Top Stories
EGoM likely to meet on Dec 30; hike in diesel and LPG prices on cards
An Empowered Group of Ministers (EGoM) is scheduled to meet onDecember 30 to consider a hike in diesel and LPG prices. The government had in2009-10 doled out Rs 260bn to make up for more than half of the revenue loss ofstate retailers due to selling auto and cooking fuel below imported cost. Thisyear, it has already committed to giving Rs 130bn out of the Rs 313.67bnrevenues state retailers lost on selling diesel, domestic LPG and kerosenebelow cost, adds report.
EGoMmeet on diesel price unlikely on Dec 22: reports
India and Russia to enhance cooperation in Oil & GasAnAgreement on enhancement of cooperation in Oil & Gas sector between Indiaand the Russian Federation was signed on 21.12.2010 by Sergei IvanovichShmatko, Minister of Energy of the Russian Federation and . Murli DeoraMinister of Petroleum & Natural Gas, Government of India in the presence ofthe Prime Minister of India and President of the Russian Federation.
The Agreementrecognizes that widening and deepening of bilateral cooperation in the field ofoil & gas sector will promote economic and commercial ties between the twocountries including socio-economic development and energy security of the Russian Federation and India, which is inextricably linkedto the availability, accessibility and affordability of oil and natural gas.The main features of the proposed Agreement are as under:
The Government of RussianFederation and the Government of India shall undertake bilateral cooperation inthe oil & gas sector based on the principles of absolute sovereign rightsover national oil and gas resources, non-discriminatory access to all to theinternational oil and gas markets, energy technologies & transfer oftechnologies and facilitating smooth flow of oil and gas resources to theinternational markets. ReadMore…
Finmin to bearone-third subsidy burden of oil PSUs
The FinanceMinistry on Wednesday said that it is willing to bear a third of the fuelsubsidy for the current fiscal and would also consider a review of customs andexcise duty on crude oil and petroleum products in Budget 2011-12. With oilprices at US$93.59 per barrel, the three oil PSUs namely Indian OilCorporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporationare estimated to lose Rs 660bn in 2010-11, adds report.
Domestic News
ONGC Campos gets nod from Brazil to farm out in Block BM-S-73
ONGC CamposLimitada (OCL), Brazil-a wholly owned subsidiary of OVL, had acquired the 100% stake in the block,BM-S-73 (formerly S-M-1413) during 9lh bidding round in the year2007.
The offshoreconcession is located in the Santosbasin and covers an area of 160.04 square kilometers. The concession is a partof Brazil'sNinth Licensing Round and is currently in exploration phase. ONGC CamposLimitada, Petroleo Brasileiro S.A. - Petrobras and Ecopetro! Oleo Gas do BrasilLTDA had entered into an agreement under the terms of which Petrobras will get43.5% share, Ecopetroi will get 13% in the block BM-S-73 and 43.5% will remainwith ONGC Campos Limitada, the Operator of the block. ONGC Campos Limitadashall also get 43.5% share from Petrobras and Ecopetroi in their blockBM-S-74who will have 43.5% and 13% share respectively.
ANP, the regulatory authority of Brazil has accorded the approvalfor the block farm-in BM-S-73 and the approval for farm-in block BM-S-74 isexpected shortly.
ONGCsigns framework agreement with Sistema
Novemberoil refinery output down 3.7% yoy
RILinks JV with SIBUR for Butyl Rubber
RILstarts drilling second well in D9 block: Hardy Oil
RelianceIndustries' Rewas port project overcomes land hurdle
Oil& Gas sector scales new heights in 2010: Govt
GAILdeclares 20% interim dividend
WithTAPI on, IPI may be off the table
IspatIndustries slides on lower JSW open offer
Shiv-VaniOil plans to raise Rs 2500mn for repayment of rupee debts
Ispatup on stake sale buzz
GlobalNews
Crude crosses US$93;highest level since Oct ‘08
Crude skyrocketed to levels last seen in Oct ’08 as it breachedthe US$93 mark.
Brent North Sea crude for February delivery touched US$93.49.
Reports attribute the rise in price to increased demand from China and the cold weather across Europe andnortheastern USstates. Any drop in temperature fuels demand for heating oil.
Oil prices rose for a fourth consecutive day on Wednesday,surpassing the US$90 per barrel mark amid a growing view that the US waswitnessing a gradual improvement in overall economic conditions and thatChina's efforts to contain inflation won't hurt its demand for energy.
Futures traded in New Yorkclimbed as much as 0.5% to trade near the highest in two years after theindustry-funded American Petroleum Institute (API) said that crude inventoriesshrank for the fourth straight week. ReadMore…
Chinahikes auto fuel prices
Crudeoil tops US$90 on US growth prospects
Crudeoil likely to zoom on global cues
Crudeoil may zoom on short covering