R-Cluster development advances off India

Reliance Industries Ltd. (RIL) has issued a letter of award to McDermott International Inc. for subsea development of deepwater R-Cluster natural gas fields on Block KG D6 offshore eastern India. Source: News

MARKET WATCH: NYMEX crude oil flirts with $55/bbl

Oil prices climbed on the New York market Oct. 31 and reached above $55/bbl in early Nov. 1 trading on what analysts called growing optimism that the Organization of Petroleum Exporting Countries will extend its production-cut targets. Source: News