ONGC Videsh Ltd and its partners Indian Oil Corporation and Oil India Ltd had in 2009 dropped plans to develop the Binaloud oil find in the Farsi offshore block as it found one billion barrels of reserves commercially unviable.
Equity benchmark Nifty scaled the psychological milestone of 21,000 in afternoon trade on Friday, and the Sensex touched its all-time intraday high of 69,888.33 after the central bank's decision to keep policy rates unchanged in line with market expectations. The 50-share benchmark index opened on a bullish note, after taking a breather on Thursday, and rose to 21,006.10. As many as 25 stocks were trading in the green, and 24 stocks defied the broader market and were trading in the negative territory.
Investors' wealth eroded by Rs 7.59 lakh crore on Monday as the equity market took a heavy drubbing amid escalating tensions in the Middle East. The 30-share BSE Sensex plunged 825.74 points or 1.26 per cent to settle at 64,571.88 points. During the day, the index plummeted 894.94 points or 1.36 per cent to 64,502.68 points.
Making ravioli is slightly more time-consuming than rustling up pasta, but the results are unbeatable, taste-wise.
The National Socialist Council of Nagaland-Khaplang, a guerilla outfit headed by its self-styled chairman S S Khaplang, has dictated the Indian and foreign oil companies engaged in oil extraction and fresh exploration work on the soil of Nagaland, "to stop all activities forthwith or face the consequences."
Worried about the possibility of oil prices' pushing up inflation, the Reserve Bank on Tuesday said chances of prices going up in the coming days need to be viewed against this background.
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Global trends and trading activity of foreign investors would largely dictate terms in the equity markets this week amid a lack of major domestic triggers, analysts said. Markets may face near-term consolidation due to elevated valuations, they noted. "While the previous week was predominantly shaped by developments in the US Federal Reserve policy, attention will now shift to the Bank of Japan's policy decision on December 19," Santosh Meena, Head of Research, Swastika Investmart Ltd, said.
The Fed's interpretation of the increase in gas prices is the economist's basic mantra of supply and demand.
'No analogy is perfect, but a better liquid to liken data to is water, with the global internet like a great borderless ocean of currents and tides,' Facebook's vice-president, global affairs and communications, Nick Clegg, said in New Delhi.
The fields have reserves of about 89 million tonnes
Among the Sensex firms, Infosys, Tech Mahindra, HCL Technologies, Tata Consultancy Services, Wipro and JSW Steel were the major gainers during the morning deals. Nestle, Bharti Airtel, Axis Bank ITC were among the laggards.
Scottish explorer Cairn Energy has struck an estimated 20 million tonnes of oil and gas reserves in Rajasthan.
The surge in oil prices has also affected the rupee, which hit a 6-week low of 70.25 on Friday against the dollar.
Dudley, whose company last year made the largest foreign direct investment in the oil sector, followed it up with a meeting with Finance Minister P Chidambaram.
About 2,000 petrol pumps, mostly in western and northern India, have run out of fuel stocks as the strike by some truckers' associations entered the second day on Tuesday.
The fall in reserves was due to a sharp fall in foreign currency assets.
The Reserve Bank of India on Friday opened a special window for cash-strapped state-owned oil firms to buy foreign exchange at market rates to provide them with more liquidity and manage exchange rates at the same time. As part of a two-pronged strategy to minimise the "potential adverse consequences for financial markets" due to the escalation in global crude prices, RBI also decided to conduct open market operations for oil bonds in the secondary market.
Given that India will get a huge part of its oil supplies from Iran through its government-owned oil PSUs, any unwelcome shocks in global crude rates could be absorbed well enough.
While sources in Iran confirmed the dispute, officials of the central banks of both countries are set to meet on Friday.
'For experienced and risk-taking investors, now may be the time to go all in.' 'By 'experienced and risk-taking', I refer to those who remained net buyers in equities during the early stages of the 2020 pandemic.' 'On the other hand, those who exited the markets during the pandemic may go the SIP way.'
