India Offers Incentives to State-owned Oil and Gas Firms
Oil and Natural Gas Corp Ltd and Oil India Ltd will pay royalty and cess tax only to the extent of their equity holding in oil and gas blocks given to them before 1999, Indian Oil Minister Dharmendra Pradhan said on Wednesday after a cabinet meeting.The companies had to pay 100 percent…
LNG Rebounds as Asian Buyers Replenish Inventory
Interest for prompt spot cargoes still keen; demand could roll over to April. Asian spot liquefied natural gas (LNG) prices rebounded this week as persistently cold weather in North Asia forced buyers to enter the spot market to replenish inventory. Spot prices for March <LSG-AS>…
15 Oil & Gas Blocks Returned to Indonesia
Investors returned eight blocks in 2014, five in 2013; companies lost $820 mln in costs on blocks returned in 2015. Oil and gas investors relinquished 15 exploration blocks to the Indonesian government in 2015, nearly double those they returned the previous year, according to the country's energy regulator…
ConocoPhillips, Chevron Mull Indonesia Oil & Gas Stake Sale
U.S.-listed energy giants ConocoPhillips and Chevron Corp plan to sell their interests in a key oil and gas block in Indonesia and the government has received written requests for the same, an energy ministry official said. Several companies have expressed interest in buying the stakes in the South Natuna Sea Block B…
Indonesia Expects Total to Decide on Mahakam within days
French oil firm Total will decide how much interest it will retain from 2018 in Indonesia's offshore Mahakam oil and gas block over the next two days, the country's energy minister said on Friday. From Jan. 1, 2018, state energy company Pertamina will take over as operator of Indonesia's top gas producing field from Total.
Yemen Crisis Forces Canadian Oil Company to Liquidate
Canadian oil and gas producer Calvalley Petroleum Inc said it would liquidate due to the political crisis in Yemen, where it has almost all of its operations. Calvalley shareholders will have the option to get 80.7 cents per share or shares of the company's unlisted unit, Calvalley Energy Ltd, or a combination of both, the company said.
Gazprom, Sonatrach Mull LNG Supply Pact
Russia's Gazprom said on Thursday it had discussed possible cooperation with Algeria's state energy firm Sonatrach on supplies of liquefied natural gas. It also said that drilling at the El Assel oil and gas block in Algeria, jointly developed by Gazprom and Sonatrach, has confirmed the existence of hydrocarbon resources.
Vietnam Slams the Door on Chinese Oil Drilling
Vietnam on Wednesday demanded that China avoid sending any oil rigs into its territory, after one of the Asian giant's oil rigs finished drilling near the disputed Paracel islands in the South China Sea and was moved towards a southern Chinese province. Deployment of the rig on May 2 set off deadly anti-Chinese riots in Vietnam…
