Cairn Oil and Gas to Invest $4.6 bln in New Exploration
Cairn Oil and Gas, part of Vedanta Ltd, will invest 300 billion rupees ($4.6 billion) in exploration projects off India's east coast and in the onshore fields of Barmer in the west, its acting CEO said. The company expects approvals to be in place by the end of October, Sudhir Mathur told Reuters on the sidelines of the India Energy Forum in New Delhi, as Cairn undertakes a fresh investment plan after the extension of its production contract until 2030. No debt will be raised for the investment, Mathur said, adding that the money will be spent over a period of three to four years.
Vedanta Completes Cairn India Buyout
Indian metals and mining group Vedanta Limited said on Tuesday it had completed its buyout of oil and gas explorer Cairn India Ltd, consummating a deal that was delayed for months by investor opposition. Cairn India said in a separate statement its board had made the merger effective as of Tuesday. The deal gives Vedanta Limited, the Indian unit of diversified energy group Vedanta Resources PLC, access to Cairn's $3.5 billion cash pile, boosting its finances. It was delayed due to opposition from some big minority shareholders, leading Vedanta to sweeten the offer last August.
Vedanta to close merger with Cairn India in early 2017
Mining and energy group Vedanta Resources expects to complete its merger with Cairn India early next year, a move that would boost the firm's financial strength, Vedanta's CEO said on Friday. Vedanta is among the resource firms hit by a collapse in commodity prices and it is also facing legal action and activist protests over its operations in Zambia. In a speech to a London shareholders' meeting, CEO Tom Albanese said the rationale for the merger was compelling, which was why Vedanta announced improved terms in July. "The merger ...
Cairn India's 1Q Net Profit Drops 28%
Oil explorer Cairn India Ltd , controlled by billionaire Anil Agarwal, said on Thursday consolidated net profit in the first quarter of its business year fell 28 percent from the same period a year ago due to lower crude oil prices. The crude oil and gas producer, with assets in Rajasthan state's Barmer basin, Andhra Pradesh's Ravva basin and Gujarat's Cambay basin, reported April-June profit of 3.6 billion rupees ($53.61 million). Sales fell 28 percent to 18.85 billion rupees. The first-quarter's performance represented a significant improvement on the previous quarter however…
Cairn Pre-close Update
Cairn intends to announce its preliminary results for the year to 31 December 2015 on Tuesday 15 March 2016. In advance of these results, Cairn is providing information on recent operations and guidance in respect of the Group’s trading performance in 2015. This information is unaudited and is subject to further review. Simon Thomson, Chief Executive, Cairn Energy PLC said, “Cairn is delighted with the positive flow tests on the SNE-2 appraisal well confirming the commercial deliverability of the SNE discovery.
Cairn India Seeks to Export Oil Despite Ban
Cairn India Ltd has invited initial bids for exports of its oil from the desert state of Rajasthan, according to a copy of the tender notice seen by Reuters, despite a government ban on overseas sales of locally-produced crude. A government official said there had been no change in the ban and that Cairn India might simply be trying to establish a price for its oil via the tender process ahead of negotiations to sell it to local buyers. Cairn India, backed by billionaire Anil Agarwal, did not respond to telephone calls and an email seeking comment about the export notice.
Irving Oil Slams Former Top Executive Over Lawsuit
Canada's Irving Oil rejected former top executive Mike Ashar's allegation that he was underpaid millions of dollars, painting him instead as an "unsuccessful" hire who oversaw a decline in the family-owned company's worth during his five-year tenure, according to court documents filed this week. The legal battle has offered a rare glimpse inside the closely-held company, which runs Canada's largest oil refinery in the Atlantic province of New Brunswick, and is planning to build a storage terminal for the country's most ambitious oil pipeline project, TransCanada's Energy East.
Cairn Files Dispute Against India Income Tax Dept.
Oil explorer Cairn Energy has filed a dispute notice against the Indian income tax department over a $1.6 billion tax claim from the 2006-2007 fiscal year, the company said on Tuesday. The dispute notice was filed under the terms of the UK-India Investment Treaty, meaning the Indian government and Cairn will now start negotiations to find a resolution to the dispute, Cairn said. If no agreement is made, an international arbitration panel will rule on the matter, it added. The tax investigation…
Indian Police hold Company Officials Over Oil Ministry Leaks
Indian police have won court approval to hold five company officials for 72 hours as they investigate an alleged scam to steal documents from the oil ministry to sell to consultants and private companies. The officials from Reliance Industries, Essar , Cairn India, Jubilant Energy and Reliance Power were arrested on Friday along with seven other people, Ravindra Yadav, Additional Commissioner of Delhi Police, told Reuters on Saturday. One of the arrested people is former journalist Santanu Saikia, who now runs websites about the oil, power and fertiliser sectors.
Cairn India's 1Q Results for Period ended 30th June, 2014
Cairn India Limited (CIL), one of the fastest growing energy companies in the world, today announces its quarterly financial results for the period ending 30th June, 2014. Global Energy Rankings. Mr. Sudhir Mathur, Interim CEO, Cairn India said,“In line with our vision to contribute to the nation’s energy security, we are confident of not only achieving the stated exploration target of 3bn barrels of hydrocarbons in-place, ahead of schedule, but also of adding another 3 bn barrel to our un-risked prospect inventory. With multi-Tcf potential, we expect gas to be a significant contributor in our product mix.
P Elango, CEO of Cairn India steps down
Cairn India Ltd. announces that Mr. P Elango, Interim CEO & Whole time Director has decided to step down for personal reasons. The Board has accepted his resignation. Mr. Sudhir Mathur, CFO, has taken over the additional responsibility of leading the organization in the interim. Tom Albanese, CEO Vedanta Resources plc and Mike Yeager, Chairman, Operations Review Board, Cairn India, will continue to work closely with the leadership team in managing the business under the guidance of the Board. The Board expresses its appreciation for Mr.
Nordic Clinches $23.5m Offshore Seismic Contract
Singapore-based offshore specialist Nordic Maritime has been awarded a $23.5 million contract to provide 3D marine seismic data acquisition and processing services off the coast of Andhra Pradesh, India, to Cairn India Limited, starting later this month. The contract will see Nordic Maritime collaborate with SCF Geo of Russia and will feature that group’s seismic survey vessel Vyacheslav Tikhonov. The Vyacheslav Tikhonov will survey approximately 1,000 sq km of ocean bed. The project will also include the acquisition of gravity and magnetic data alongside the seismic data near Nizamapatnam Bay.
