New Delhi: For oil and gas exploration and fabrication in India and overseas, state-run Oil and Natural Gas Corp (ONGC) has tied-up with British oil major BP Plc.

After the two companies signed up a memorandum of understanding (MoU), R S Sharma, ONGC chairman and managing director said, “We need expertise and BP has domain knowledge of E&P business.”

New Delhi: A ministers group, formed to check out pricing and utilization of natural gas created from novel fields like the KG-D6 of Reliance Industries, is expected to hold its initial conference today.

Oil and gas rates gained on yesterday, recovering from the losses found earlier in the week. The gains were accompanied by a healthy stock market as capitalist reaction and prospect on the economic system bettered.

The oil markets have descended in the recent past regardless of the hurricanes threat.

For October month delivery, light, sweet crude oil rates ascended 57 cents to $69.83 per barrel on the New York Mercantile Exchange (NYMEX).

On the other hand, the gasoline rates for next month delivery arose 3.42 cents to $1.9232 a gallon.

Crude oil rates returned to their former condition on Wednesday after falling below USD 70 suddenly, on rumors of Hurricane ‘Dean’ retrieving durability and distressing oil facilities in Mexico.

The storm was auspicated to flap down into the earth on late Wednesday afternoon near Laguna Verde, Mexico’s sole nuclear power plant that is freezing operations.

Yesterday, the oil and gas rates fell in the United States as worries relieved after storm Dean headed towards Mexico’s Yucatan Peninsula; and further than the U.S. energy facilities along the Gulf Coast.

As supply worries dropped off, fears about the stock market’s consequence on international demand came to the front position yet again.

For the next month delivery, light, sweet crude drop 86 cents to USD 71.12 each barrel on the NYMEX. The deal ended up from its intraday low of USD 70.05 per barrel.

Suzlon Energy, the world’s largest fully integrated wind power company, is top gainer on the Nifty. The company stock had seen a big erosion in the past couple of trading sessions due to fall in global markets.

At 11:45am, its share is quoting at Rs 1,235.75, increased Rs 60.10, or 5.11%. The stock reached an intraday high of Rs 1,245 and low of Rs 1,203.20.