Archive | September, 2010

Cairn India buyout in jeopardy due to ministry indecision

Cairn India is a long- time partner of ONGC, and the two have long since been overlooking Cairn’s oil production in the nation. ONGC currently holds a 30% stake in the venture, and was initially appointed and primed as the set buyer for Cairn. That factor may become the final factor in the Vedanta’s deal falling through. The representative from India’s petroleum industry that refused identify himself stated that the local ONGC is to have first right of refusal, just as initially planned.

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The once revered risk- taking reputation that BP has built for itself may be in danger for the future

The recent and utterly disastrous oil spill that has taken place a few months ago in the Gulf of Mexico has affected the region’s people, environment, culture and future. Yet it now looks like BP, the company pegged as the main culprit behind the accident will also suffer from the catastrophe in the long run. The ambitious firm was just recently taken out of consideration for some new and lucrative ventures unravelling in Greenland. The company has had its latest projects in the North Sea and Libya cancelled in the wake of the disaster, and the Greenland fiasco comes at a bad time for the ailing company that once reigned atop as the most risk- taking and forward- looking company in its field.

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Greenland Exploration Plans Left Behind by Ailing BP

In the face of the recent Gulf of Mexico disaster, British energy and exploration giant BP was forced to put a stop to its ambitious plans of delving further into the bountiful Greenland. The company’s representatives announced today that they have officially withdrawn their bid for a drilling license, and instead will focus their energies on dealing with the spill’s aftermath.

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A budding bidding war to impede a smooth takeover of Cairn India, complicate proceedings for Cairn Energy

A budding bidding war to impede a smooth takeover of Cairn India, complicate proceedings for Cairn Energy

Things have only gotten more complicated for Cairn Energy since the company agreed to sell its Cairn India branch to Vedanta in a takeover bid. Three local state- run companies have now begun negotiations to enter the buyout proceedings with their own bids. Several international banks have aided the local companies with over $10 billion in loans, allowing them to make the superior bid. Cairn Energy representatives stated that Vedanta’s standings in the deal are still as the primary bidder, yet they added that the company will certainly consider other options that have been presented to them.

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Oil Industry Protesters Use Ships and Superglue to Cause Disruption

The Esperanza was anchored a little more than a mile from a Cairn Energy oil rig involved in deepwater oil exploration off the coast of Greenland. The rig is one of two rigs, owned and operated by Cairn Energy based in Edinburgh, England, that are drilling in the area. Cairn Energy is one of Europe’s biggest independent oil and natural gas businesses.

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Greenland’s Prime Minister Encourages Patience in Oil Exploration

Kleist said that he was not expecting Greenland to incur oil income for many years. He was positive, however, in his belief that oil would be discovered in the area and become a source of income through exports, hopefully lessening Greenland’s dependence upon its fishing industry. Greenland also receives money from Denmar

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