India rejected a bid by the U.K.’s Cairn Energy Plc. and its local unit to explore an oil and gas area off the nation’s west coast and awarded 44 fields that were auctioned to bidders this year. For full story, click here
Oil and Natural Gas Corporation (ONGC), announced that the company and its partners and first timers BHP Billiton-GVK Power won 20 oil and gas exploration blocks out of the total 57 blocks that were offered on auction in the seventh round of auction under New Exploration Licensing Policy by the Cabinet Committee on Economic Affairs (CCEA). [...]
Wintershall is continuing to expand its activities in the Gulf region: the wholly owned BASF subsidiary has been awarded another exploration license in Qatar’s territorial waters. For full story, click here
Petroleos Mexicanos may award the company’s first external oil production and exploration contract by the end of next year. For full story, click here
BHP Billiton and the Philippine unit of Royal Dutch Shell both eyes stake in in an oil and gas exploration project, which the government is selling. For full story, click here For Shell’s website, click here
Brazil’s state-run oil firm signed an agreement to explore for oil in deep Caribbean waters north of Cuba that officials in Havana say could contain 20 billion barrels of crude. For full story, click here
Indian oil major, Oil India (OIL), plans to invest in exploration of oil and natural gas in next two years. M.R Pasrija, chairman and managing director, OIL, said: Part of the money required for the activity may be raised from its proposed public offer and the balance from internal accruals. For full story, click here For OIL’s website, [...]
Oil prices are being pushed upwards by the impending arrival of tropical storm Gustav in the Gulf of Mexico. Gustav is projected to become “the largest hurricane in the Gulf of Mexico since Katrina”. Workers are already being evacuated from oil and gas rigs in the area, which has pushed up NYMEX oil futures past $117.
Barrel prices nosed upward of $115 on Monday, largely due to a sagging US dollar. Analyzing this in reference to last week’s barrel and dollar prices shows the extent to which crude is tied to currency differentials. The relationship is not one sided, either. For us Canadians, high oil prices are keeping our dollar near parity with that of our neighbours.
Nigerian National Petroleum Corporation is starting the detailed exploration of oil in the northern part of the country from next month. The NNPC Acting Group Managing Director, Alhalji Abubakar Yar’Adua, said: The exploration will be done with the latest 3D technology. For more information, click here
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