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THE $9.6 billion (£5.9bn) sale of a majority stake in Cairn India to Vedanta Resources hit fresh delays yesterday after the Indian government referred the deal to a panel of ministers.
Vedanta Resources expects the Indian government to approve its long-pending deal to take control of Cairn India in the next few days, its chairman said yesterday.
SIR BILL Gammell, chief executive of Cairn Energy, yesterday remained confident of receiving official government approval on the sale of a majority stake the firm's Indian assets as the oil and gas explorer revealed record profits.
Time is running out for Sir Bill Gammell as he wrestles Indian bureaucracy to sell a £5.4bn oil stake
CAIRN Energy's £5.4 billion plan to sell a majority stake in its Indian oil business has hit further delays after the country's oil minister said the deal would be scrutinised by India's cabinet next month.
CAIRN Energy's sale of its Indian subsidiary to Vedanta Resources could be referred to the Indian cabinet.
Cairn India yesterday vowed to reject any change in royalty payment terms on its oil fields in Rajasthan that could hurt its value and in turn jeopardise Vedanta Resources' £5.4 billion acquisition bid for a majority stake.
DELAYS last night continued to plague the £5 billion-plus sale of a majority stake in Cairn India to Vedanta Resources after India's state oil minister refused to give the green light on the deal until concerns over royalty payments are settled.
CAIRN Energy has identified up to 12 drilling targets to begin its 2011 campaign off the coast of Greenland, while also being awarded its first two Spanish exploration licences. The Edinburgh-based oil and gas explorer said it would narrow the list of Greenland sites down to four in May in time for the summer drilling season, writes Peter Ranscombe.
CAIRN Energy announced a significant step forward in its hunt for oil in Greenland yesterday, securing two rigs for its Arctic drilling campaign this year.
SHARES in Cairn Energy rose after the company announced that two rigs had been secured for its Arctic drilling campaign this year.
COMPETITION to exploit the oil buried deep off the frozen coasts of Greenland has warmed up after the government announced the winners of a new round of exploration licences in Baffin Bay.
EDINBURGH OIL firm Cairn Energy has been accused of secrecy surrounding its safety precautions during pioneering deep sea oil drilling in the Arctic.
CAIRN Energy yesterday announced its final withdrawal from Bangladesh - the country where discoveries in the 1990s helped its transformation into one of the UK's biggest companies - as the Edinburgh group continues its search for black gold in Greenland.
CAIRN Energy disappointed investors with a lacklustre report on its Greenland drilling project yesterday after it announced it had abandoned two of its three exploration wells at the end of the Arctic exploration season.
Mining group Vedanta's proposed deal to buy a chunk of Cairn India came a step closer yesterday as shareholders of parent Cairn Energy overwhelmingly approved the deal, which could be worth up to $8.5 billion (£5.3bn).
CONSIDER three recent events, each highly significant for Scotland's economic and political future. At the start of the week, Cairn Energy, the Edinburgh oil company, announced it had struck petroleum in the deep, untapped waters between Greenland and Canada.
Investors yesterday welcomed news that Cairn Energy, the Edinburgh-based explorer, had struck oil for the first time off the coast of Greenland.