Cairn Energy, which owns a 52.11 per cent stake in Cairn India, "has voted to accept (government) conditions", the company said.
Cairn wants the stakes that its different subsidiaries, including those registered abroad as well as showpiece Rajasthan oilfields, hold in oil and gas properties, to be transfered into one India-based company.
RIL is keen on buying Cairn India's Rajasthan crude oil but said it cannot take the oil unless the pipeline from fields to Gujarat coast is built.
In an attempt to stop states from levying local sales tax on inter-state transactions, the Centre has told Rajasthan that only Central Sales Tax can be levied on crude oil sold from Cairn India's fields in the state to refiners elsewhere.
State-run gas utility GAIL India Ltd buys 0.9 million standard cubic meters per day of output from Ravva Satellite fields at $4.30 per mmBtu. The new price sought by the Ravva consortium is 60 per cent more than the maximum price of $4.20 per mmBtu approved for RIL's KG-D6 fields for five years to March 2014.
Minister of state for petroleum and natural gas Jitin Prasada in a written reply to a question in the Lok Sabha said that IOC and MRPL have been allocated 0.20 million tonnes each in 2009-10, while HPCL would offtake 0.30 million tonnes of Rajasthan crude. In 2010-11, IOC would buy 1.5 million tonnes of the crude oil from the nation's most prolific oil discovery in more than two decades, while MRPL would double its offtake to 0.40 million tonnes.
The board of ONGC has approved its 30 per cent share of the $2.431 billion revised field development cost proposed by Cairn India for the Block RJ-ON-90/1, petroleum minister Murli Deora informed the Rajya Sabha on Monday. ONGC will invest $729.43 million.
Government is yet to approve Cairn's deal to sell stake in Cairn India to Vedanta.
A day after the government referred its $9.6 billion deal to a panel of ministers; UK's Cairn Energy Plc on Thursday said it has extended the deadline for completion of the sale of a majority stake in its Indian unit to Vedanta Resources by over a month to May 20.
It is not clear what will happen if the open offer is completed before the government approves the deal.
The Vedanta chief also appeared confident that the deal to acquire a majority stake in Cairn India, promoted by Edinburgh-based Cairn Energy Plc, would soon receive the approval of the government.
ONGC on Thursday said it may invest $1.01 billion in Cairn India's Rajasthan oilfields even though the project offers negative returns as the public sector firm is liable to pay all the statutory levies.
Cairn India is open to buying the 30 per cent stake that government-owned Oil and Natural Gas Corporation owns in its oil block in Rajasthan. Cairn India is the operator of the block, with 70 per cent ownership currently.
The Petroleum Ministry may have watered down its preconditions for approving mining group Vedanta Resources' acquisition of Cairn India, but the $9.6 billion deal will still hinges on no-objection from partner ONGC.
Together, the top 10 business groups reported a pre-tax loss of Rs 19,342 crore during the January-March 2020 quarter, as against a profit before tax of around Rs 48,500 crore in the year-ago period and Rs 39,600 crore during the December quarter. While Vedanta was the worst hit. others included Aditya Birla, Bharti, Adani, Mahindra, and Tata.
Reliance Industries and Essar Oil are keen on buying crude oil from Cairn India's Rajasthan fields even as the petroleum ministry struggles to find takers of the nation's most prolific oil discovery among public sector firms.
The Edinburgh-based firm's current application seeking the nod for sale of 40 to 51 per cent in Cairn India, for up to $8.48 billion, has left out three producing properties, including the giant Rajasthan oilfields.
The $9.6-billion deal is contingent upon government nod as the deal involves change of ownership of strategic assets like the giant Rajasthan oilfields.
International investment in the domestic energy sector could get affected if the government unduly delays the deal between Cairn Energy and Vedanta Resources, says Bill Gammell, Cairn India Chairman and CEO of its British parent.
Cairn India, which found India's largest oil field in Rajasthan in over 30 years, has discovered a saline water reservoir near its oil field that will help pump crude oil to the ground level and enhance production.
If the waxy crude oil from Cairn's Mangala field in Rajasthan's Barmer area could get the company such high valuations, the prospects of other companies producing higher-grade crude oil or natural gas certainly brighten.
Rediff reader Sanjay Yadav, 36 from Pune shares his message for Indian tourists.
The government has told Cairn Energy that its deal with Anil Agarwal-promoted Vedanta Resources will go through only after a formal proposal to the government is made and all clearances are obtained.
The recruitment drive is looking to fill more than 300 key positions for the Rajasthan project, a company statement said.
Cairn India on Wednesday said it will invest about $2 billion in the country over the next one and a half years for developing oil fields and building a pipeline which will deliver oil from Barmer in Rajasthan to the coastal areas of Gujarat.
Cairn India has received a government approval that will enable it to proceed with the development of a pipeline to transport oil from its flagship fields in Rajasthan.
Cairn India, which is developing the oilfields in Rajasthan discovered by its parent Cairn Energy in 2004, has started preliminary work on the pipeline to bring the oil to market, its chief executive said on Monday.
Cairn India, the oil company 69 per cent owned by FTSE 100 listed Cairn Energy, is raising $625m from a private placement of shares to two investors, one of them Petronas, Malaysia's national oil company. The money will be used to invest in Cairn India, including the development of its large Rajasthan oil fields, for which cost estimates have been rising.
ONGC Videsh and Cairns India have bid for oil exploration blocks in Sri Lanka.
'Appellants may not lap up the scheme because, first, to do so would amount to admission of guilt, and second, they may have smelled victory before higher appellate forums,' notes S Murlidharan.
New Zealand all-rounder Chris Cairns will quit one-day cricket after the 2007 World Cup in the West Indies.
Cairn India, which is 69 per cent owned by London-listed Cairn Energy, is very close to securing the vital approval it needs to begin work on the pipeline to transport the oil from its vast Rajasthan oil fields, the Indian government has said.
Skipper Chris Cairns hit an explosive 70 as Chandigarh Lions scored a 38-run victory over Mumbai Champs.
The former New Zealand all-rounder said the the Essel venture has the edge because of the local flavour in the leagues.
The Kiwis are among 18 more players who signed up with the rebel league.
The company plans to begin drilling in Bihar's Gangetic basin by next year. It has completed the seismic surveys and is currently studying the data collected to understand the geological structures below the surface.
The proposed 7.5 million tonne per annum refinery was to process crude oil from Cairn India's field in Barmer, which is expected to start producing in the first half of 2009.
The Cabinet on Thursday approved ONGC's proposal to acquire Cairn Energy's stake in two gas blocks for $135 million.
Summary of sports events and persons who made news on Sunday.
The former Kiwi ace picked Wasim Akram as the greatest bowler and Ian Botham the greatest all-rounder.
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