Offshore Drilling

Global oil companies are pumping billions of dollars into offshore drilling, reversing a long decline in spending on the decades-long projects including some in the remote iceberg waters far off Canada's Atlantic coast.

ONGC Videsh Ltd (OVL) on Thursday announced that it has started exploration of a well in an offshore block in Bangladesh. OVL has become the first Indian entity to search for oil and gas in the neighbouring nation.

India's biggest oil and gas producer ONGC has evacuated close to 500 of its employees from offshore installations in the Bay of Bengal and moved drilling rigs to safer locations ahead of an impending cyclone that is expected to make landfall on Friday.

US President Donald Trump's move to lift bans on drilling for oil and gas in offshore Arctic and Atlantic areas is illegal, a US judge has ruled.

The Trump administration on Thursday proposed opening nearly all US offshore waters to oil and gas drilling, reversing protections in the Arctic, Atlantic and Pacific.

U.S. President Donald Trump this week will sign new executive orders before he completes his first 100 days in office, including two on energy and the environment, which would make it easier for the United States to develop energy on and offshore, a White House official said on Sunday.

The company will close the deal and pay the Gujarat State Petroleum Corporation (GSPC) the money after regulatory approvals like government nod for transfer of PI (participating interest).

ONGC is investing $5.07 billion for developing Cluster-II discoveries in KG-D5 block to flow natural gas from from June 2019 and oil by March 2020.

Italy went to the polls on Sunday in a referendum on offshore oil and gas drilling rights, a vote which Prime Minister Matteo Renzi said he hoped people would not take part in.

India's Oil and Natural Gas Corp hopes to agree new cheaper drilling contracts for its western offshore fields, two sources involved in the matter said, in its biggest ever cost-saving drive in response to lower crude prices.

Shares of oil exploration companies such as Shiv Vani Oils, Aban Offshore, Dolphin Offshore Enterprises, Hindustan Oil Exploration, Selan Exploration Technology and Jindal Drilling Industries came in high demand on Wednesday after Petroleum Minister Dharamendra Pradhan announced the auction of 69 small and marginal oil fields.

Aban Offshore - India's largest offshore drilling services provider - shares are on fire following the announcement of the Iran nuclear deal. The stock closed 16 per cent higher on Tuesday and was up another 5 per cent today, hitting an intraday high of Rs 338.60.

Brazil's state-run Petroleo Brasileiro SA discovered a new deposit of light oil in deep waters off the coast of the northern state of Sergipe, the company said on Monday.

Shares of offshore drilling company Aban Offshore soared today after the company said its two subsidiaries have redeemed bonds worth Rs 1,335 crore.

Ashok Varma, executive director (Asset Manager) eastern offshore asset, said the oil and gas major has chalked out a programme to take up drilling of 40 to 45 wells by 2019.

Global oil companies are pumping billions of dollars into offshore drilling, reversing a long decline in spending on the decades-long projects including some in the remote iceberg waters far off Canada's Atlantic coast.

ONGC Videsh Ltd (OVL) on Thursday announced that it has started exploration of a well in an offshore block in Bangladesh. OVL has become the first Indian entity to search for oil and gas in the neighbouring nation.

India's biggest oil and gas producer ONGC has evacuated close to 500 of its employees from offshore installations in the Bay of Bengal and moved drilling rigs to safer locations ahead of an impending cyclone that is expected to make landfall on Friday.

US President Donald Trump's move to lift bans on drilling for oil and gas in offshore Arctic and Atlantic areas is illegal, a US judge has ruled.

The Trump administration on Thursday proposed opening nearly all US offshore waters to oil and gas drilling, reversing protections in the Arctic, Atlantic and Pacific.

U.S. President Donald Trump this week will sign new executive orders before he completes his first 100 days in office, including two on energy and the environment, which would make it easier for the United States to develop energy on and offshore, a White House official said on Sunday.

The company will close the deal and pay the Gujarat State Petroleum Corporation (GSPC) the money after regulatory approvals like government nod for transfer of PI (participating interest).

ONGC is investing $5.07 billion for developing Cluster-II discoveries in KG-D5 block to flow natural gas from from June 2019 and oil by March 2020.

Italy went to the polls on Sunday in a referendum on offshore oil and gas drilling rights, a vote which Prime Minister Matteo Renzi said he hoped people would not take part in.

India's Oil and Natural Gas Corp hopes to agree new cheaper drilling contracts for its western offshore fields, two sources involved in the matter said, in its biggest ever cost-saving drive in response to lower crude prices.

Shares of oil exploration companies such as Shiv Vani Oils, Aban Offshore, Dolphin Offshore Enterprises, Hindustan Oil Exploration, Selan Exploration Technology and Jindal Drilling Industries came in high demand on Wednesday after Petroleum Minister Dharamendra Pradhan announced the auction of 69 small and marginal oil fields.

Aban Offshore - India's largest offshore drilling services provider - shares are on fire following the announcement of the Iran nuclear deal. The stock closed 16 per cent higher on Tuesday and was up another 5 per cent today, hitting an intraday high of Rs 338.60.

Brazil's state-run Petroleo Brasileiro SA discovered a new deposit of light oil in deep waters off the coast of the northern state of Sergipe, the company said on Monday.

Shares of offshore drilling company Aban Offshore soared today after the company said its two subsidiaries have redeemed bonds worth Rs 1,335 crore.

Ashok Varma, executive director (Asset Manager) eastern offshore asset, said the oil and gas major has chalked out a programme to take up drilling of 40 to 45 wells by 2019.