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Reliance begins pumping gas from KG basin field

NEW DELHI, April 2 - India's Reliance Industries has started pumping natural gas from its massive deep-sea field in the Bay of Bengal, which at full throttle will nearly double India's gas output, the company said on Thursday. Petroleum Secretary R.S. Pandey told reporters the ...

Non-OPEC oil supply to fall further, faster

NEW YORK/LONDON - A plunge in oilfield spending means non-OPEC oil output could soon fall, raising prices and potentially derailing any global economic recovery. A growing number of forecasts predicting a fall reflect a major drop in oil drilling because of lower crude prices and ...

Oil industry CAPEX to fall if crude steady: Statoil

OSLO - Norwegian oil and gas producer StatoilHydro expects the oil industry's investment spending to continue to decline in 2010 if oil prices remain steady around current levels, its CEO told Reuters on Wednesday. Norway's oil regulator has voiced concern that once ongoing ...

Eni says finds new oil, gas offshore Indonesia

MILAN, April 6 - Italy's biggest oil and gas group, Eni has made a new hydrocarbon discovery offshore Indonesia as it aims to boost activity in the region, Eni said in a statement on Monday. "The Jangkrik discovery, drilled in 400 metre water depth, represents a significant ...

S.Korean firms fail to qualify for Iraq oil fields

SEOUL, April 3 - State-run Korea National Oil Corp (KNOC) and SK Energy said on Friday they had failed to pass the pre-qualification process for oil exploration rights in Iraq. The firms said they were not informed of the reasons. Some industry sources and a report from Baghdad ...

Gazprom signs north Nigeria oil search deal

ABUJA, April 1 - Russian energy giant Gazprom has signed an agreement with a Nigerian firm to analyse three oil blocks in northern Nigeria for possible exploration, a senior company official said on Wednesday. The Russian firm signed a memorandum of understanding with the New ...

Centrica, Venture to discuss takeover Mon -report

LONDON, March 22 - British utility Centrica will meet executives of Venture Production on Monday to discuss a takeover of the UK independent oil and gas company, several newspaper reported on Sunday. On Wednesday Centrica, the owner of British Gas, spent 240 million pounds on a ...

Indonesia Pertamina to pick Natuna block partners

KUALA LUMPUR, March 17 - Indonesia's state-run oil firm, Pertamina, plans to decide on its technical partners for the giant Natuna D-Alpha gas block this month or the next, a company official said on Tuesday. The Natuna block contains around 222 trillion cubic feet (tcf) of gas ...

Russians eye Cuba offshore oil deal

HAVANA, March 17 - A Russian consortium is looking at leasing up to 15 blocks covering a total of 15,440 square miles (40,000 square kilometers) for oil exploration in Cuba's part of the Gulf of Mexico, a Cuban oil official said on Tuesday. Companies from China and Angola are ...

No "war" on oil, gas industry: U.S. interior secretary

WASHINGTON - The U.S. interior secretary on Thursday told oil and gas company executives the Obama administration has not declared war on their industry, but their companies will lose some tax breaks and he suggested they may pay higher royalties on production from public lands. ...

Roc Oil says BMG JV cost commitments cut by $100 mln

March 17 - Australia's Roc Oil Co Ltd said on Tuesday the revision of the development plan of the company-operated Basker-Manta-Gummy joint venture (BMG JV) has reduced the project's cost commitments for 2009 by $100 million. At 0845 GMT, Roc Oil shares were up 8 percent at 17 ...

White House seeks to end tax breaks for oil and gas companies

WASHINGTON - U.S. President Barack Obama's budget outline calls for eliminating substantial tax breaks and increasing fees for the oil and natural gas industry. Obama's plan, which must still be approved by Congress, would levy an excise tax on Gulf of Mexico oil and gas that ...

Total sees gas, condensate output in Australia 2015

SINGAPORE, Feb 26 - European oil and gas major Total SA expects to start gas and condensate production in Australia in 2015, a a company executive said on Thursday. "The next breakthrough should be Australia since we already have development plans. So, the development should ...

Oil execs push Congress for offshore drilling

WASHINGTON - Executives from major oil companies told Congress on Wednesday that more offshore areas should be opened to drilling to boost domestic energy supplies and reduce America's reliance on petroleum imports. Oil companies have their best shot in nearly three decades to ...

Iraq, hungry for money, seeks to boost oil sales

BAGHDAD, March 1 - Hungry for money to rebuild after years of war, Iraq will try to revive a national oil company and lure foreign investors to speed up an increase in oil output and avert a "catastrophe", officials said on Sunday. Oil Minister Hussain al-Shahristani said he ...

Alberta moves to bolster oil, gas drilling

CALGARY, Alberta, March 3 - Alberta, Canada's biggest oil and gas producing province, offered its battered industry up to C$1.5 billion ($1.2 billion) in royalty breaks and credits on Tuesday in a bid to boost drilling and soften the impact of sagging petroleum prices. Softening ...

Australia iron ore, oil operations resume after storm

PERTH, March 2 - Mining giant BHP Billiton Ltd/Plc and energy firm Santos Ltd have resumed operations in western Australia after a tropical storm passed the coast, both companies said on Monday. The weather bureau cancelled flood warnings for much of Western Australia state on ...

China oil majors covet Africa-focused Tullow Oil

HONG KONG, March 4 - Tullow Oil is the latest Africa-focused energy firm to draw Chinese takeover interest, but the $8 billion oil and gas independent, emboldened by its prospects, has snubbed potential buyers, dealmakers say. London-listed Tullow runs oil and gas projects in 23 ...

Alaska says Eni delays oil project due to slump

ANCHORAGE, Alaska, March 3 - Italian oil company Eni is delaying work on its $1.5 billion Nikaitchuq oil development on Alaska's North Slope, a decision likely due to the slump in crude prices and poor economic conditions, said an official with the Alaska Division of Oil and Gas. ...

ConocoPhillips, others cut Alaska oil spending

ANCHORAGE, Feb 11 - Oil giant ConocoPhillips (COP.N) said on Wednesday it will cut its capital spending in Alaska by 20 percent in 2009 to $800 million due to a slump in crude prices and the economic downturn. The announcement was the biggest among a slew of investment pullbacks ...
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