December 2011 Archives

Cairn India Ltd has said that post the sale of majority shareholding by Cairn UK Holdings Limited to the Vedanta Group, the Vedanta Group Companies, i.e. Twin Star Mauritius Holdings Limited, Sesa Goa Limited and Sesa Resources Limited are the new Promoters of the Company.

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Reliance Industries Ltd. (RIL) has reportedly joined hands with Bill Gates, Vinod Khosla and Nathan Myrvhold - the former Microsoft tech honcho, and master French chef - to fund the development of a nuclear reactor.RIL has reportedly bought a minority stake in Terra Power, a US-based nuclear-technology design and engineering company, through one of its subsidiaries. "This is one of our series of investments in the broader energy sector," a company spokesman was quoted as saying.Terra Power LLC, based in Washington, has been founded by Myrvhold's Intellectual Ventures. Gates is the primary investor and chairman in the company, and Khosla and Charles River Ventures are investors, said the reports.There are reports that Terra Power is developing an ultra-modern reactor using the 'traveling wave' technology. Terra Power, if successful, will enable RIL to understand and get access to fourth-generation nuclear reactor technology, reports added. Cairn India Ltd has said that post the sale of majority shareholding by Cairn UK Holdings Limited to the Vedanta Group, the Vedanta Group Companies, i.e. Twin Star Mauritius Holdings Limited, Sesa Goa Limited and Sesa Resources Limited are the new Promoters of the Company.

Oil & Gas Round Up - December 19 to December 23, 2011 - India Infoline.com

SEOUL, Dec 21 (Reuters) - Over 50 state-run and private firms in South Korea, heavily dependent on energy imports, plan to invest a record-high combined $11.8 billion next year to develop oil and gas resources, the ministry of knowledge economy said on Wednesday.

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The world's fifth-largest crude oil importer and second-largest liquefied natural gas (LNG) buyer has been boosting overseas resources development as like regional peers it grapples with inflation driven by costlier energy and commodities. The total investment, almost all of which will be made overseas, would be a 34 percent increase from the estimated $8.8 billion invested this year, the ministry said in a statement.

S.Korea firms to invest $12 bln in oil, gas development next yr -gov't - Reuters

Ohio could generate $538 million in revenues by 2015 if it imposed a higher tax on oil and gas rates, according to a new report from Policy Matters Ohio.

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Wendy Patton, author of the new report and senior project director at Policy Matters, with offices in Columbus and Cleveland, said that by aligning severance taxes with that of nearby states, Ohio could benefit financially from new drilling operations. Ohio’s severance tax, by comparison, has equaled about 0.50 percent for natural gas and 0.19 percent for oil during the past decade, Patton said, which is the lowest among states with viable shale formations.

Boosting tax on oil, gas rates would mean $538M for Ohio, report says - Youngstown Vindicator

On Dec. 1, Houston-based The Sadler Law Firm became the latest Texas energy firm to set up shop on the front line of the Marcellus Shale play, opening an office in the Southpointe business park in Washington County, the hub of the natural gas industry in Pennsylvania.

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The office, which is the firm's second, currently includes a staff of 10 lawyers, four law clerks and one office manager. It had considered an office in Downtown Pittsburgh, but decided against that after realizing most of its clients would be in suburban counties.

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Partner Jacob Lenington, who manages the firm's Appalachian area, will head up the new office, and is the only existing Sadler Law attorney to make the move from Houston to Western Pennsylvania.

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Texas lawyers hope to tap into Western Pennsylvania's oil and gas boom - Pittsburgh Post Gazette

The same drilling technologies that have unlocked vast amounts of crude and natural gas from previously unproductive shale formations across the U.S. also are reaping large stores of ethane, propane and butane, known as natural-gas liquids.

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This growing bounty has resuscitated the U.S. petrochemical industry, which just a few years ago was being strangled by the high costs of the raw materials. Processing ethane into chemicals is 50% cheaper than using crude oil-derived naptha and its availability has made U.S. petrochemical companies the ...

Shale's Bounty Goes Beyond Oil and Gas - Wall Street Journal

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A local business has expanded its operations, constructed a new 8,000 square foot building with a 1,024 square foot attached office and added new employees - all spurred by the oil and gas explorations under way in Belmont County.

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But that's just a start of the business boom for Bill Coulson, owner of Bill's Towing & Auto Repair. Even before he moves into the huge new truck repair garage in the Fox Commerce Park - just a few hundred feet from where Chesapeake Energy plans to construct an office complex - Coulson is exploring the possibility of expanding his operations in the industrial park.

