Reliance-BP Deal Gets OK from Indian Govt

- Reliance-BP Deal Gets OK from Indian Govt

Tuesday, August 09, 2011
Reliance Industries Ltd.

Reliance Industries Limited has received the Government of India approval for its transformational deal with BP. Reliance Industries is grateful to the Government of India for the approval, which will result in the largest foreign investment in the domestic hydrocarbon sector.

BP will take 30% stake in 21 oil & gas production sharing contracts that Reliance operates in India, including the producing KG D6 block. Following the approval, RIL and BP will work together to conclude the deal expeditiously.

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ONGC In Talks to Sell Indian Ocean Deepwater Stakes - FT

- ONGC In Talks to Sell Indian Ocean Deepwater Stakes - FT

Monday, August 08, 2011
Dow Jones Newswires

India's Oil & Natural Gas Corp. (ONGC) is talking to Shell, BG Group and Eni to sell stakes in its Indian Ocean deepwater developments, the Financial Times reported Sunday, citing ONGC's chairman AK Hazarika.

ONGC is already co-operating with Shell, BG and Eni in a number of other blocks, and talks had been under way for some time. ONGC seeks a partner on the technical front to expand the development of its 85 deepwater blocks in the Indian Ocean, Hazarika said in the report available on the FT website, without giving a deadline for the deal.

The company was willing to give away up to 30% of its assets in exchange for technical expertise, Hazarika said, according to the report.

Shell and BG declined comment, while Eni didn't respond, the FT said.


Copyright (c) 2011 Dow Jones & Company, Inc.

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Canadian Quantum Acquires Interest in Indian O&G Canada Permit

- Canadian Quantum Acquires Interest in Indian O&G Canada Permit

Tuesday, July 26, 2011
Canadian Quantum Energy Corp.

Canadian Quantum has acquired a 50% interest in an Indian Oil and Gas Canada Permit with Sundance Energy Corporation acquiring the other 50%. The acquisition covers all available P+NG rights underlying the Alexander First Nations Reserve, located in Central Alberta. The Alexander First Nation Permit is comprised of 6,946.17 gross hectares (17,365 gross acres) or approximately 27 sections of land. Sundance, as operator, is in the process of configuring an extensive 3D seismic program that will be shot as soon as possible. The Alexander First Nation lands have the potential for multi-zone light oil and natural gas production at relatively shallow depths with existing infrastructure in the area.

Canadian Quantum's President and CEO, Douglas Brett stated "We are excited to have acquired such a large land position in an area where another oil and gas company has recently announced a discovery well from a zone that we have mapped as being potential on the Alexander First Nation lands."

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Indian Offshore Companies Set Signt on Emerging Markets

- Indian Offshore Companies Set Signt on Emerging Markets

Tuesday, June 07, 2011
Knight Ridder/Tribune Business News
by Manu Balachandran, The Economic Times, India

Indian offshore companies are making substantial investments to acquire vessels to tap the oil exploration and drilling services market in emerging markets, led by Brazil, to scale up revenues in the coming years.

Domestic offshore companies led by Greatship India, Great Offshore, Essar Shipping and Global Offshore compete for contracts to be awarded by Petrobras, the world's largest deep-water and ultra-deep water oil producer. "The demand for vessels in Brazil is as much as 500 in the coming years and there is a market in excess of $30 billion, which can be tapped by Indian companies," said the MD of a leading domestic offshore player.

While 50% of the vessels deployed in Brazil are non-Brazil flag vessels, European and Asian companies have been actively pursuing the market for bigger tonnage and larger supply vessels.

Greatship India is awaiting the delivery of seven of its vessels, while Global Offshore has already planned to acquire two platform supply vessels by the next year at a cost of Rs. 500 crore. Bharati Shipyard-owned Great offshore will also look to raise its total fleet from the current 47. "While I cannot divulge the details of our further expansion plans, Great Offshore is targeting Brazil. We currently do not have any fleet in Brazil, but we are looking to enter the market in a big way, especially in the larger supply vehicles and anchor handling vessels," said PC Kapoor, MD of Great Offshore.

While parallels can be drawn between India and Brazil in terms of oil reserves in offshore, India has been lagging behind in exploration. "India's scale of operation in the offshore sector is about [th of what Brazil has and on a relative basis, this is inadequate," said Anjan Brahma, analyst at i-maritime consultancy. Sheth family-controlled Greatship India currently has a fleet size of 19 and is expected to scale up to 28 in the next two years, which is likely to be deployed in emerging markets such as Brazil and Australasia.

"We are looking at emerging markets such as Brazil and Australasia in terms of oil exploration and drilling services and subsea market. We were awarded a contract with Petrobras in collaboration with Fugro, which is estimated at a value of more than 450 crore for a five-year period," said Greatship India MD Ravi K Sheth. Smaller companies such as Global Offshore and Varun Shipping have also been in the race.

Varun Shipping recently signed a contract with Petrobras for three anchor handling towing and supply vessels. The deal was valued at Rs. 690 crore for the first four years, with another Rs. 690 crore to be paid in case of an extension.

Copyright (c) 2011, The Economic Times, India

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