An interest in acquiring more oil fields in Colombia has been shown by the state-run Oil and Gas Corporation and Oil India Ltd, when GAIL, expressed the idea to set a petrochemical plant in South America, a nation which is rich in oil.

The Colombian Minister of Energy and Mines, Hernan Martinez, who had come for a visit and signed an agreement with Petroleum Minister Murli Doera, agreeing to give cooperation in energy sector, and it was during this meeting that the two companies communicated their interest to acquire oil-fields in Colombia.

State-run gas company, Gas Authority of India Ltd. (GAIL) is planning to raise the capacity of its Pata petrochemical plant. The capacity would be increased to 800,000 tons in next few years.

The plant has a capacity of 410,000 tons per annum at present. GAIL Chairman and Managing Director, U D Choubey said that the Pata plant in Uttar Pradesh would be expanded by setting up a mega petrochemical plant alongside the existing plant.

Karvy Stock Broking Limited has maintained ‘buy’ rating on ONGC stock with an intraday target of Rs 1080.

According to Karvy, interested traders can purchase the stock between Rs 1030-1040 with a strict stop loss of Rs 1010. If the stock market remains on positive track, the stock pricing becomes more attractive, and reach above Rs 1087.

Vienna -

Nicosia, Sept 4 : China National Petroleum Corporation (CNPC), Asia’s biggest oil and gas company, has signed a three billion dollar agreement to develop and operate Iraq''s al Ahdab oil field under a 20-year service contract.

The agreement is the first major oil deal reached between Iraq, which has about one third of the world’s largest reserves, and a foreign firm.

Iraq’s Oil Minister Hussain al-Shahristani has said that time was running out for big western firms to conclude the deals they have been negotiating for many years.

The Minister said that the two sides had renegotiated the terms of an old deal which was signed back in 1997 concerning the development of the Adhab oil field.