Viraj : January 2012 Archives

Malcolm Wilson of the Petroleum Technology Research Centre discusses research funding at a news conference Friday. The federal and provincial governments are providing more than $800,000 for three oil and gas studies.

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More than $800,000 in federal and provincial funding will help the Petroleum Technology Research Centre (PTRC) and the University of Regina study innovative recovery methods for oil and gas production, while reducing their environmental impact. With the funding, the U of R will purchase and install laboratory equipment to develop new membranes and filtration systems to decontaminate produced water, a by-product of oil and gas production.

Oil, gas studies get $800K boost - Regina Leader-Post

Oil Minister S Jaipal Reddy asked Finance Minister Pranab Mukherjee to impose additional excise duty of Rs 80,000 on diesel vehicles and grant 10-year tax holiday for oil and gas hunt and refineries in the forthcoming Union Budget.

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Sources said Reddy sought imposition of extra excise duty of Rs 80,000 on purchase of diesel vehicles to "discourage the dieselization of the economy" and bring additional revenues which can go towards meeting the fuel subsidy. The oil ministry also demanded scrapping 5 per cent customs or import duty on liquefied natural gas (LNG) to reduce cost of imported fuel for core sectors of fertilizer and power plants.

Oil Ministry demands extra duty of Rs 80000 on diesel vehicles | More theme ... - NDTV

Chevron Corp. reported a 3.2% drop in fourth-quarter earnings 2% as its refining arm swung to a loss, overshadowing a large addition of new oil and gas reserves.

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Chevron reported a profit of $5.12 billion, or $2.58 a share, down from $5.3 billion, or $2.64, a year earlier. The results were well below analysts' estimates of $2.84 a share—with the miss "entirely" due to the refining loss, according to UBS. Chevron's refining, marketing and chemical operations—known as downstream operations—posted $61 million in losses in the fourth quarter, compared with $742 million in profit in the same period a year earlier, ...

Chevron's Profit Edges Lower - Wall Street Journal

The stock markets closed the day in the green on Friday after the Republic Day holiday on Thursday. Indian benchmark indices, Nifty and Sensex, rose under one per cent.

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The Nifty was up 46.40 points or 0.9 per cent to close at 5,204.70, while the Sensex was up 156.80 points or 0.92 per cent to close at 17,233.98.

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The Nifty was up 46.40 points or 0.9 per cent to close at 5,204.70, while the Sensex was up 156.80 points or 0.92 per cent to close at 17,233.98. “Positive cues from Asia helped Asian markets and had a positive impact here as well. Almost all base metal stocks went up on the expectation that after the one-week holiday in China, the demand for metals would increase,” said Mr Alex Mathew, Head Research at Geojit BNP Paribas Financials Ltd.

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Oil & gas, consumer durables push Sensex up 157 points - Hindu Business Line

Jan. 26 (Bloomberg) -- President Barack Obama said tax breaks for natural-gas powered trucks will help the U.S. cut its dependence on imported oil.

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Obama, in his second day promoting policies laid out in his State of the Union address on Jan. 24, proposes a credit equivalent of 50 percent of the extra cost of purchasing a natural gas-powered truck compared with one that runs on diesel or gasoline. U.S. energy production, manufacturing and education are shaping up to be the main themes of Obama’s economic message in his re-election campaign. His trip this week runs through five electoral battleground states that the president’s political advisers have targeted for the November vote.

Obama Seeks Tax Break for Natural-Gas Trucks, Oil Lease Sale - BusinessWeek

Politically, the president can’t straddle the fence. But he is able to show support for increased natural gas usage because it has wide appeal and because it would displace coal consumption. And while most environmentalists would rather see the emphasis on renewable fuels, they will nonetheless work to enact more safeguards with respect to the drilling process.

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Politically, the president can’t straddle the fence. But he is able to show support for increased natural gas usage because it has wide appeal and because it would displace coal consumption. And while most environmentalists would rather see the emphasis on renewable fuels, they will nonetheless work to enact more safeguards with respect to the drilling process. “We have a supply of natural gas that can last America nearly 100 years, and my administration will take every possible action to safely develop this energy,” Obama intoned. “Experts believe this will support more than 600,000 jobs by the end of the decade. And I’m requiring all companies that drill for gas on public lands to disclose the chemicals they use” that are blamed by some for polluting drinking water supplies.

