India approved a policy on Wednesday allowing extra time to contractors of old blocks to unlock oil and gas reserves of more than 426 million barrels, worth over $21 billion, as it seeks to cut its dependence on imports.
The policy approved by the Union Cabinet will help companies including Cairn India and Oil and Natural Gas Corp that are exploring blocks awarded before 1999.
Moody’s Investors Service (Moody’s) has changed its outlook on the global integrated oil and gas sector to positive from stable as higher profits from upstream operations fuel a faster recovery in earnings growth, says the rating agency in a report published today.
China’s Sinopec will pay almost $1 billion for a 75 percent stake in Chevron Corp’s South African assets and its subsidiary in Botswana to secure its first major refinery in Africa, the companies announced on Wednesday.
Mozambique will get $350 million in capital gains tax from Eni after the Italian oil and gas company agreed to sell a stake in a gas field to Exxon Mobil Corp, senior tax official Anibal Mbalango said on Tuesday.
The oil ministry has directed state oil firms to prepare a roadmap for creating integrated firms. Oil secretary Kapil Dev Tripathi held a short meeting with the chairmen of state oil firms last week and asked them to submit their respective plans for integration within weeks
In a dialogue with the local community from Neduvasal village, Tamil Nadu, senior Union ministers on Wednesday assured them that the Government will not carry out any E&P activities without addressing concerns of stakeholders.