Cairn in £51m Sri Lankan deal
CAIRN India is to invest $100 million (£51m) for the first phase of exploration in Sri Lanka's Mannar oil basin.
The subsidiary of Edinburgh-based Cairn Energy yesterday signed an agreement with the government of Sri Lanka covering the exploration of the first of eight oil blocks in the Mannar basin, following a successful bid.
The government says seismic data shows that more than one billion barrels of oil lie under the sea off the north-west coast.
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Friday 17 February 2012
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