Oil/Gas Exploration Spurs Belmont County Business Expansion - Wheeling Intelligencer

FILE- In this photograph taken April 15, 2009, an unidentified worker steps through the maze of hoses being used at a remote fracking site being run by Halliburton for natural-gas producer Williams in Rulison, Colo. The U.S. Environmental Protection Agency announced this month in Wyoming for the first time that fracking - a controversial method of improving the productivity of oil and gas wells - may be to blame for causing groundwater pollution.

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Oil companies have been leasing mineral rights on thousands of acres in south-central Kansas, where they have begun drilling wells using horizontal hydraulic fracturing, or “fracking,” a technique that has drawn scrutiny from the Environmental Protection Agency and other states. Kansas State Rep. Vince Wetta, whose district is in the area, organized a recent meeting in Wellington with about 500 area residents and officials from SandRidge Energy, Chesapeake Energy and Shell Oil Co. Wetta said the flurry of leasing activity is an extension of oil drilling in neighboring Oklahoma.

Oil companies leasing in Kansas for fracking exploration - Kansas City Star

Similar contractual violations in the past have not attracted any fine/penalty or charges by the Government. Importantly, the Department of Telecom has neither complained of a Clause 8 violation nor cheating as alleged by the CBI.

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Essar Group's stand that it is not involved in the 2G irregularities has been vindicated by the CBI. There are no charges of corruption or involvement in the 2G scam. The only charge filed by CBI is regarding the interpretation of a contractual issue. This relates to the question of violation of Clause 8 under the UASL guidelines. Despite the Government of India (Ministry of Corporate Affairs and Ministry of Law & Justice) having confirmed that there is no Clause 8 violation by the Essar Group, the CBI has proceeded with the chargesheet. CBI & the Attorney General have gone contrary to the opinion given by the Ministry of Law and Justice and Ministry of Corporate Affairs. The CBI has also gone against their internal legal advice.

Oil & Gas Round Up - December 12 to December 16, 2011 - India Infoline.com

NEW DELHI: Reliance Industries-operated D6 block experienced steep decline in gas output because the company drilled only 22 wells against 31 wells approved for drilling by March next year, Oil minister Jaipal Reddy told the Lok Sabha on Thursday.

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Out of the 22 wells, four of them were drilled but not put on production Reddy said citing the Directorate General of Hydrocarbons (DGH), technical arm of the ministry. He did not give details but officials say four wells, drilled under pressure from the DGH, did not produce gas and had to be capped, wasting millions of dollars. ET first reported about the dry wells on Oct 21.

DGH says gas output from D6 declined as RIL renaged from the approved FDP: Oil ... - Economic Times

Implementation of New exploration Licensing Policy (NELP) – 8 rounds of NELP have already been completed. Through these rounds, 235 exploration blocks have been awarded and 103 oil and gas discoveries have been made. The bidding of 9 th round of NELP has also been completed in which 74 bids have been received for 33 exploration blocks against the 34 blocks offered.

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Coal Bed Methane is an environment friendly clean fuel similar to Natural Gas. 33 CBM contracts have been signed for exploration of CBM. As of now, 250 BCM reserves have been established in 5 CBM blocks. At present CBM gas production is about 2.3 lakh cubic meters per day.

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Implementation of Oil Recovery Scheme - To increase the oil and gas production in the country, the oil companies are implementing Improved Oil Recovery (IOR) and Enhanced Oil Recovery (EOR) Schemes.

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Oil and Gas Production - Press Information Bureau (press release)

As of today, the oil industry is all the way back in business in the Gulf of Mexico. The sale of offshore oil leases, suspended in the wake of the 2010 Deepwater Horizon oil spill, resumed in New Orleans , with BP winning $27 million worth of offshore exploration rights. In an interesting coincidence, the National Academy of Engineering simultaneously released a report showing that the offshore industry is, essentially, institutionally incompetent when it comes to safety. The sprawling government-corporate resource extraction machine is too complex, with too many uncoordinated moving parts, to prevent really bad stuff from happening again : [The National Academy of Engineering panel] may have gone further than its predecessors in questioning whether the whole offshore oil and gas industry is too divided and specialized to properly manage safety issues on difficult drilling projects like the one that doomed the Deepwater Horizon rig on April 20, 2010, and killed 11 of its crew.”The complex interaction of all the corporations and the government agencies was not managed at a systemic level to anticipate the possible safety shortfalls that ultimately led to the well blowout,” states the 136-page National Academies report.

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Part of the problem, the report notes, is that companies placed too much faith in blowout preventers, a technology invented nearly a century ago that hasn’t advanced much since, despite the phenomenal expansion of offshore drilling into deeper waters, with larger, more complex drilling apparatuses. Forbes writers have the ability to call out member comments they find particularly interesting. Called-out comments are highlighted across the Forbes network. You'll be notified if your comment is called out.