Titan, IndusInd Bank, Axis Bank, State Bank of India, Power Grid, NTPC and Tata Motors were among the among the major gainers. Mahindra & Mahindra, Larsen & Toubro, Nestle, JSW Steel, Infosys and Tata Consultancy Services, Tech Mahindra and Maruti were the major laggards.
Reliance Industries Limited had in late-August filed a revised field development plan for discoveries Dhirubhai-1 and 3 (D1&D3) in KG-DWN-98/3 cutting gas reserves to 3.10 Trillion cubic feet from 10.03 Tcf approved in 2006.
'All but one of the previous oil shocks brought either a change of government or a political crisis.' 'Is the government braced for stormy weather?' asks T N Ninan.
India decisively withstood global headwinds in 2023 and is likely to remain as the world's fastest-growing major economy on the back of growing demand, moderate inflation, stable interest rate regime and robust foreign exchange reserves. Despite widespread pessimism witnessed among the developed nations and the worsening geopolitical situation, India recorded a gross domestic product (GDP) expansion of 6.1 per cent in the March quarter. The growth moved up to 7.8 per cent in the June quarter and was 7.6 per cent in the September quarter. For the first six months of this fiscal, the growth was 7.7 per cent.
Essar Energy Holdings, a part of the Essar group, has acquired an oil and gas exploration block in Nigeria in the latest round of bidding. The shallow offshore block is completely owned by Essar Energy.
Among the Sensex firms, HDFC Bank, Bharti Airtel, Infosys, UltraTech Cement, Tata Steel, Wipro, Kotak Mahindra Bank, Reliance Industries, Tech Mahindra and JSW Steel were the major laggards. Power Grid, Titan, Mahindra & Mahindra and NTPC were among the gainers.
From the Sensex pack, JSW Steel, Tata Steel, NTPC and UltraTech Cement emerged as major winners, closing the day with a gain of up to 3.33 per cent. On the other hand, Asian Paints, ITC, L&T and SBI were the laggards, ending the session up to 3.95 per cent lower. Of the 30 Sensex stocks, 14 closed the day in green, while on the 50-stock index Nifty 25 scrips ended with gains.
'We emphasise the importance of not basing investment decisions solely on electoral outcomes.' 'Instead, focusing on investing in high-quality businesses capable of prospering regardless of the political landscape is paramount.'
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corporation, has made a big natural gas discovery in Iran with in-place reserves being estimated at around 10 trillion cubic feet.
During the Drill Stem Testing, the well produced 596 barrels of oil per day. The discovery, named as Dhirubhai-36, has been notified by the Union government and the Directorate General of Hydrocarbons.
Teheran bargains on OilMin plan for more rupee payment via increased import; wants investment deal on gas block.
Edinburgh-based Cairn said its Alpha-1S1 well in the sea between Greenland and Canada found oil over a 400 meter section and encountered gas reserves, the company said.
Cairn Energy of the United Kingdom has again struck oil in Barmer basin of Rajasthan, Petroleum Minister Ram Naik said on Friday.
A senior government official says the idea is to facilitate mutually beneficial ways to keep the supply going.
Among the Sensex firms, Adani Enterprises and Adani Ports sustained their gaining momentum and traded higher by 4.40 per cent and 4.37 per cent, respectively. BPCL, Axis Bank, Mahindra & Mahindra and SBI were the other major gainers. On the other hand, HCL Tech, Infosys and Bajaj Auto traded in the negative zone with a loss of up to 1.54 per cent.
Reliance Industries, the country's largest private sector oil firm, has bagged a deep sea oil and gas block in Gulf of Oman and is looking for oil assets in Qatar, Iran and Saudi Arabia.
Cairn Energy Plc of the United Kingdom on Tuesday announced third significant discovery in Rajasthan this year, with gross in-place reserves of 400 million barrels.
Just as very high oil prices looked an anomaly in a sluggish world, so now do record high equities.
'It will be important strategically and geographically because there is no port in India which is as close to the international shipping route as Vizhinjam.'
