Top oil and gas news of the day

A brief headlines that dominated the oil and gas sector.

After S&P, another global rating agency Moody’s in its credit outlook has said that the 18% reduction in gas price for the six month period starting October 1 was credit-negative for producers such as Oil and Natural Gas Corporation (ONGC) and Oil India, since it would lower their revenue and cash flow.

Alberta's Notley Aims to Cut Reliance on Oil Royalties to Zero 

CNG and PNG consumers may be cheering the second reduction in gas price announced on October 1 but it may actually end up hurting them in the long run by discouraging investment in new fields which would eventually lead to higher dependence on costlier imports as lower prices push demand. 

Oil regulator Petroleum and Natural Gas Regulatory Board (PNGRB) has invited bids for giving CNG retailing licences in 34 cities, including Amethi in Uttar Pradesh, Ahmedabad in Gujarat and Bhatinda in Punjab. 

Saudi Aramco is in talks with China National Petroleum Corp (CNPC) to buy some of the Chinese oil company's marketing, retail and refining assets, people familiar with the matter said. 

The Obama administration said it has finalised the terms of a record $20.8 billion dollar settlement with BP PLC over the 2010 Deepwater Horizon oil spill in the Gulf of Mexico. 

Russia's second-largest oil producer Lukoil said it had raised $250 mn of financing for a period of five years from Alfa Bank 

Petrobras has become the latest victim of Brazil's weak real and low oil prices with the state-owned oil company slashing its investment plans for this year and next