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UK offshore oil & gas sector warned over falling safety standards

p>UK safety watchdog the Health and Safety Executive said Tuesday it has warned the offshore oil and gas industry over its safety record after the latest safety statistics show a rise in unplanned hydrocarbon releases and major injuries. HSE said there was also a marked rise in ...

India: Cairn India discovers oil and gas in onshore KG block

p>Cairn India has discovered oil and gas in the Krishna Godavari onshore block in the south India, the company said in a filing with the Bombay Stock Exchange. The company's subsidiary, Cairn Energy India, made the discovery in the Nagayalanka-1z well, encountering a 200 meter ...

Regulations to raise cost of deepwater oil drilling

A number of new financial, legal and regulatory developments, coupled with new guidelines from the White House Council on Environmental Quality and the US Department of the Interior, are likely to increase financial and operating costs of deepwater drilling business and reshape ...

Vedanta sees no hurdles for approval of Cairn India deal: reports

India-focused metal and mining group Vedanta Resources does not foresee regulatory hurdles for its plan to acquire control of Cairn India, Indian media reported Tuesday citing Vedanta's chairman and founder, Anil Agarwal. Vedanta announced Monday plans to acquire up to 60% of ...

Indonesia: Oil, gas output from Indonesia block halted after ship hits platform

South Korea's Kodeco Energy has halted oil and gas output in Indonesia's West Madura block, offshore East Java, after the production platform was hit by a container ship, a spokesman for upstream regulator BPMigas, Elan Biantoro, said Monday. The vessel hit one of Kodeco's 14 ...

Australian oil industry acting on lessons of Montara spill: APPEA

Australia's oil and gas industry has undertaken comprehensive reviews of its practices and operations in response to last year's oil spill and rig fire at PTT Exploration and Production's Montara well in the Timor Sea, the head of the local upstream industry association said ...

UK's EnCore seeks Esmond offshore gas storage project investment

UK independent EnCore Oil is hoping to find investors for its UK North Sea Esmond gas storage project, the company said Tuesday. It has engaged investment bank Jefferies to market the project, and the work is "ongoing," EnCore said in a financial results statement. "The marketing ...

US oil and gas M&A activity highest in Q2 2010 since Q3 2008: PwC

Merger and acquisition activity in the US oil and gas sector reached its highest level in more than a year and a half during the second quarter, according to a report issued Wednesday by PricewaterhouseCoopers. With improved credit markets and buyer-seller expectations finally ...

America: No US Senate oil spill vote before recess, Reid says

US Senate Majority Leader Harry Reid said Tuesday he would not hold votes before the chamber's August recess on dueling energy proposals to address offshore drilling. The Nevada Democrat had planned to hold test votes Wednesday on a bill of his own and a Republican alternative -- ...

Arctic oil and gas joint venture formed

Three major oil companies are teaming up to someday explore for oil and gas in a large area of the Beaufort Sea, where each company has millions of dollars in exploration leases. Imperial Oil Ltd., ExxonMobil Corp. and BP have formed the joint venture to explore offshore areas ...

Australia's Nexus denies Shell takeover talk after share surge

Australian junior oil and gas producer and explorer Nexus Energy on Tuesday denied reports of a potential A$480 million ($437 million) takeover offer from global major Royal Dutch Shell that sent its share price soaring. "Nexus advises that it has not been approached by any party ...

Nigeria oil reserves down 4.8% due to lull in exploration: DPR

Nigeria's crude oil reserves stood at 31.81 billion barrels at the end of the second quarter, down 4.8% year on year due to the lull in exploration activities by oil companies operating in the country, the Department of Petroleum Resources said in a report released Wednesday. ...

Russia to Retain Tax Incentives for Development of New Oil and Gas Fields

Russia will retain tax breaks in 2011 for producers developing new oil and gas deposits that require large capital outlays, though an extraction tax increase will go ahead, Prime Minister Vladimir Putin said. Tax increases are necessary for the government to meet its spending ...

Malaysia: Deepwater to generate 30-40% of Malaysia oil output by 2020:official

Production from deepwater fields is expected to account for 30-40% of Malaysia's total oil production by 2020, a senior official from Petronas Carigali, the upstream arm of national oil company Petronas, said Tuesday. Malaysia's oil production currently stands at around 650,000 b...

India eyes BP's Vietnamese assets

India's top energy officials and executives are currently visiting Vietnam as BP prepares to offload its upstream assets in the country. India's oil minister Murli Deora and petroleum secretary S Sundareshan are heading up a delegation of ministry officials and state-owned oil ...

Vessel fire extinguished in congested strait of Malacca

A fire on a container ship has finally been brought under control in the strait of Malacca, a key transit route for global oil and gas shipments. The fire on the Charlotte Maersk, which broke out on 7 July, is now under control, said the Malaysian Maritime Enforcement Agency ...

Nat gas stock valuations up, prices down

Valuations in the Canadian gas patch took a big jump on Monday as Pengrowth Energy Trust (PGF-TSX) bought out junior gas producer Monterey Explorations (MXL-TSX) for its Montney gas play in NorthEast British Columbia. Monterey s stock jumped 80%, up $3.46, to close at $7.74 on 6...

BP spends $3b as clean up cost for oil spill

BP has spent more than $3 billion as clean up cost on oil spill in the Gulf of Mexico, the company said in a statement. The total amount the company has spent to date comes around $3.12 billion, including the cost of the spill response, containment, relief well drilling, grants ...

Oil tops $74 on expected U.S. inventory drop

NEW YORK ,Jul 07-U.S. crude closed up $2.09, or 2.9 percent, to $74.07 per barrel, posting its biggest percentage gain since June 25. It closed at $71.98 Monday, the lowest since early June. ICE Brent crude futures were up $2.06 at $73.51. Weekly U.S. oil data from industry group ...

China pledges to extend resource tax

China is considering plans to expand a new resource tax mechanism across its 12 western provinces, as Beijing attempts to redistribute wealth to the country's poorer regions. China will start taxing coal, oil and natural gas extracted in the region by volume instead of value, ...
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