Mexico kicked out foreign companies 77 years ago, but just last Wednesday the tables seem to turn as its government auctioned 14 exploration blocks to attract international energy companies, which will hopefully redeem the country's dwindling production.
Oil & Natural Gas Corp or ONGC said it would be spending about $9 billion in the next ten years to produce oil found in new blocks in the east coast of India.
State-owned steel maker Steel Authority of India (SAIL) and the country's largest energy explorer, the Oil and Natural Gas Corporation, are in preliminary talks about jointly exploring coal-bed methane in Indian coal blocks. SAIL wants to use coal-bed methane to reduce input costs.
The consortium comprising of Indian Oil, ONGC Videsh and Oil India, as well as Repsol SA, would not be exercising the right of pre-emption of the vacated shares in the oil project previously owned by Petronas of Malaysia.
Sources said the Oil & Natural Gas Corp (ONGC) would be buying a 12% stake in the Brazilian oil field owned by Petroleo Brasileiro (Petrobras).
India's ONGC Videsh said it would increase its overseas debt to fund a USD2.64 acquisition.
ONGC announced an acquisition deal for a 10% stake in Anadarko Corp priced USD2.6 billion.
ONGC and Reliance Industries signed a Memorandum of Understanding that allows them to share infrastructure on the east coast.
Naptha supply offered by ONGC to potential buyers end of July
State run oil and gas companies, ONGC and Oil India announced to pay US$2.5 billion for Mozambique field stake from Videovon Industries Ltd.
The Indian government is asking for an explanation about a premature statement issued by ONGC regarding its US$2.5 billion deal with Videocon.
Oil and Natural Gas Company (ONGC) India withdrew its statement last Monday after announcing a deal with Rovuma Area 1 in Mozambique.