Maputo - A consortium of South African and Mozambican energy companies have discovered two significant natural gas deposits off the coast of central Mozambique's Inhambane province, a local newspaper reported this week.
Minister of Natural Resources Esperanca Bias was quoted by the daily Noticias newspaper on Monday as saying that the reservoirs were found at a depth of 1.3 kilometres. The layers found were between seven and 15 meters in thickness and are believed to contain a considerable amount of gas.
The Union Government is unlikely to reduce prices of petroleum products as of now despite huge fall in the prices of crude oil in the international market. Crude prices were $142.04 a barrel on July 3 while currently they are fluctuating in between $47 -$50 per barrel. The public sector oil marketing companies have requested government to hold prices so that they can cover their previous losses. The Indian crude oil basket has averaged $52.78 a barrel in November as compared to October's average of $69.12.
Moscow - Russian energy company Gazprom on Saturday threatened to cut off gas deliveries to Ukraine starting January 1 unless Ukraine pays 2.4 billion dollars of debt and finalizes new contracts for future deliveries.
Gazprom spokesman Sergei Kupriyanov, quoted by the Interfax News Agency, dismissed arguments from Kiev that payments had been delayed due to the ongoing financial crisis.
"If the Ukrainian economy were really in a crisis, they would need less energy from us. There has been no sign of that," he said, adding that Ukraine cannot expect to receive billion-dollar bail- outs from the International Monetary Fund on the one hand and refuse to pay its debts to Russia on the other.
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.
The Union Government is unlikely to reduce prices of petroleum products as of now despite huge fall in the prices of crude oil in the international market. Crude prices were $142.04 a barrel on July 3 while currently they are fluctuating in between $47 -$50 per barrel. The public sector oil marketing companies have requested government to hold prices so that they can cover their previous losses. The Indian crude oil basket has averaged $52.78 a barrel in November as compared to October's average of $69.12.
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. 