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The president goes on to point out that he is opening up more offshore areas to drilling -- a move that he had committed to make before the BP oil disaster in the Gulf of Mexico. Now that the administration has reviewed that situation and implemented new safety measures, he said that exploration can go on.

Why Do Oil and Gas Producers Disapprove of Obama? - energybiz

Bloomberg quotes New York Commissioner of Environmental Conservation Joe Martens that the Marcellus could add more than 13,000 jobs — direct and indirect to his state.

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Bloomberg quotes New York Commissioner of Environmental Conservation Joe Martens that the Marcellus could add more than 13,000 jobs — direct and indirect to his state. “That’s our most conservative estimate. The higher estimate is nearly 54,000 jobs,” Martens said. The U.S. now seems to possess a 100-year supply of natural gas, which is the cleanest of the fossil fuels. This cleaner, cheaper energy source is already replacing dirtier coal-fired plants. It could serve as the ideal bridge, Amy Jaffe of Rice University says, until renewable sources like wind and solar mature.

Proof Obama Loves Gas and Oil Shale - Wealth Daily

After gangbuster results earlier in 2011, giant integrated energy companies are set to report lackluster fourth-quarter earnings starting Wednesday, and it has a lot to do with the price of oil in London.

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The results will take some shine off an otherwise strong 2011 for Big Oil as benchmark U.S. crude prices rose 20 percent and often exceeded $100 a barrel in trading on the New York Mercantile Exchange . The major public oil companies - Exxon Mobil Corp., Royal Dutch Shell , BP, Chevron Corp. and ConocoPhillips - are expected to report that their refining arms took a hit in the quarter.

Big Oil had good 2011, despite 4th-quarter slump - Houston Chronicle

The company will spend $970 million for the work on four parcels of deep-water land off the province's southwestern shore. That is the highest bid ever in Atlantic Canada.

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The company will spend $970 million for the work on four parcels of deep-water land off the province's southwestern shore. That is the highest bid ever in Atlantic Canada. "Shell demonstrated that it has extensive worldwide experience in deepwater drilling, including involvement in three previous deepwater exploratory wells drilled offshore Nova Scotia and Newfoundland," the board said. Shell now has the right to drill off the Scotia Shelf in water ranging in depth from 1,400 to 3,700 metres, according to Stuart Pinks, CEO of the petroleum board.

Shell to spend $1B on NS's offshore oil and gas - CBC.ca

Retail gas prices are at their highest levels ever for this time of year despite ample supplies and declining demand. That's because tension in the Persian Gulf has kept crude oil prices around $100 per barrel for most of the month.

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Analysts say oil prices are likely to remain at those levels until there is more clarity about what will happen in the Gulf, where Iran has threatened to close the Strait of Hormuz if the U.S. and other countries impose more sanctions on its nuclear program.

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Both oil and gasoline futures have moved in a narrow range for most of the month. In addition to the Iranian situation, investors are concerned about the European debt crisis and whether it will impact the global economy.

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Gas pump prices at record high on supply concerns - The Associated Press

NEW DELHI: Notwithstanding the huge subsidy burden and uncertain global economic environment, the outlook for the Indian oil and gas sector remains stable in 2012, according to global ratings agency Fitch.

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The agency also added that slow policy reforms along with high international prices were leading to burgeoning under-recoveries of oil and gas firms. The agency also added that slow policy reforms along with high international prices were leading to burgeoning under-recoveries of oil and gas firms. "The 2012 outlook for both public and private sector Indian oil and gas companies is stable despite various challenges, including the increasing fuel subsidy burden on public sector companies (PSCs) and an uncertain global macroeconomic environment," Fitch said in its report '2012 Outlook: Indian Oil and Gas'.

Outlook for Indian oil and gas sector stable in 2012: Fitch - Economic Times

Over the past few years, America has experienced a surge in fossil fuel development. Armed with new technology and funded by record profits, the oil and gas industry is finding new ways to tap reserves: Extracting natural gas by fracking ; squeezing oil from dirty tar sands ; erecting drilling rigs in the most remote places of our earth.

