LONG before the fuel price increase was announced on June 4, its political dimensions had come up time and again in discussions among partners of the United Progressive Alliance (UPA) government at the Centre. The debate was on even during the run-up to the Assembly elections in Karnataka, which were held in May. The discussions highlighted the global increase in the price of crude oil and the demand from oil companies for governmental measures to tide them over.

Sujay Mehdudia NEW DELHI: With the Finance Ministry clearing the air on the tax breaks for oil and gas production related activity, the seventh round of the New Exploration Licensing Policy (NELP) could well evoke poor response from the international and domestic investors. While refusing to extend any further the last date for submission of bids under NELP VII beyond June 30, Petroleum and Natural Gas Minister Murli Deora asked the potential investors to keep in mind while bidding for oil and gas blocks that the promised tax breaks might not come through.

With Petroleum and Natural Gas Minister Murli Deora petitioning Prime Minister Manmohan Singh for restoration of tax breaks for producers of oil and gas, the final call on the issue is likely to be taken by the Union Cabinet. A decision is expected before June 30, the last date for submission of bids under the New Exploration Licensing Policy (NELP) round VII.

A Malaysian-based company, Petronas Pakistan Limited, has made a second gas discovery in Mubarak Block, located at Ghotki district in Sindh. According to an announcement on Monday, the discovery was made at the Saqib-1A well which was drilled to the planned depth of 3,780 meters. The well was successfully tested and flowed between 13.4 million and 25.2 million standard cubic feet of gas per day and between 47.5 barrels and 63.9 barrels of condensate per day.

Rakteem Katakey Big oil companies may be keeping away from exploring for oil in India, but guess who's keen on taking advantage of soaring oil prices? These range from realty companies to oil services company. Even a media company

By Mure Dickie in Beijing and Michiyo Nakamoto in Tokyo Published: June 19 2008 03:00 | Last updated: June 19 2008 03:00 Beijing and Tokyo are to work together to exploit gas reserves in disputed waters of the East China Sea, under a long-awaited deal demonstrating the determination of east Asia's biggest powers to bridge their differences.

The block has one billion barrels of oil also National Iranian Oil will market the product After the successful discovery of crude oil in three wells of Farsi block in Iran, a consortium led by ONGC Videsh (OVL) and comprising Indian Oil Corporation and Oil India Limited (OIL) have submitted a proposal to invest about $3 billion to bring into production 12.8 trillion cubic feet (tcf) of gas reserves.

MUMBAI: Reliance Industries is now on the verge of a quantum leap in one of its several growth platforms, energy, Chairman and Managing Director Mukesh Ambani said here on Thursday.

The Reserve Bank of India on Tuesday allowed Indian companies to invest in overseas energy and natural resources sectors such as oil, gas, coal and mineral ores in excess of the current limits with prior approval of the central bank.

The government can partly keep crude import bill and prices under control by supporting oil companies in acquiring rigs for exploration of domestic hydrocarbon sources, according to industry body Assocham said. Currently, 70 per cent of India's petroleum, oil and lubricant requirements are met through imports which might go up to 90 per cent by 2010, Assocham said in its paper on 'Indian Oil & Gas Sector: An Overview.'

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