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Mukesh Ambani tops Forbes’ India Rich List
India’s rising stock market and a booming economy that’s expanding by 8.5% have boosted the net worth of India’s richest people, according to the latest Forbes’ India Rich List. The combined net worth of India’s 100 richest people is US$300bn, up from US$276bn last year. This year, there are 69 billionaires on the India Rich List, 17 more than last year. Mukesh Ambani, head of Reliance Industries, has topped the latest Forbes’ India Rich List with a net worth of US$27bn, for the third consecutive time. Steel magnate Lakshmi Mittal, remains at No. 2 with a net worth of US$26.1bn. However both are less well off than they were a year ago. Moving up to third position this year is IT outsourcer Wipro’s Azim Premji. His wealth increased to US$17.6bn from US$14.9bn last year amid an improving outlook for the sector. Also improving on their previous ranking to No. 4 are brothers Shashi and Ravi Ruia with US$15bn, more than their last year’s net worth of US$13.6bn. The IPO of their Essar Energy in May, which raised US$1.85bn, was the largest ever listing in London by an Indian company.
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India and Kuwait to boost cooperation in Oil & gas
Mulri Deora, the Union Minister of Petroleum & Natural Gas, and his counterpart from Kuwait, Sheikh Ahamad Abdullah Al-Ahmad Al-Sabah emphasized enhancing cooperation between the two countries. Stating that India would like to further strengthen relationship with Kuwait, Deora said there are several areas where the two countries can work together in the oil and gas sector. These include long term arrangement of crude oil supply from Kuwait to India and mutual investments in various areas of hydrocarbon sector. Read More…
Kuwait keen to buy shares in Indian Oil
RIL and ONGC to get time for KG Basin: report
Reliance Industries (RIL) and Oil and Natural Gas Corporation (ONGC) are likely to get getting additional time for completing their oil and gas exploration programme in their KG basin fields.
According to reports, RIL is slated to receive extension till December 2010 for two of its blocks while for the third it will get an extension up to 2013. ONGC, on the other hand, will get the deadline for exploration extended to December 2010, May 2011 and September 2011 for its blocks respectively. However, exploration period may not be extended beyond this year for RIL’s KG-DWN-98/3 block, said a financial daily.
The Director General of Hydrocarbons said that the exploration period at the KG-D6 block may not be extended beyond this year, since the operator has already completed all minimum work programme (MWP) commitments at this block.
Domestic News
NELP-IX to be launched on Oct 15
The Government will reportedly offer about 34 areas for exploration of oil and gas in the 9th round of bidding under the New Exploration Licensing Policy (NELP -IX) that will be launched on October 15. According to reports, the first roadshow will be held in Mumbai on October 18 while dates and venues for international roadshows will be decided later.
The NELP VIII, which closed in October 2009, attracted investment commitment of US$1.34bn in 36 blocks that attracted offers. In all 70 areas or blocks for exploration were offered in NELP-VIII, the largest licensing round in India, adds report. Of the 36 areas bid for in NELP VIII, the Government awarded only 33 blocks to successful bidders.
The Government has so far awarded 239 blocks in eight rounds of bidding since the advent of NELP in 1999.
India's infrastructure growth dips in August
India's exports up 22.5% in August
IOC, HPCL, BPCL down on subsidy woes
ONGC may bid with Kuwaiti cos for Indian oil blocks: report
BPCL to invest Rs500bn for expansion of refinery capacity: report
Vedanta's Cairn India deal may get delayed: report
Aban Offshore gets shareholder's nod to raise Rs43bn
IL&FS to join hands with with Reliance Industries for Haryana township: report.
Global News
Crude oil rises above US$80/bbl
Crude oil rose for three consecutive days and was set for its biggest weekly gain since April, buoyed by encouraging economic data on the US and Chinese economies. Oil also rose after OPEC member Ecuador declared a state of emergency after what it called a "coup attempt". Crude oil for November delivery climbed as much as US$1.18, or 1.5%, to US$81.15 a barrel on the New York Mercantile Exchange, the highest price since Aug. 10. It was at US$80.90 at 1:09 p.m. London time. Brent crude for November settlement was up US$1.06, or 1.3%, at US$83.17 a barrel. Oil futures gained 11% in September and 5.7% in the third quarter. This week, the market is up 5.8%, the most since the five days ended April 2.
The purchasing managers’ index (PMI) in China, the world’s top energy consumer, rose at the fastest pace in four months in September. China’s PMI climbed to 53.8 from 51.7 in August, the logistics federation and statistics bureau said. The median forecast was 52.5. Reading above 50 indicate expansion. US initial jobless claims decreased by 16,000 to 453,000 in the week ended Sept. 25, lower than the 460,000 median estimate from 47 economists, Labor Department figures showed. Unemployment has hovered around 10%. A government report showed that the US economy grew at a 1.7% annual rate in the second quarter. The revised US GDP figure exceeded the 1.6% median forecast. Economic growth in the US slowed from 3.7% in the first quarter.
BP raises US$3.5bn via bonds
BP raised US$3.5bn in five- and ten-year bond auctions, which attracted strong investor demand. The British oil company will have to pay roughly US$20bn as compensation for the oil spill at its offshore drill in the Gulf of Mexico. BP pledged several US Gulf of Mexico assets as collateral for the US$20bn Deepwater Horizon Oil Spill Trust, set up to pay claims from the disaster. The UK company's pledged collateral consists of an overriding royalty interest in oil and gas production at BP's Thunder Horse, Atlantis, Mad Dog, Great White and Mars, Ursa and Na Kika oil and gas assets in the Gulf of Mexico.
The move was aimed at assuaging concerns on BP's ability to pay off all the legitimate claims it faces on the US oil spill. BP also fired the head of its exploration division and said that it was undergoing a big reorganisation of its safety operations ahead of the arrival of Robert Dudley, its new boss, on October 1. BP also announced the creation of a new unit to police safety practices throughout the company. BP said that the cost of the April 20 oil spill disaster as of Sept. 29 stood at US$11.2bn.
KNOC completes hostile takeover of Dana: report
Korea National Oil Corp. declared victory in its hostile bid to take over Dana Petroleum, Aberdeen. KNOC reportedly began its US$2.9bn bid for Dana on August 20 and on September 24 said it had received acceptances representing 64.26% of outstanding shares. It then made its offer unconditional, and Dana recommended acceptance by remaining shareholders. Dana reported average production last year of 38,650 boe/d, mainly in the North Sea and Egypt, added reports.
BP Chief designs new strategies to progress
Repsol, Sinopec form JV in Brazil
ConocoPhillips receives notice of LUKOIL option exercise
Kline & Company ranks Shell as No.1 global lubricants supplier for fourth consecutive year