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Many leaders in the oil and gas industry view this new development as an unmitigated blessing, but not everyone agrees. Unless we both use the natural gas in the right way and extract it in the right way, for instance, it could cause more harm than good.

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The scientists who connect climate change to the increase in extreme weather and the residents in Pennsylvania, Colorado, and Wyoming whose drinking water has been contaminated know the true cost of unchecked drilling. And they are not alone. From the Deepwater Horizon to the Kalamazoo River pipeline spill , more and more Americans are learning the toll oil and gas development can take on our health and well being.

Why More Oil & Gas Development Mean We Need More Vigilance from the Industry - Natural Resources Defense Council (blog)

Asserting that India was not facing any problem in making payments for the import of crude oil from Iran, Petroleum and Natural Gas Minister Jaipal Reddy on Wednesday warned that the country needed to be prepared for all eventualities.

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Asserting that India was not facing any problem in making payments for the import of crude oil from Iran, Petroleum and Natural Gas Minister Jaipal Reddy on Wednesday warned that the country needed to be prepared for all eventualities. “We continue to be optimistic. Iran continues to be positive. However we have to be prepared for all eventualities,” Mr. Reddy told journalists after inaugurating Oil and Gas Conservation Fortnight 2012 here on Wednesday. Oil marketing companies (OMCs) are at present making payments through Turkey's Turkiye Halk Bankasi AS, the bank through which India routes payments in euro to Iran for about 3.70 lakh barrels a day of crude oil supplies. “Turkey has informed us that it will not like to open new accounts but continue to service existing accounts through which payments are routed to Iran. Not a single payment has defaulted since India began using the Turkey conduit in July last year,” a senior official said.

'No oil payment problem with Iran' - The Hindu

SOFIA, Jan 18 (Reuters) - The Bulgarian parliament banned on Wednesday shale oil and gas exploration through hydraulic fracturing or fracking due to environmental concerns following widespread protests against the unconventional procedure.

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The Balkan country is the second European Union state after France to ban fracking, which involves injecting water mixed with sand and chemicals at high pressure into shale formations. Deputies across the political spectrum said there were not enough proofs the drilling method was environmentally safe. Critics worry it may poison underground waters, trigger earthquakes and pose serious hazards to public health.

Bulgaria bans shale oil and gas drilling - Reuters

State-run Oil and Natural Gas Corp (ONGC) is in talks with US energy firm ConocoPhillips to explore possibilities of joining hands for exploration of oil and gas in Indian deepsea and shale gas in North America.

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ONGC is proposing to sign a Memorandum of Understanding (MOU) with ConocoPhillips for cooperation in exploration and development of shale gas and deepwater opportunities, a company official said. The state-owned firm is keen to rope in a foreign major with technology to develop deepwater finds like the ultra deepsea UD-1 discovery in KG-DWN-98/2 block in Krishna Godavari basin. ConocoPhillips last October visited data room for 19 deepwater blocks of ONGC.

ONGC in talks with US firm for deepsea oil exploration - Business Standard

The inaugural function of Oil and Gas Conservation Fortnight - 2012 (OGCF 2012) for the State of Nagaland was held on January 16, 2012 at Dimapur and was attended by the Minister of Education Nagaland, N Konyak, who inaugurated the OGCF 2012 in presence of a large gathering comprising of officials of various government departments, NGO officials, dealers & distributors of oil companies and personnel from print and electronic media. D. Datta, State Level Co-ordinator, Ministry of Petroleum & Natural Gas and Sr. Divisional Manager, Indian Oil Corporation were also present in the inaugural function.

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The chief guest stressed the need to cultivate simple habits and make it a routine habit to save Oil and Gas in our day to day activities. In his address, Konyak suggested that students of educational institutions should be involved or given exposure about the necessity of learning the importance of conservation measures. The Minister of Education called upon the Oil Industry to arrange and conduct activities in broader format like seminars or workshops as a mandatory item in the programmes planning for OCGF. Konyak also appealed to the RO Dealers and LPG Distributors to be the ambassadors to spread the message of oil & gas conservation beyond the fortnight i.e round the year.

