Cairn Energy delays start of Indian oil output
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Oil explorer Cairn Energy has said that it had delayed until 2009 the expected start of production at its largest Indian oil field.
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Oil halted a run of heavy losses on   Wednesday, shrugging off rising U.S. fuel stocks as world   powers differed over whether to punish Iran for its atomic work   and oil workers in Nigeria began a three-day strike.
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Iran&#39;s first nuclear power plant will become operational in October 2006, a year delayed against the schedule, the official IRNA news agency reported here Sunday.
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India News, New Delhi, Ending the suspense of the past few days, the government Friday decided not to increase prices of petroleum products, even as oil prices continued to rule at high levels in global markets.
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New Delhi: Petrol and diesel prices will not be increased this fortnight. The government has decided to wait till the US presidential elections are over, official sources said.
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British oil exploration firm Cairn Energy, which has announced a series of oil discoveries in India, said that oil in place in the Mangala field was estimated to reach one billion barrels, with recoverable reserves of 100-320 million barrels.
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Cairn Energy Plc, which plans to produce 80,000-1,00,000 barrel of crude oil per day from its Mangala and Aishwariya fields in Rajasthan, is disputing a tax that has been imposed on production.
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OPEC has agreed an oil output cut of 500,000 barrels per day, or two percent, delayed until February1 when the northern winter is ending, a delegate said on Thursday, sending oil prices more than a dollar higher.
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SINGAPORE/LONDON  - Oil steadied above $70 a   barrel on Friday on expectations of a long delay before the   United Nations decides on sanctions against Iran, the world's   fourth-largest exporter.
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Oil slipped toward $63 on Tuesday as   traders balanced healthy U.S. fuel stocks ahead of winter with   a fresh delay to BP's giant Thunder Horse oilfield in the Gulf   of Mexico.
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British oil firm Cairn Energy has said that the initial public offering of its Indian unit would be priced at 160 rupees per share (2.73 euros, 3.56 dollars) -- at the low end of its price range.
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Rising oil prices are slowing growth across the world but key emerging economies such as China and India will continue to support the near-term outlook for commodities, the world's largest mining company said Friday.
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OPEC was considering on Thursday delaying an oil output cut until the northern winter has passed, responding to the calls of importer nations' afraid supply curbs now will drive prices higher and hurt their economies.
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OPEC has agreed an oil output cut of 500,000 barrels per day, or two percent, delayed until February1 when the northern winter is ending, the group said on Thursday, sending oil prices above $62.
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British oil explorer Cairn Energy said it has raised 37 billion rupees (822.47 million dollars) in private placings of shares in its Cairn India unit ahead of its flotation, with Malaysia's Petronas buying a 10 percent stake.
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Protesting villagers have forced the Nigerian subsidiary of Royal Dutch/Shell Group of Cos. to cut oil output in the volatile Niger Delta, hampering efforts by the Anglo-Dutch oil company to recover from earlier protests last month, a company spokesman said Thursday.
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Shares in Cairn Energy plummeted 20 per cent on Friday after the oil explorer announced it had failed to strike oil in a new field in the Indian state of Rajasthan.