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Aug 14, 2017
Reliance Industries, BP to submit revised investment plan for KG-D6 gas finds
Senior executives in the joint venture said four deepsea satellite gas discoveries -- D—2, 6, 19 and 22 are planned to be developed together with D29 and D30 finds in the Krishna Godavari basin of KG-D6 block. -
Jun 23, 2017
Reliance Industries, BP withdraw international arbitration over gas price against govt
RIL and BP had in May 2014 filed an international arbitration after the Election Commission forced deferment of implementation of a new pricing formula the previous UPA government had approved for pricing of RIL-BP's eastern offshore KG-D6 and other gas. -
Jun 20, 2017
RIL's fresh KGD6 investment plan will have to deal with challenging gas biz, regulatory control: Moody's
RIL-BP estimate that the fields have 3 trillion cubic feet of discovered gas resources, which could be monetised with these investments -
Jun 17, 2017
Exxon, partners set $4.4 bln for mega oil project in Guyana | Reuters
By Ernest Scheyder Exxon Mobil Corp said on Friday it and partners would spend $4.4 billion to develop part of the Liza oilfield off the coast of Guyana, approving a megaproject at a time when the oil industry has grown obsessed with lower-cost shale.Exxon's decision shows that oil companies remain interested in large projects, especially offshore, even in an era of belt-tightening after two years of low crude prices.The Guyana announcement from Exxon and partners Hess Corp and CNOOC was the fifth deepwater project to gain approvals this year. BP Plc and Reliance Industries said on Thursday they would spend $6 billion to develop natural gas reserves off the Indian coast -
Jun 16, 2017
Reliance Industries, BP to invest $6 bn to develop new gas fields in Krishna Godavari basin
The two firms have also agreed on a strategic cooperation on new opportunities for conventional and unconventional fuel trading and marketing including jointly setting up petrol pumps. -
Jun 15, 2017
Oil Minister Dharmendra Pradhan invites RIL, BP to invest in fuel retailing
While RIL already has a fuel retailing license and has some 1,400 petrol pumps on the ground, BP last year got approval to set up petrol pumps in India -
Mar 22, 2017
Ex-oil traders seek buyer for Canadian refinery after bet fails | Reuters
By Jessica Resnick-Ault | NEW YORK NEW YORK The former crude oil traders who bought a struggling, remote Canadian refinery in 2014 as a turnaround bet are quietly trying to unload the asset after facing weak margins and high regulatory costs, according to two people familiar with the efforts.SilverPeak Financial Partners was once seen as a buyer of refineries - not a seller. -
Mar 10, 2017
Oil prices slump amid ample supply, gold falls | Reuters
By Herbert Lash | NEW YORK NEW YORK Crude oil extended a slump amid record U.S. -
Feb 04, 2017
Traders rush to ship U.S. oil as export window to Asia opens | Reuters
By Catherine Ngai and Florence Tan | NEW YORK/SINGAPORE NEW YORK/SINGAPORE Oil majors and trading houses are set to ship an unprecedented volume of U.S. crude oil to Asia in coming weeks, boosting already high flows to the region due to higher prices from OPEC production cuts.Traders have estimated that some 700,000 to 900,000 barrels per day is set to leave the United States in February, with the majority of the cargoes headed to Asia. -
Feb 02, 2017
Union Budget 2017: An integrated oil giant proposed to take on global rivals
There are a dozen state-run oil and gas companies but they do not have the financial power to rival global oil majors in bids for overseas oil assets. -
Feb 02, 2017
India looks at creating oil giant to take on global rivals | Reuters