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Messages from the Minister of Petroleum and Natural Gas, Government of India and from the Secretary of Petroleum and Natural Gas, Government of India were read out by Akola Pongen President Rotary Club Dimapur District and Hokhuli Sema, President, Dimapur Petroleum Dealers Association respectively during the inauguration function. The Oil Conservation Pledge was administered by S. Sharma Dy Manager (LPG- Sales), IOCL Nagaland. Earlier, H. Sema, Plant Manager, Indane LPG Bottling Plant Dimapur delivered the Welcome Address.

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Oil and Gas Conservation Fortnight 2012 observed - MorungExpress

Oil India Ltd is in talks to buy a 25 percent stake in shale gas acreage owned by a U.S.-listed company in a deal worth around $200 million, the Mint newspaper reported on Monday citing executives at the state-run refiner.

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Oil India Ltd is in talks to buy a 25 percent stake in shale gas acreage owned by a U.S.-listed company in a deal worth around $200 million, the Mint newspaper reported on Monday citing executives at the state-run refiner. "The acreage is near Eagle Ford (Texas)," OIL Chairman and Managing Director N.M. Borah was reported as saying. Oil India Ltd is in talks to buy a 25 percent stake in shale gas acreage owned by a U.S.-listed company in a deal worth around $200 million, the Mint newspaper reported on Monday citing executives at the state-run refiner. "The acreage is near Eagle Ford (Texas)," OIL Chairman and Managing Director N.M. Borah was reported as saying. "The proposal is being studied," added Borah, who declined to name the U.S. company as the deal had not been closed.

Oil India eyes $200 mn shale gas buy in US: Report - Economic Times

Beijing's decision to come clean on its dirty air has embarrassed Hong Kong, where smog kills hundreds of people a year, hurts business and drives away talent, a think-tank says.

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Mike Kilburn, head of environmental strategy at non-profit group Civic Exchange, said Hong Kong Chief Executive Donald Tsang's failure to fix the city's air quality could have far-reaching consequences for its competitiveness.

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Mike Kilburn, head of environmental strategy at non-profit group Civic Exchange, said Hong Kong Chief Executive Donald Tsang's failure to fix the city's air quality could have far-reaching consequences for its competitiveness. "The Hong Kong government must introduce new air quality objectives immediately, especially now that China has put out its own air quality objective," he said.

East Coast "literally leaking oil and gas" - Sydney Morning Herald

LONDON (Reuters) - British oil and gas tax revenues could rise by billions of pounds this year as high oil prices boost earnings and tempt operators into opening new fields after a decade of sharp declines, industry data and Reuters research showed.

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The past two years of investment have set the stage for a landmark shift in the North Sea, following exceptionally dismal data in 2011 when oil and gas production in the third quarter slumped at the fastest rate since records began in the mid-1990s, research by consultancy Wood Mackenzie suggested. Oil and gas investment in Britain is set to hit an all-time high this year, adding new jobs and potentially more than 5 billion pounds in tax revenue to Britain's strained budget and labour market.

Exclusive - UK oil and gas decline to halt as investment booms - Reuters

The Houston oilfield services company Baker Hughes Inc. reported Friday that 1,191 rigs were exploring for oil and 791 for natural gas. Five were listed as miscellaneous. A year ago this week Baker Hughes reported 1,700 active rigs, 187 fewer than this year.

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Of the major oil- and gas-producing states, Pennsylvania gained three rigs and Alaska gained two. Arkansas and North Dakota picked up one apiece. Wyoming lost eight rigs, Colorado lost six and Oklahoma dropped four. Louisiana, Texas and West Virginia dropped two apiece, and New Mexico lost one.

Weekly US oil, gas rig count drops 20 to 1987 - Sacramento Bee

Oil India is studying documents related to the U.K. company that put itself up for sale last week, the people said, asking not to be identified because they’re not authorized to discuss the process. Bids for London-based Cove may exceed $1.2 billion, one of the people said. Cove has a market value of 620 million pounds ($950 million).

