Cairn India, which had made four discoveries in the KG-DWN-98/2 block before selling 90 per cent out of its 100 per cent stake in the block to ONGC in 2005, has written to the oil regulator DGH saying the state-owned firm is grossly overstating the reserves in block, sources said.
In a sudden volte-face, the government is veering around the idea of setting up a Rs 8,000 crore refinery in Rajasthan to process crude oil found in the state.
Interest from Malaysia's Petronas in Cairn India and Swiss Petroplus in Cairn India's parent, Cairn Energy, saw the shares of both the companies gaining on the bourses.
The Kiwi all-rounder will retire from Test cricket after the tour of England, but still hopes to play one-day cricket.
In a setback to the Cairn-Vedanta deal, Solicitor General Gopal Subramanium has reaffirmed that the government can impose preconditions like equitable sharing of royalty in the all-important Rajasthan block for clearing Vedanta Resources' takeover of Cairn India.
State-run Oil and Natural Gas Corporation on Monday said it has resolved differences with Cairn India Ltd for building a $340-million pipeline to take crude oil found in Barmer district of Rajasthan to Gujarat.
Cairn India, whose success in Rajasthan may have propelled Reliance to bid for two blocks in the state, has submitted offers for only two blocks -- one onland and one offshore.
Cairn India is actively considering the option of evacuating its crude oil from Rajasthan through Viramgam in Gujarat
Oil and gas exploration major Cairn India Ltd on Tuesday got listed at Rs 140 on the Bombay Stock Exchange with a discount of 12.5 per cent over its issue price of Rs 160.
Cairn India Ltd, which listed on the National Stock Exchange at Rs 152 on Tuesday, said it will invest $1.5 billion in exploration and development activities in India over the next three years.
Some retail investors have withdrawn from the initial public offer of Cairn India after the closure of the issue, which managed to receive 1.1 times subscription.
Putting aside the plan for setting up a greenfield refinery in the state, Cairn Energy India, in a joint venture with ONGC, is planning to build a 500-km pipeline to evacuate crude oil from the Mangala, Bhagyam, and Aishwarya fields.
Cairn Energy India's initial public offering of 32.88 crore (328.8 million) shares will open on December 11 and close on December 15 at a price band of Rs 160-190 per share.
Petronas of Malaysia has picked up about 10 per cent stake in Cairn India Ltd, the subsidiary of Scottish oil firm Cairn Energy Plc, that is to be listed on Bombay Stock Exchange by the end of next month.
Oil explorer Cairn Energy Ltd has said it would invest $90 million, along with its joint venture partners, over the next nine months toward drilling activity at Ravva, the offshore oil and gas field in the KG Basin.
The 92nd Academy Awards nominations have been announced at the Samuel Goldwyn Theatre in Beverly Hills, Los Angeles.
London-listed mining group Vedanta Resources is running against time to close a USD 9.6 billion deal to acquire majority stake in Cairn India as government approval for the transaction is held up due to issues raised by state-owned ONGC.
'BPCL has always been spoken about as a multinational company though it is State-run... this sets our work culture also apart.'
India is massively underexplored, says Rahul Shir, CEO, Cairn India.
A senior official in the central labour commissioner's office said the efforts of the government were to resolve the cases amicably and not to press for legal action against employers. "Everyone is going through tough times. We could initiate legal action if we want but that's not the idea. We want to address the issues amicably," the official said.
Cairn Energy of UK has secured a $1 billion banking facility to fund its Rajasthan oil field development plan.
After months of dithering, UK's Cairn Energy on November 25 applied for government nod to transfer control in its three producing assets, including the prolific Rajasthan fields to Vedanta Resources.
Government has approved Cairn Energy's one-billion dollar development plans for four of the 18 oil discoveries made by the British firm in its Rajasthan block.
UK-based oil firm Cairn Energy plans to create a separate unit out of its Indian operations and sell at least 25 per cent shares of the new firm through an initial public offering.
State-run Oil and Natural Gas Corp (ONGC) may seek management control of the giant Rajasthan oilfields in lieu of allowing UK's Cairn Energy to sell majority stake in its Indian arm that now operates the field, to a non-oil firm, Vedanta Resources for $8.48 billion.
The Kiwi all rounder has been recalled to the one-day squad for the three-match series against Australia next month.
Cairn India, a unit of UK-based Carin Energy, will have the potential to account for 20 per cent of India's oil production in the next decade once oil starts flowing from its three fields in Rajasthan.
UK-based Cairn Energy raised its estimates of oil at its three key Rajasthan fields, and said total potential production was now over 1,50,000 barrels per day.
British firm Cairn Energy has approached the Rajasthan government seeking permission for commercial production of up to six million tonnes of pit oil a year from its fields in Barmer district.
Cairn Energy of UK on Monday said its oilfield in Rajasthan contains more than 2.5 billion barrels of oil reserves.
British firm Cairn Energy, which in 2004 discovered a huge oilfield in Rajasthan, will begin early oil production from the fields in a years' time from now.
Cairn Energy has received an 18-month extension for further appraisal of the over 2,884 square km acreage of the Rajasthan block, which preliminary estimates suggested would yield between 35-70 million barrels of oil.
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