Oil and Natural Gas Corporation (ONGC) bagged 44 out of total 45 oil and gas exploration blocks with its partner BHP Billiton and GVK Power. The Cabinet Committee on Economic Affairs, on Thursday, gave permission to start oil exploration. 

Madrid - Spain's stock market watchdog CNMV on Friday suspended trade in stocks of the oil company Repsol amid reports that Russian oil giant Lukoil was about to acquire nearly 30 per cent of Repsol.

The CNMV also suspended the stocks of Criteria, a holding of La Caixa bank, which admitted to being in talks with Lukoil about selling all or part of its 12.5-per-cent stake in Repsol to the Russian company.

Lukoil was also reported to be in talks with the construction company Sacyr Vallehermoso, which holds a 20-per-cent stake in Repsol.

Sacyr stocks rose by nearly 14 per cent after trading opened, on top of a 13-per-cent surge on Thursday. Repsol and Criteria shares dropped by more than 2 per cent.

Madrid - The Spanish government will do all it can to keep the oil firm Repsol "independent and Spanish," Industry Minister Miguel Sebastian said Thursday, amid rumours that Russian oil giant Lukoil was considering a swoop for up to a third of the company's stock.

Spanish national radio reported that Lukoil was reportedly targeting a 20-per-cent stake in Repsol held by the construction company Sacyr Vallehermoso, which has been hit by Spain's construction crisis.

Criteria, a holding company of La Caixa bank, meanwhile admitted that it had maintained "informal contacts" with an unidentified party about the possibility of selling all or part of its 12.5 per cent stake in Repsol.

Vienna - The price for crude oil produced by the Organization of the Pet

The executive officers of all public sector oil companies have decided to defer the indefinite strike by one week. Strike was called by their union demanding early disposal of higher wage issue by Union Government. The matter of high wages is pending before the government since January, 2007.

High wages have been recommended by Justice Rao Committee and a Committee of Secretaries has approved it for employees of all public sector units. But the union cabinet has failed to take any decision so far, forcing 50,000 officers in 14 oil PSUs to take extreme step.