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Indian companies are looking across the world for oil and gas deposits to secure supplies as demand grows at home. Cove, in which BlackRock Inc. has a stake , is part-owner of a field in Mozambique that may hold enough gas to be converted into liquid form and shipped to countries including India, Asia ’s second- fastest growing major economy. Oil India Chairman N.M. Borah didn’t answer two calls made to his mobile phone seeking comment on the possible deal. A Cove spokesman declined to comment.

Oil India Said to Study Possible Purchase of U.K. Gas Explorer Cove Energy - Bloomberg

Nigeria oil union threatens to start ‘systematic shutting down’ of oil, gas starting Sunday ( Sunday Alamba / Associated Press ) - People line up to buy fuel at a government petrol station on the third day of nation wide strike following the removal of a fuel subsidy in Lagos, Nigeria, Wednesday, Jan. 11, 2012. The nationwide strike first began over gasoline prices more than doubling, but now it encompasses criticism of all Nigeria’s failings. People shout to anyone that will listen about the country’s cratered roads, dilapidated schools and the government corruption that leaves politicians wealthy and the people largely poor in the oil-rich nation.

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LAGOS, Nigeria — A major union representing Nigerian oil workers said Thursday it would shut down all production Sunday as part of a nationwide strike now paralyzing a country vital to U.S. oil supplies.

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It is unclear how large an effect the planned shutdown by the Petroleum and Natural Gas Senior Staff Association of Nigeria will have. However, oil prices rose Thursday over concerns about global supplies — meaning even the threat could be enough to push prices higher.

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Nigeria oil union threatens to start 'systematic shutting down' of oil, gas ... - Washington Post

Jaipur, Jan 8 (PTI) Impressed by India''s economic growth, Indian-origin Prime Minister of Trinidad and Tobago Kamla Persad-Bissessar today invited Indian investments and sought partnership in oil and gas exploration.

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Jaipur, Jan 8 (PTI) Impressed by India''s economic growth, Indian-origin Prime Minister of Trinidad and Tobago Kamla Persad-Bissessar today invited Indian investments and sought partnership in oil and gas exploration. "Even as India grows its economy at home here, Trinidad and Tobago provides an excellent opportunity for Indian entrepreneurs and investors to set up manufacturing and service industries in my country," she said at the 10th Pravasi Bhartiya Divas (PBD) here. She said her government was committed to diversification and offer incentives to investors. "Trinidad and Tobago and India can develop a strong partnership to assist emerging oil and gas nations in the south, thus giving life to the much touted South-South Cooperation and Trade," she added.

Trinidad & Tobago invites Indian investments - MSN India

The price of crude oil (Brent) shot above the $100 a barrel level early in February and stayed there for the rest of the calendar. Much to the grief of the downstream oil marketing companies (OMCs) — Indian Oil, BPCL and HPCL. With diesel, LPG and kerosene sold below cost, the financials of the OMCs were thrown into disarray by escalating under-recoveries.

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The government finally raised prices of the controlled products to some extent and cut import duties. While this moderated under-recoveries, the respite was short-lived. The rupee's steep depreciation after July added to crude oil import cost.

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Meanwhile, OMCs continued to increase the price of petroleum (deregulated in June 2010) at regular intervals and, in one rare instance, even reduced it. At present, total under-recoveries for FY-12 are estimated to be in excess of Rs 120,000 crore.

How the oil and gas sector fared in the year gone by - Hindu Business Line

CHIPPEWA FALLS, Wis. — The rolling hills and scenic bluffs of western Wisconsin and southeastern Minnesota hide a valuable resource that has sparked what’s been called a modern-day gold rush.

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The object of desire is not gold but a soft sandstone needed by drilling companies to unlock underground natural gas and oil supplies in a controversial practice called hydraulic fracturing, or fracking. Largely overlooked in the national debate over fracking is the emerging fight in the U.S. heartland over mining “frac sand,” which has grains of ideal size, shape, strength and purity. Mining companies say the work provides good jobs in rural areas, but some residents fear the increase in mining could harm human health and the environment.

Natural gas, oil boom spurs sand mining in Midwest - SouthtownStar

NEW DELHI: State-owned Oil and Natural Gas Corp (ONGC) will buyout British energy major BG Group's stake in three of its eastern offshore oil and gas exploration blocks, company Chairman and Managing Director Sudhir Vasudeva said today.