Can the Offshore Oil and Gas Industry Prevent Another Disaster? - Forbes

FTTN -8.57% could be on the verge of acquiring a potentially lucrative new oil and gas lease in Texas, said the company's CEO, Robert Federowicz. The company will investigate the development potential of an oil and gas lease in Lone Star State directly adjacent to a property where SandRidge Energy Inc.

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The lease FTTN is investigating is located in Terrell County. Currently, the company is conducting due diligence toward a joint venture with the Texas oil exploration company Big Canyon, LLC. Once the agreement is finalized, the joint venture will pursue the Terrell County property and other oil and gas development opportunities in Texas, Oklahoma and Louisiana.

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First Titan Corp., through its wholly owned subsidiary, First Titan Energy, LLC, is committed to the exploration and development of oil and natural gas resources around the globe. The company continually seeks to partner with energy developers that are pursuing innovative new methods of oil and gas extraction, including the development of new technologies, cleaner methods and unconventional resources.

FTTN Eyes Texas Oil & Gas Lease Adjacent to SandRidge Oil Find - MarketWatch (press release)

The Colorado Oil and Gas Conservation Commission (COGCC) today unanimously approved a new rule requiring oil and gas companies to fully disclose the chemicals used in the controversial but commonplace drilling process known as hydraulic fracturing, or fracking.

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Some environmental groups and attorneys involved in the negotiations said Colorado’s conservation community did not get everything it wanted in the new rule but did come away with a much better set of regulations than was originally proposed by the state. The Western Colorado Congress (WCC) late last week urged the COGCC to hold off on finalizing the new disclosure rule if it didn’t include pre-disclosure of chemicals before a frack job, which involves the high-pressure injection of mostly water, sand and a small percentage of often undisclosed chemicals into oil and gas wells to free up more hydrocarbons.

Colorado oil and gas regulators impose new hydraulic fracturing chemical ... - The Colorado Independent

At odds with the Environmental Protection Agency, Encana Oil and Gas and other representatives of western Colorado's drilling industry say the recent report possibly linking fracking to groundwater contamination in Wyoming is flawed.

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The publishing of the report on December 8 is adding another layer of controversy to the industry and its practices. "Fracking has become, basically, the symbol for everything that people don't like about oil and gas operations, in general," David Ludlam with the West Slope Colorado Oil and Gas Association explained. Less than a week after releasing its findings, the EPA's study continues to reverberate. Explained in a detailed report , the agency says it found compounds likely associated with fracking in acquifiers underneath the town of Pavillion.

Oil & Gas Reps Refute EPA Groundwater Report - KJCT8.com

MUMBAI: Reliance Industries , India's most valuable listed company, is scouting for oil investments in the Americas as it looks to increase the stake of crude production it owns to feed its refinery, the world's largest, a senior executive said.

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The company, controlled by Mukesh Ambani, India's richest man, is also looking to invest more in the United States shale gas sector, Executive Director PMS Prasad told Reuters. The company, controlled by Mukesh Ambani, India's richest man, is also looking to invest more in the United States shale gas sector, Executive Director PMS Prasad told Reuters. "We are looking at opportunities to invest. Our shale gas business in the U.S. needs capital," he said in an interview.

Reliance Industries eyes energy targets in Americas - Economic Times

Nova Scotia oil and gas companies are brushing aside a United States government report that possibly links groundwater pollution and hydraulic fracturing.

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The U.S. Environmental Protection Agency said in a draft finding this week that the controversial natural gas drilling method likely contaminated well water in central Wyoming.

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Natural gas companies are increasingly using fracking — as it’s commonly called. The method forces water and chemicals into rock to release gas.

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NS oil and gas firms dismiss report that links groundwater pollution to fracking - TheChronicleHerald.ca

Vancouver Sun theatre critic Peter Birnie talks to Robyn Wallis about her role as Dorothy in Carousel Theatre's The Wizard of Oz in Thursday's Vancouver Sun.

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Archbishop and Nobel laureate Desmond Tutu is challenging the Canadian government's support for the oil and gas industry, while urging it to start leading the world in addressing climate change as it did in opposing the "whites-only" rule that plagued South Africa in the 1980s. Archbishop and Nobel laureate Desmond Tutu is challenging the Canadian government's support for the oil and gas industry, while urging it to start leading the world in addressing climate change as it did in opposing the "whites-only" rule that plagued South Africa in the 1980s. "Canada, you were once considered a leader on global issues like human rights and environmental protection," says a new statement signed by Tutu and other South African leaders that was published in newspapers Tuesday.

Tutu challenges Canada on oil and gas policies - Vancouver Sun