66 percent to 18.75, percent didn't make it into the final document. "This thing has gone through the ringer. We're pretty anxious to get it settled out," Ryan Lance, director of the Office of State Lands and Investments, said Tuesday.

Wyo. oil-gas lease form vote set for Thursday - BusinessWeek

MUMBAI: State-run ONGC plans to commence oil and gas production from the Krishna Godavri basin in a month and start pumping hydrocarbons from another block in the offshore region next May, top company officials said. ONGC has revised its production schedule from the G1 and GS15 blocks, which hold 21 million tonnes of oil and gas, following some technical issues and problems with an Australian contractor, who quit the project, delaying its completion.

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The company was initially planning to start production in July. "We were earlier planning to begin production from the GS 15 block in the KG basin by July-end , but now it might take another 2-3 weeks as we need to sort out some technical issues," said AK Hazarika , chairman ONGC.

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He did not elaborate on the technical issues. In an email response, ONGC said: "Production from the G1 field is expected to start by May 2012." The project is nearly five years behind schedule as gas production from the GS15 block was originally meant to commence in April 2006. "The long delay was largely caused by the Australian contractor Clough Engineering that went bankrupt and quit the project and PSUs typically take a very long time to renegotiate contracts ," said RS Sharma, exchairman , ONGC. Leighton India had now been awarded a $17-million contract for completion of the offshore installations.

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ONGC plans to commence oil and gas production from Krishna Godavri basin in a ... - Economic Times

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HOUSTON, Aug. 1, 2011 -- /PRNewswire/ -- CARBO Ceramics Inc. (NYSE: CRR) announced today that its management will present at the EnerCom, Inc. The Oil & Gas Conference® 16, being held at The Westin Denver Downtown, Denver, Colorado on August 14-18, 2011.  Gary Kolstad, Chief Executive Officer and President of CARBO Ceramics, is scheduled to present on August 16 at 10:55 a.m. Mountain Time.  A copy of Mr. Kolstad's presentation will be available on the Investor Relations section of the Company's website at www.carboceramics.com . Investors interested in attending the conference can register on the EnerCom Conference website at www.theoilandgasconference.com . CARBO is the world's largest supplier of ceramic proppant for fracturing oil and gas wells; the provider of the industry's most popular fracture simulation software; and a provider of fracture design and consulting services. The Company also provides a broad range of technologies for spill prevention, containment and countermeasures, along with geotechnical monitoring.

CARBO to Present at EnerCom, Inc. The Oil & Gas Conference® 16 - Sacramento Bee

Oil and gas production platforms continued to come back on line over the weekend as crews returned to offshore sites that had been evacuated as Tropical Storm Don came into the region late last week.

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The Bureau of Ocean Energy Management, Regulation and Enforcement reported about 2.3 percent of the Gulf of Mexico’s oil production (31,964 barrels) and .9 percent of the natural production (46 MM cubic feet per day) remained shut-in on Monday.

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The Bureau of Ocean Energy Management, Regulation and Enforcement reported about 6 percent of the Gulf of Mexico’s oil production (84,000 barrels) and 3.5 percent of the natural production (186 MM cubic feet per day) remained shut-in on Sunday.

Gulf oil and gas production coming back online - FuelFix (blog)


AFP

Demand vs oil, gas exploration bucked
BusinessWorld Online
THE PALACE will not give in to demands of the Moro Islamic Liberation Front (MILF) to stop oil and gas exploration in Mindanao given the country's need to beef up local supply in light of rising international prices, a Malacañang aide said yesterday. ...
MILF to gov't: Stop oil, gas explorations in Moro landGMANews.TV
MILF to GPH: suspend oil/gas explo of foreign firms in Bangsamoro areasMinda News
Philippine rebels urge halt to oil and gas projectsAFP
Washington Post -OilVoice (press release)
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Demand vs oil, gas exploration bucked - BusinessWorld Online

The benchmark indices gave up its early gains and trading marginally higher in the afternoon trade. The NSE Nifty was hovering around 5500 mark.

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Selling in metal and select oil and gas stocks dragged the bourses lower giving up their early gains and trading marginally higher in afternoon trade. However, some buying interest is seen in IT, pharma and auto stocks. The NSE Nifty was hovering around the 5500-mark. Despite global headwinds, investors find India attractive. Akash Prakash of Amansa Capital believes the market is likely to do well next year as the long-term story is still very much intact here. "I think weak growth in the US and Europe may bode well for India," he said.

Sensex loses early gains metals oil gas down - Moneycontrol.com

Oil and gas companies in the Gulf of Mexico are restoring production after Tropical Storm Don dissipated over Texas , the Bureau of Ocean Energy Management , Regulation and Enforcement said.

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About 6 percent of oil production and 3.5 percent of gas pumping in the Gulf was shut in as of 11:30 a.m. Central time, down from 11.9 percent and 6.2 percent, respectively, at the height of the storm, according to the bureau . Personnel were evacuated from a total of 7 production platforms, equivalent to 1.1 percent of the 617 manned platforms in the Gulf, the bureau said in a release . All of the 62 rigs in the Gulf are manned, the bureau said.

Gulf of Mexico Oil Production Rises After Tropical Storm Fades - Bloomberg

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