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ONGC will buy BG Group's 45 per cent participating interest in Krishna-Godavari Basin block KG-OSN-2004/1, 25 per cent interest in exploration block MN-DWN-2002/02 in the Mahanadi Basin and 30 per cent stake in deep water block KG-DWN-98/4. ONGC will buy BG Group's 45 per cent participating interest in Krishna-Godavari Basin block KG-OSN-2004/1, 25 per cent interest in exploration block MN-DWN-2002/02 in the Mahanadi Basin and 30 per cent stake in deep water block KG-DWN-98/4. "Our board has approved the proposal to acquire BG Group's stake in three blocks," he told reporters here.

ONGC to buyout BG stake in 3 oil and gas exploration blocks - Economic Times

CLEVELAND — A northeast Ohio well used to dispose of wastewater from oil and gas drilling almost certainly caused a series of 11 minor quakes in the Youngstown area since last spring, a seismologist investigating the quakes said Monday.

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Brine wastewater dumped in wells comes from drilling operations, including the so-called fracking process to extract gas from underground shale that has been a source of concern among environmental groups and some property owners. Injection wells have also been suspected in quakes in Ashtabula in far northeast Ohio, and in Arkansas, Colorado, and Oklahoma, Armbruster said. Thousands of gallons of brine were injected daily into the Youngstown well that opened in 2010 until its owner, Northstar Disposal Services LLC, agreed Friday to stop injecting the waste into the earth as a precaution while authorities assessed any potential links to the quakes.

Oil and gas 'fracking' wastewater caused 11 earthquakes in Ohio: seismologist - New York Daily News

The Ohio Oil and Gas Association said while the occurrence of 11 earthquakes here is "a rare and isolated event," the group supports the temporary suspension on injection wells in the Youngstown area.

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On Friday, the Ohio Department of Natural Resources announced a temporary halt of operations at the D & L brine injection well off Salt Springs Road following the latest earthquake, which happened early on Christmas Eve. After a 4.0-magnitude earthquake hit the area again Saturday, Gov. John Kasich ordered a temporary suspension on all injection wells within 5 miles of the D & L site while ODNR accesses the situation.

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However, local state representatives said they would like the governor's office to do more than temporarily suspend five injection wells in the Youngstown area.

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Oil and Gas Association Supports Temporary Well Ban - WKBN/WYFX-TV

Pakistan 's Oil and Gas sector's performance during the outgoing year 2011 remained stagnant as no significant oil/gas reservoir was discovered and the Petroleum Ministry was also unable to utilize nearly 700 Million Cubic Feet Per Day (MMCFD) already discovered gas.

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The government time and again increased the prices of petroleum products, natural gas and LPG for all sectors to meet rising expenditures reflective of escalating international fuel prices as well as poor governance. At the end of the year gas prices were increased by 14 percent to 207 percent for different sectors/consumers of the economy. January 1, 2012 for domestic, commercial, cement industry, for Water and Power Development Authority (Wapda) and Karachi Electricity Supply Company (KESC) by 13.98 percent and for industrial sector by 16.95 percent.

Oil, gas sector's performance remains stagnant during 2011 - Business Recorder

TRIPOLI — Libya on Sunday clarified that the review of contracts of Italian oil major ENI signed with the previous regime of Moamer Kadhafi will not involve its oil and gas deals.

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TRIPOLI — Libya on Sunday clarified that the review of contracts of Italian oil major ENI signed with the previous regime of Moamer Kadhafi will not involve its oil and gas deals. "To avoid confusion, the ventures to be reviewed and revised are sustainable development projects listed in the memorandum of understanding between ENI and Libya," a statement from the prime minister's office said.

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TRIPOLI — Libya on Sunday clarified that the review of contracts of Italian oil major ENI signed with the previous regime of Moamer Kadhafi will not involve its oil and gas deals. "To avoid confusion, the ventures to be reviewed and revised are sustainable development projects listed in the memorandum of understanding between ENI and Libya," a statement from the prime minister's office said. "Oil and gas agreements are not affected" by the review, the statement added.

Libya says no review of ENI oil and gas deals - AFP