oil

Russia warns of possible halt in oil supplies to Europe

Russia has warned of a possible halt in oil supplies to three European Union (EU) members via Ukraine, Slovakian Prime Minister Robert Fico said Monday.

IIM study suggests deregulation of oil sector

An IIM-Ahmedabad study on the oil sector has suggested radical reforms, including complete deregulation, where private and public sector firms are free to price fuel as they deem fit.

ONGC awards USD 162-million contract to UAE firm

ONGC has awarded an USD 162-million (over Rs 753 crore) engineering and construction contract for an oil well platform project at the Mumbai High Field to Abu Dhabi-based National Petroleum Construction Company (NPCC).

Saudi Arabia to spend USD 400 bn in oil, gas projects

Saudi Arabia, the world`s biggest oil producer and exporter, is poised to spend up to USD 400 billion to develop its own oil and gas projects in the next few years to meet the growing global demand.

ONGC subsidiary to be merged with OIL: AGP

Opposition Asom Gana Parishad on Saturday demanded that the proposed ONGC subsidiary - Assam Assets – to be amalgamated with Oil India Ltd (OIL) to make it a viable company.

Oil price might rise `reasonably`: Saudi king

Oil prices are stabilising and might even rise "reasonably," Saudi Arabia`s King Abdullah was quoted as saying by a Kuwaiti newspaper.

OPEC holds output steady

OPEC held its output quotas unchanged on Tuesday, several ministers said as the producer group called for greater compliance from some members whose overproduction could undercut efforts to support prices.

PDO awards EPC contract to Korean firm

Petroleum Development Oman (PDO) has awarded an engineering, construction and procurement (EPC) contract for the Saih Nihayda gas compression project to South Korea`s GS Engineering and Construction, the company announced Sunday.

Japan, UAE sign oil pact

Japan will stockpile crude oil produced in the UAE under a bilateral agreement that stipulates Tokyo could receive emergency supplies with priority in the event of a supply shortage.

Militants resume attacks in Nigeria’s oil region

Main armed rebel group in
Nigeria`s oil rich region on Saturday attacked a oil pipeline
operated by Shell and Chevron which ended a nearly two-month
unilateral ceasefire.

Iran acknowledges oil well takeover on Iraq border

Iran on Saturday acknowledged its takeover of a disputed oil well in a border region with Iraq but insisted the well lies inside Iranian territory, trying to play down any diplomatic fallout.

ONGC declares gas finds, Rs 18 per share dividend

State-run Oil and Natural Gas
Corp (ONGC) today said it has made two gas discoveries while
declaring Rs 18 per share interim dividend for this fiscal.

Iranian forces take over Iraq oil well

Iranian forces took control of
a southern Iraqi oil well in a disputed section of the border on Friday, US and Iraqi officials said to a news agency.

Oil prices up in Asian trade

Oil prices were stable in Asian trade on Wednesday as dealers weighed recent price falls against a firming US dollar, analysts said.

Oil prices up in Asian trade as regional demand picks up

Oil prices rose in Asian trade on Tuesday as traders were heartened by renewed demand for energy in the region, dealers said.

Oil under pressure from strengthening dollar

Oil fell in Asian trade today as prices came under continued pressure from a strong dollar and US demand concerns, analysts said.

ONGC seeks windfall tax on crude oil

Oil and Natural Gas Corp (ONGC) has sought levy of windfall tax on crude oil price of over USD 60 per barrel to pay for fuel subsidies.

Iraq hails 2nd oil auction but risky sites shunned

Iraq`s oil minister began counting the money Saturday even before the first wells were drilled, dubbing the country`s second post-war oil auction a triumph even as international oil companies largely snubbed the most violent regions in the Middle East`s last major oil bonanza.

Iraq to award contracts in new oil field auction

Iraq was poised Friday to begin taking bids from major international energy companies for 10 oil fields as it seeks to ramp up output and become one of the world`s biggest crude producers.

ONGC to bid for Iraqi oilfield

Oil and Natural Gas Corporation,
along with state-run Oil India Ltd and Turkish Petroleum Corp
(TPAO), is likely to bid for Iraq`s giant Halfaya oilfield
under that country`s second licensing round this week.