ONGC Videsh to increase production in BrazilSeptember 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.
Vanguard raises its full-year profit outlook to include impact of new oil and gas propertiesSeptember 10th, 2009 Vanguard boosts '09 outlook to include acquisitionHOUSTON — Oil and natural gas company Vanguard Natural Resources LLC on Thursday raised its full-year profit outlook to reflect the impact of newly acquired natural gas and oil properties. In August the company purchased the properties from an affiliate of Lewis Energy Group for about $52.25 million in cash.
Oil exploration blocks to be finalised by DecemberSeptember 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.
India moving towards new hydrocarbon asset auction systemSeptember 1st, 2009 NEW DELHI - From an annual auction of its hydrocarbon blocks, India is moving towards a year-long bidding process, said Minister of State for Petroleum and Natural Gas Jitin Prasada here Tuesday. The government of India is moving gradually but inexorably towards the Open Acreage Licensing System from the current New Exploration Licensing Policy, Prasada said at the inauguration of an international conference on National Data Repository (NDR).
Forest Oil names Raymond Wilcox as company's newest board memberAugust 20th, 2009 Forest Oil names new board memberNEW YORK — Forest Oil Corp. said Thursday that Raymond I.
Brigham shares jump 10 percent after analyst says company has larger than expected inventoryAugust 11th, 2009 Brigham shares jump 10 percentNEW YORK — Brigham Exploration Co. stock jumped more than 10 percent Tuesday after an analyst said the company's petroleum inventory could be significantly greater than expected because of new assessments of the company's wells in North Dakota.
St. Mary Land & Exploration reports 2nd-qtr loss on sinking prices of oil and gasAugust 4th, 2009 St. Mary Land & Exploration reports 2Q lossDENVER — St. Mary Land & Exploration Co.
Norway's StatoilHydro posts zero profit in 2Q, blames lower crude, gas pricesAugust 4th, 2009 Norway's StatoilHydro 2Q profit lands at zeroOSLO — Norwegian oil company StatoilHydro ASA on Tuesday saw its profits vanish in the second quarter and blamed lower crude and gas prices. The state-controlled oil concern said its net profit for the 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.
Marathon 2Q earns fall 47 percent as oil prices fell, but company easily beats expectationsAugust 3rd, 2009 Marathon 2Q profits plunge with oil pricesNEW YORK — Marathon Oil Corp. said Monday its second-quarter profit fell 47 percent from a year ago when crude barrels fetched twice the price.
Government gets $510,000 as profit share from crude productionJuly 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.
India extends tax holiday for natural gas productionJuly 6th, 2009 NEW DELHI - In a bid to give a fillip to the current round of auction of hydrocarbon assets, Finance Minister Pranab Mukherjee Monday extended the tax exemption on profits in the natural gas sector. The ministry of petroleum and natural gas has been seeking tax holiday to the natural gas sector since last year, when the 2008 auction deadline had been postponed many times due to confusion over this issue.
McMoRan Exploration reports potential discovery at deep gas exploratory well in LouisianaJuly 6th, 2009 McMoRan reports potential discovery at gas wellNEW ORLEANS — Independent oil and gas producer McMoRan Exploration Co. said Monday that drilling results indicate a potential discovery at a deep gas exploratory well in Louisiana.
BP Prudhoe Bay enters $29.5 million settlement with BP ExplorationMay 13th, 2009 BP Prudhoe Bay enters $29.5M settlement dealNEW YORK — BP Prudhoe Bay Royalty Trust said Tuesday it entered into a $29.5 million settlement agreement with BP Exploration (Alaska) Inc., a unit of British oil company BP PLC. BP Exploration will pay the $29.5 million to the trust.
Newfield names Boothby its new chief executive, splits role of chairman and CEOMay 12th, 2009 Newfield names new CEO, splits CEO, chairman rolesHOUSTON — Newfield Exploration Co. on Monday split the leadership roles of the company when it named Lee K.
Gas from new Reliance fields from April: DeoraFebruary 17th, 2009 NEW DELHI - Natural gas supplies from the Krishna-Godavari basin, off the Andhra Pradesh coast and awarded to Reliance Industries, will start from April with 40 million metric standard cubic metres per day, Petroleum Minister Murli Deora said Wednesday. Addressing the members of the parliamentary consultative committee attached to the oil ministry, Deora said the production will significantly address the country's demand for fuel, especially for domestic and transport sectors.
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