Reliance Industries Ltd. and partner BP Plc have won approval from India’s government to prepare a plan to develop a natural gas discovery in the Bay of Bengal, two people with direct knowledge of the matter said.
Indian state-run energy companies are considering bidding for a stake in Cairn India Ltd., countering Vedanta Resources Plc’s $9.6 billion offer for the explorer, according to two people familiar with the matter.
Reliance Industries Ltd. , India’s biggest company by market value, agreed to buy its third shale- gas asset in the U.S. this year, acquiring a 60 percent stake in acreages held by Carrizo Oil & Gas Inc. and its partner.
Oil & Natural Gas Corp. , India’s biggest energy explorer, rose to the highest in more than four months after profit beat estimates and on speculation that the government may reduce its stake in the company.
Reliance Industries Ltd. bondholders are shrugging off signals by the energy company that it will add more debt and are instead focusing on the potential for rising oil prices to bolster its creditworthiness.
Oil & Natural Gas Corp. , India’s biggest explorer, rose the most in a year after Chairman R.S. Sharma said higher gas prices will add 50 billion rupees ($1 billion) in revenue and curb losses from its aging fields.
Oil & Natural Gas Corp., India’s biggest energy explorer, was downgraded to “neutral” from “accumulate” by Deepak Pareek, an analyst at Angel Broking Ltd., citing valuations, according to an e-mailed note to clients today.