Oil Minister Murli Deora flew into the Vietnamese Capital this morning with heads of bluechip Indian oil firms to lay a claim with Hanoi on BP's stake in two offshore gas fields, a pipeline and power project -- together referred as Nam Con Son, Vietnam's largest gas project.
In his remarks at the State Dining Room following his meeting with the BP executives - the first after the oil spill started in the Gulf of Mexico last month -- Obama said the $20 billion will provide substantial assurance that the claims people and businesses have will be honoured.
Obama is scheduled to meet the BP chairman and a number of officials on Wednesday.
Warning that expenses could escalate, the oil major pointed out that it is too early to quantify other potential costs and liabilities associated with the incident.
In yet another bid to manage the raging crisis in the Gulf of Mexico, oil major BP said on Wednesday that it had bought the "oil spill" search string in Google.com. So, the next time when an internet user types "oil spill" in Google.com, the first response in the search results will be a link directing to BP's micro website that is dedicated to disseminating information on how it has handling the crisis on the ground.
Meanwhile, in a statement, BP also said that the huge oil spill had so far cost the company $350 million.
International crude oil prices have fallen over 33 per cent from their recent record highs and are projected to fall further towards $90 per barrel with the second hurricane in the Gulf of Mexico not causing as much loss of production as was initially estimated.
Giant Hurricane Ike began lashing the Texas gulf coast on Saturday with its fierce category 3 winds threatening to shut down United States' oil industry and flood the big water front area which is already under waist deep water. Ike, which has already churned through the Gulf of Mexico, is now on a collision course with Texas, where already over a million people in coastal areas have been evacuated but thousand others have ignored calls to leave, deciding to brave it out.
Research has shown that a series of monumental volcanic eruptions, which created gigantic Deccan Traps lava beds in India, may have wiped out dinosaurs 65 million years ago, dispelling notions that a meteor impact in the Gulf of Mexico did the same
Officials in Mexico's Tamaulipas state, which borders Texas, said 18,000 people had been evacuated Tuesday from 20 low-lying, seaside communities.
West Asia tension will keep crude prices high
At least three people were killed as Hurricane Frances relentlessly pounded Florida, eastern US with gusty winds and heavy rain, leaving more than five million people without power, tearing off roofs and windows and leveling trees in its path.
Intel's Young Scientist Karan Jerath talks about inventing, innovating and life.
An intense winter storm has caused electricity outages for tens of thousands of Americans. Some 65,000 homes and businesses along the US east coast are without power. The storm is the product of a rapid and rare drop in barometric pressure known as bombogenesis, or bomb cyclone. Heavy snow has pounded the east coast from Maine as far south as North Carolina, taking out power lines, icing over roads and closing hundreds of schools.
Incredible images depicting the scientific world give a beautiful insight into the academic world. A shortlist of images from the Royal Photographic Society's science photographer of the year competition has been released and includes images from the macroscopic to the microscopic. The winning images will be revealed in October to coincide with the opening of the free exhibition. The Science Photographer of the Year exhibition will run at the Science Museum from October 7-January 5.
Pradhan met Energy Secretary Rick Perry during an unscheduled trip to the US Capitol and discussed energy cooperation between India and the US, Indian investment in Liquefied natural gas and shale sectors, and the possibility of the US exporting LNG to India from early next year.
"Indian-Americans are an 'organic bridge' between the world's two largest democracies," he said.
The evacuation of coastal areas of Florida and neighboring Georgia was the biggest seen in the US in a dozen years.
Obama said he wants to boost the use of natural gas in transportation
Volkswagen can pay $18 billion, over time, and retain its credit rating.
Indian oil and gas exploration companies work in silos.
Oil and Natural Gas Corp, which had last year firmed up an investment of Rs 34,012 crore (USD 5.076.37 billion) in bringing to production 10 oil and gas discoveries in its Bay of Bengal block KG-DWN-98/2 (KG-D5), plans to invest another Rs 21,528.10 crore (USD 3.2 billion) in developing the ultra-deepsea UD-1 find.
Two-time Pulitzer Prize winner Paul Salopek is on an intercontinental journey of 24,000 miles, tracing humankind's movement out of Africa right down to South America.
We all know that the best view in a plane is from the cockpit -- and these stunning pictures underscore that. 34-year-old Christiaan van Heijst, Dutch senior first officer and cargo pilot, produces some jaw-dropping pictures from the cockpit of thunderstorms, shooting stars, the Northern Lights, carpets of cloud and cities lit up at night. Here's a glimpse of what life is like in the cockpit 30,000 feet above the planet.
Harvey is the most powerful hurricane to hit the United States mainland in 12 years on Saturday made landfall in central Texas coast with winds of 195 kmph.
We go down memory lane look at the iconic moments from late Franca Sozzani's career.
The broader Nifty too fell for the second straight session and closed with a loss of over 62 points, or 0.54 per cent, at 11,520.30, after hovering between 11,496.85 and 11,602.55.
Three deaths have been reported and there are fears of more fatalities.
At present, in Myanmar, GAIL and IndianOil have a minority stake in a gas pipeline which goes to China, through South East Asia Gas Pipeline Company.
At least 200 Indian students stranded at the University of Houston were being evacuated to safer places.
Around 13 million people continue to battle "catastrophic" flooding and torrential rains in storm-ravaged Texas where Hurricane Harvey has wreaked havoc.
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