By Nidhi Verma and Promit Mukherjee | NEW DELHI/MUMBAI NEW DELHI/MUMBAI India plans to create a giant oil company by combining state-owned firms, finance minister Arun Jaitley said on Wednesday, as the world's third largest oil consumer looks to better compete with global majors in acquiring foreign assets.New Delhi is struggling to raise local oil production and imports about 80 percent of its oil. Prime Minister Narendra Modi in 2015 set a goal of cutting that to 67 percent by 2020.India is replacing China as the driver of global oil demand growth and the International Energy Agency expects it to account for a quarter of global energy use by 2040."We propose to create an integrated public sector oil major which will be able to match the performance of international and domestic private sector oil and gas companies," Jaitley said in his budget speech. India has about a dozen state-run oil and gas companies - including Indian Oil Corp (IOC.NS), Oil and Natural Gas Corp (ONGC.NS), Hindustan Petroleum Corp (HPCL.NS) -
Jan 05, 2017
Corrected - Oil business seen in strong position as Trump tackles tax reform | Reuters
By David Morgan | WASHINGTON WASHINGTON (This version of the story was corrected to remove a reference in paragraph 8 to ConocoPhillips, which is not an integrated oil company)Big Oil could be in a unique position to protect its interests against a Republican proposal to tax imports, given that President-elect Donald Trump's cabinet is studded with oil champions sensitive to the risk of higher gasoline prices. Trump's emerging leadership includes Exxon Mobil Corp (XOM.N) Chief Executive Officer Rex Tillerson as secretary of state, former Texas Governor Rick Perry as energy secretary and Oklahoma Attorney General Scott Pruitt as Environmental Protection Agency administrator.Trump himself has made no secret of his support for the energy sector. And in Congress, both Republicans and Democrats have close industry ties, including House tax panel chairman Kevin Brady, a Texas Republican whose district takes in the northern Houston suburbs.House Republicans want to adopt a sweeping tax reform that would sharply reduce tax rates for corporations and end the taxation of U.S. -
Dec 07, 2016
Carmakers and Oil firms are debate of the shift to electric vehicles and demand for oil
Many carmakers are predicting a significant shift to electric vehicles in the next decade. Advances in battery technology and the growth of autonomous driving and ride sharing - suited to electric vehicles - will power this expansion, they reason. -
Nov 14, 2016
Reliance Industries' partner Niko puts KG-D6 stake for sale
Financially strained Niko had in February last year announced plans to sell its 10 percent stake in the KG-DWN-98/3 or KG-D6 block to pay off $340 million debt -
Jul 30, 2016
Oil steadies, but month for WTI is worst in a year | Reuters
NEW YORK Oil prices recovered on Friday after a week-long selloff but still finished the month nearly 15 percent lower, with U.S. crude declining the most in a year because of a persisting glut -
Jun 30, 2016
After selling 49% to Rosneft, Ruias to offload another 25% stake in Essar Oil
The promoters see an enterprise value of Essar Oil of $10 billion -
Jun 29, 2016
Fire at Mississippi gas plant halts two U.S. Gulf Coast platforms | Reuters
CALGARY, Alberta/HOUSTON At least two offshore oil platforms halted operations on Tuesday in the U.S. Gulf of Mexico after a fire at a natural gas processing plant in Mississippi shut a crucial pipeline that brings output onshore, several companies said -
May 19, 2016
BP trims stake in Castrol India by 11%
BP held a 71 percent stake in the company before the sale -
May 07, 2016
Convoy leads Canada fire evacuees through burning city to safety | Reuters
WANDERING RIVER, Alberta A convoy of evacuees from the Canadian oil hub of Fort McMurray made its way on Friday through the heart of an out-of-control wildfire on the only highway out of the region, passing through the burned ruins of the city. High winds and parched timber and brush from a spring heat wave stoked flames, which have engulfed 247,000 acres (101,000 hectares) in Canada's energy heartland since erupting on Sunday. Some 88,000 people were forced to flee Fort McMurray and two oil sands sites south of the city were threatened. -
Apr 21, 2016
Exclusive - VW to offer to buy back nearly 500,000 U.S. diesel cars: sources | Reuters
WASHINGTON Volkswagen AG ( VOWG_p.DE ) and U.S. officials have reached a framework deal under which the automaker would offer to buy back almost 500,000 diesel cars that used sophisticated software to evade U.S
