The state owned oil producer, Oil and Natural Gas Commission (ONGC) would go for acquisition of UK-listed Imperial Energy.

The Chairman and managing director of ONGC, R S Sharma said that there in no change in its earlier plans of USD 2.59 billion to bid for imperial. The company maintains a good balance sheet, and it has enough financial resources to fund the acquisition.
 
It is to be noted that crude oil rates are declining in the international market and some quarters expected scrap of bid by state owned oil giant.

Bratislava - Slovakia wants to buy back a 49-per-cent share in the country's chief gas supplier SPP from E. ON Ruhrgas and Gaz de France, Slovak Prime Minister Robert Fico said Friday.

The state would pay around 130 billion Slovak koruny (5.7 billion dollars) for the stake.

Slovakia sold the minority stake in SPP in 2002, under the previous government of pro-market premier Mikulas Dzurinda. As part of the deal, the foreign investors received a majority on firm's board.

New Delhi, Oct.17: Petroleum Secretary R S Pandey has mooted formation of a nodal agency to facilitate talent development in the Indian oil and gas industry.

Addressing a brainstorming session in the capital on Friday, Pandey said this nodal agency should consist of representatives from industry, academia and government along with representatives of the Oil Industry Development Board (OIDB).

Pandey also advised the creation of a cell in his Ministry to support and process all relevant points where government actions are necessary.

He said that the nodal agency needs to be suitably empowered to effectively develop skilled manpower for the oil and gas sector.

New York, Oct. 17 : Oil prices have for the first time in 14 months dropped below the 70 dollar per barrel mark, prompting the Organisation for Petroleum Exporting Countries (OPEC) to consider summoning an emergency meeting next week to establish some stability in prices.

A New York Times report said the oil prices have tumbled by nearly 40 dollars a barrel in just three weeks as indications grow that demand for energy will slow along with weakening economies around the world.

As recently as July, oil was trading at a record of 145 dollars a barrel, the report said.

Vienna - Declining by nearly 5 dollars, the price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) has fallen below 70 dollars, OPEC said Thursday.

One barrel (159 litres) of OPEC crude stood at 68.58 dollars Wednesday, 4.91 dollars lower than 73.49 dollars on the previous day.

Citing the negative effect of the financial crisis on global oil demand, the cartel lowered its global crude oil demand forecast for 2009 by 450,000 barrels per day, to an average 87.2 million barrels per day.

The group's oil ministers are set to gather for an extraordinary session in Vienna on November 18 to discuss possible production cuts in reaction to falling oil prices.