India extends tax holiday for natural gas production

September 23rd, 2009 NEW DELHI - ONGC Videsh Ltd (OVL), the overseas exploration arm of state-run Oil and Natural Gas Corp, Wednesday said it will increase production from its Brazilian oil fields to 40,000 barrels per day (bpd) by year-end. At present, oil is being produced from only one well and output is 5,500 bpd, OVL managing director R.S.

September 8th, 2009 NEW DELHI - India will finalise exploration blocks in the eighth round of auction of hydrocarbon assets by December, Petroleum and Natural Minister Murli Deora said Tuesday. The minister was speaking at a roadshow in London where he has gone for a promotion campaign to attract foreign investors to the annual auction of oil, gas and coal-bed methane blocks.

August 25th, 2009 Newfield Exploration to curtail 3Q productionHOUSTON — Newfield Exploration Co. said it will voluntarily curtail about 2.5 billion cubic feet equivalent of its third-quarter production in response to low natural gas prices.

August 20th, 2009 NEW DELHI - Cairn India Thursday said it will start crude oil production from its fields in Rajasthan later this month and expects to hold cost at $5 per barrel. In a statement issued by the company, Chief Executive Officer Rahul Dhir said the initial output will be 30,000 barrels per day, which will be increased by another 50,000 barrels by the year-end.

August 4th, 2009 Norway's StatoilHydro 2Q profit falls to zeroOSLO — Norwegian oil company StatoilHydro ASA on Tuesday saw its profits vanish in the second quarter and cited lower crude and gas prices. The state-controlled oil concern said its net profit for April through June period plummeted to zero kroner from 18.9 billion kroner ($3.1 billion) in the same time last year, when oil prices soared.

July 27th, 2009 NEW DELHI - The government has received $510,000 as its share of profit petroleum on commercial production of the Krishna-Godavari (KG) block crude oil for seven months, it said Monday. In a written reply tabled in the Rajya Sabha, Petroleum and Natural Gas Minister Murli Deora said that the government received $510,000 for the period between September 2008 to March 2009.

July 13th, 2009 NEW DELHI - The state-run Oil and Natural Gas Corp. Ltd will invest $730 million in a Cairn India block in Rajasthan, despite expecting negative returns, Petroleum Minister Murli Deora said Monday.

July 8th, 2009 Lawmakers eye more tax breaks for natural gas carsWASHINGTON — Hoping to spur alternative vehicles, lawmakers want to double the size of tax breaks for buying cars that run on natural gas. Senators joined Texas oilman T.

July 7th, 2009 NEW DELHI - India will resume road shows for its latest round of auction of hydrocarbon assets, with the finance minister announcing in the union budget that tax holiday would be extended to natural gas production. Now that this clarity is there, the road show will go ahead and we expect good response on this account, Petroleum Secretary R.S.

June 17th, 2009 NEW DELHI - The ban on milk and milk product imports from China, which was to have expired June 24, has been extended by another six months, the Director General of Foreign Trade (DGFT) has said. "The central government hereby extends the prohibition on import of milk and milk products, including chocolates and chocolate products..., for a period of six months from 24 June, 2009, and until further orders," said a DGFT notification.

June 15th, 2009 NEW DELHI - The government is "seriously concerned" about the rise of crude oil prices in the global market and is looking at various options, including raising fuel prices, to tackle the situation, Petroleum Minister Murli Deora said here Monday. "We are seriously concerned about the rise in crude oil prices, he told reporters after meeting Finance Minister Pranab Mukherjee to discuss his budget wishlist.

April 2nd, 2009 NEW DELHI - Reliance India Ltd. (RIL) achieved a landmark in the history of oil and gas production when its deep-sea Krishna Godavari basin fields flowed to the surface on Thursday.

March 12th, 2009 NEW DELHI - India's industrial production fell 0.5 percent in January to log a decline for the second month in a row, despite the stimulus packages announced by the government to pump prime the economy in the wake of the global slowdown. The slide, based on the official data on index of industrial production released by the industry ministry Thursday, was on account of a 0.8 percent drop in manufacturing index and a 0.4 percent fall in the index for mining.

February 2nd, 2009 NEW DELHI - India and the US signed an agreement for cooperation in production and marketing of biofuels here Tuesday. As per a government release, the agreement's purpose 'is to establish a framework of cooperation covering scientific, technical and policy aspects of production, conversion, utilisation, distribution and marketing of biofuels in a sustainable and environmentally friendly manner'.

January 13th, 2009 NEW DELHI - India and Syria Wednesday signed an agreement paving the way for ONGC Videsh, the foreign arm of upstream major Oil and Natural Gas Corp, to explore for oil and natural gas in Syria. The agreement was signed here by Petroleum Minister Murli Deora and Syrian Minister of Petroleum and Natural Resources Sufian Al Alaw on the sidelines of Petrotech India 2009, an international conference on oil and gas.