UPDATE 2-India's ONGC Q4 net falls 13 pct, lags f'cast

(Reuters) - NEW DELHI, June 25 - India's state-run Oil and
Natural Gas Corp. Ltd. said its fourth-quarter
net profit fell 13 percent, lagging forecasts, due to higher
mandatory discounts to refiners and one-off staff costs.




ONGC, India's second most valuable listed company with a
market cap of $48 billion, also said it was in talks with oil
majors Chevron , Total and Royal Dutch Shell
to swap stakes in oil blocks and planned to spend $10.3
billion in acquiring and developing overseas assets by 2012.


Read more at Reuters.com Market News

Oil slides $1 as Nigeria supply worries ease

(Reuters) - Oil prices fell by more than $1 to near $70 on Monday after Royal Dutch Shell said it was preparing to resume exports from a Nigerian oilfield abandoned over a year ago because of militant attacks.

The news came two days after Nigerian unions ended a general strike that had threatened to halt shipments from Africa's biggest oil producer.


Read more at Reuters Africa

PetroChina May Raise $6 Billion in Shanghai Share Sale to Fund Expansion

(Bloomberg) -- PetroChina Co. is planning the
nation's biggest share sale this year to raise as much as $6
billion in Shanghai for overseas acquisitions, increased oil
drilling and refinery construction.

The stock rose 5 percent in Hong Kong on expectations the
revenue will help develop the nation's largest oil find in almost
50 years. Beijing-based PetroChina, which said today it plans to
offer a maximum of 4 billion shares, overtook Royal Dutch Shell
Plc as the world's second-largest oil company by market value.


Read more at Bloomberg Energy News