Bloomberg reported that Finance Minister Palaniappan Chidambaram said India is mulling over the possibility of freeing the prices of oil drilled locally in order to lure more foreign investors.
Reuters reported that because of the sanctions imposed on Iran earlier this month, India is paying for Iran oil only in rupees, leaving Tehran struggling to use the Indian currency which has limited international acceptability and can only be used to buy non-sanctioned goods and services from the country.
State-run Oil India Ltd. (BSE:533106) announced that together with Indian Oil Corporation Ltd. (BSE:530965) it has acquired 30 percent of Carrizo Oil & Gas Inc.'s (NASDAQ:CRZO) interest in about 60,000 net acres of Denver shale assets.
The Financial Post reported that India's Oil and Natural Gas Corp. denied that it, along with Oil India Ltd. and Indian Oil Corp., made a $5 billion bid for Canadian oil sands assets owned by ConocoPhillips (NYSE:COP). ConocoPhillips has not commented on the situation.
Reuters reported that a group of three Indian oil companies — Oil and Natural Gas Corp., Oil India Ltd. and Indian Oil Corp. — bid $5 billion for stakes in oil sands assets owned by Canada's ConocoPhillips (NYSE:COP). Canada is currently completing a study of its capacity for foreign investment in the tar sands.
The Wall Street Journal reported that India's junior oil minister has said that the country plans to reduce oil imports from the Islamic Republic by eleven percent this fiscal year.
The oil spill liability could extend well beyond British Petroleum as Transocean Ltd., Halliburton Co. and Cameron International Corp. all had some exposure to this series of current events.
Even as investors are mulling mixed signals over crude supply numbers from the Energy Information Administration, there are clear indications that the Gulf state leaders have no plans to stop pricing oil in dollars. The rumour had traders hitting the panic button.
India’s Chennai Petroleum Corp. has deferred its planned two-month shutdown of nearly a third of its 190,000 barrels-per-day Manali refinery in southern India by a month to meet local fuel demand. For full story, click here
India’s Chennai Petroleum Corp. has deferred its planned two-month shutdown of nearly a third of its 190,000 barrels-per-day Manali refinery in southern India by a month to meet local fuel demand. For full story, click here
Get our independent commentary on oil trends and companies delivered to your inbox.
