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Cairn Energy NEWS

Cairn Energy books Stena Drilling
March 14, 2019
Source: Energy Voice

Cairn Energy books Stena Drilling

Cairn Energy, a Scottish oil firm has booked Stena Drilling for a UK North Sea exploration. Last time that Stena worked for Cairn was in 2017 off the coast in Senegal in 2017 and it involved the Stena DrillMAX unit. This time, Stena Don semi-submersible rig will be deployed for Cairn’s Chimera prospect in the third quarter. Cairn Energy presently owns 60% of Chimera.

Cairn to pay $100,000 if exploration commitment is not met
Dec. 17, 2018

Cairn to pay $100,000 if exploration commitment is not met

According to bid information available with DGH, Vedanta-owned Cairn India will attract a penalty of $0.1 million if it fails to fulfil exploration commitment for the 41 oil blocks won under OALP. Award of blocks were based on the commitment to explore and drill for oil and gas, and government’s share in the hydrocarbons produced. DGH gave equal weightage to both these parameters.

Vedanta seeks oil services consortia to develop recently won blocks
Nov. 30, 2018

Vedanta seeks oil services consortia to develop recently won blocks

In a recent briefing, Vedanta Chairman Anil Agarwal said that they are seeking consortia of US oilfield service companies to aid the development of 41 blocks in India. Accompanied by Cairn Chief Executive, Mr Agarwal met with executives from 70 services companies in Houston this week. The meeting aimed at encouraging the firms to establish a consortium to compete for contracts. Cairn won 41 of the 55 blocks auctioned in OALP.

£400 million loss for Carin Energy
Sept. 12, 2018
Source: Energy Voice

£400 million loss for Carin Energy

Europe’s leading energy company, Carin Energy has reported £400 million loss in half-year. Admitting its mistakes, the company commented that regardless of its progress in North Sea this year, it has experienced heavy losses on “derecognition of financial assets”. Carin experienced pre-tax losses worth £383m in the first six month of 2018. CEO of the company has said that “Cairn has made strong progress across its balanced portfolio.”

BHGE grabs oilfield development contract in India
Aug. 10, 2018

BHGE grabs oilfield development contract in India

Vedanta’s Cairn Oil and Gas has awarded the oilfield development contract for Mangala, Bhagyam and Aishwarya (MBA) fields to leading oilfield services provider, BHGE. The service provider will support Cairn with advanced technology solutions to deliver an integrated scope of oilfield services and equipment. The scope of the contract also involves the construction of 300 new wells and deployment of a chemical EOR programme.

Cairn Energy tax issue to see its final hearing
March 14, 2018
Source: Economic Times

Cairn Energy tax issue to see its final hearing

In the year 2014, India had used a two year old legislation to raise a Rs.10, 247 crore retrospective tax demand on a decade old Cairn’s unit in the country. The British firm had initiated an international arbitration challenging the tax demand and the final hearing will begin in August, 2018 in The Hague.

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