Oil Fields

The minister of state for petroleum and natural gas, who is visiting Houston to hold roadshows to promote bidding of oil fields, met top executives, lobbyist and Indian-Americans associated with oil and gas industry yesterday at a dinner here hosted by Council General of India, Houston, Anupam Ray.

RIL, ONGC, GSPC to benefit from 60% gas price hike: RS Sharma

RS Sharma, Former Chairman of ONGC, says the government will hike the gas prices by 60 percent only for the oil fields already discovered but where production has not started yet.

Will mull bidding for fields on case-by-case basis: ONGC

The development comes on the back of the fact that a lot of oil fields were lying idle as state-owned firms found it difficult to drill oil due to the government's subsidy sharing mechanism.

Could OPEC be ready for a production hike?

The organization currently accounts for around 40 percent of global crude production and has a goal of producing 30 million barrels a day. Analysts are widely expecting no change to this target at tomorrow's OPEC meeting in Vienna but some ministers haven't ruled out an alternative scenario.

Oil prices down in Asia

US benchmark West Texas Intermediate (WTI) tumbled 30 cents to USD 80.22 a barrel in late-morning trade and Brent crude eased 34 cents to USD 84.37.

Govt gets over Rs 35Kcr from Cairn's Raj oil block in 5 yrs

Cairn began production from Mangala oilfield, India's largest onshore oilfield, on August 29, 2009 and has been producing continuously for five years now.

Brent stays above $111 on South Sudan conflict

Brent is on track to close flat this year from 2012 amid a well supplied market and slower fuel demand growth in China, despite outages in Iraq, the North Sea and Libya.

Iran offers oil fields at lucrative terms to India

In a 150-minute meeting between Oil Minister M Veerappa Moily and his Iranian counterpart Rostam Ghasemi, Iran was willing to re-route Iran-Pakistan-India gas pipeline through an under-sea route to avoid going through Pakistan.

Iraq, Shell to sign $12bn gas deal

Iraq will sign a final contract with Royal Dutch Shell on Tuesday for a USD 12-billion project to capture flared gas at southern oil-fields, two sources close to the deal said on Sunday.

SC rejects Govt's plea on Andhra Off Shore

The Supreme Court today said that the Delhi High Court can't hear the government plea to conduct arbitration in Malaysia on a dispute over revenue share in Andhra Pradesh offshore oil fields with a consortium of Videocon Industries, Cairn and Ravva Oil.

Gaddafi attacks oil fields to block rebel war finances

Attacks by government troops this week have also halted production in rebel-held oil fields, just as a tanker with the first shipment of crude left Tobruk yesterday.