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.
Oil and Natural Gas Corp, India's largest oil producer, has proposed an investment of Rs 7967 crore (Rs 79.67 billion) in setting up a 7.5 million tonnes refinery at the site of recent oil find in Rajasthan.\n\n
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.
UK-based Cairn Energy will invest $1.33 billion in its Rajasthan oilfields to produce 1,25,000 barrels per day from mid-2007, an official said on Friday.
After Air India, Britain's Cairn Energy PLC plans to target assets of state-owned firms and banks in countries from the US to Singapore as it looks to ramp up efforts to recover the amount due from the Indian government after winning an arbitration against levy of retrospective taxes. A lawyer representing the company said Cairn will bring lawsuits in several countries to make state-owned firms liable to pay the $1.2 billion plus interest and penalties that are due from the Indian government. Last month, Cairn brought a lawsuit in the US District Court for the Southern District of New York pleading that Air India is controlled by the Indian government so much that they are 'alter egos' and the airline should be held liable for the arbitration award.
British energy firm Cairn Energy Plc on Tuesday said it has discovered gas in its Rajasthan block, where India's largest oil find in more than two decades was made last year.
Petroleum Minister Ram Naik on Tuesday ruled out any increase in petrol and diesel prices in the run-up to the General Elections saying international crude oil prices have eased.
Cairn Energy of UK on Monday said its oilfield in Rajasthan contains more than 2.5 billion barrels of oil reserves.
The company management remained tight-lipped about the resignations, but indicated there was nothing unusual in these movements.
Indian Oil Corporation, the country's largest refiner, has put up a war chest of $2 billion for acquiring a medium-sized foreign oil firm to set up its own exploration and production division.
Cairn Energy Plc of the United Kingdom on Tuesday announced third significant discovery in Rajasthan this year, with gross in-place reserves of 400 million barrels.
British oil firm Cairn Energy Plc on Tuesday announced a second significant oil discovery in its Rajasthan block, where it had in January found India's largest field in more than two decades.
The state-run Oil and Natural Gas Corporation has walked away with bulk of the 21 oil and gas exploration blocks in the fourth round of new exploration licensing policy.
Cairn Energy of the United Kingdom has again struck oil in Barmer basin of Rajasthan, Petroleum Minister Ram Naik said on Friday.
British energy firm Cairn Energy Plc will invest $100 to $150 million to start production in the recent oil discovery in the Thar desert in Rajasthan, billed as India's largest on-land oil discovery in two decades.
Scottish explorer Cairn Energy Plc rejected state-owned Oil and Natural Gas Corp's $200 million bid to acquire its oil and gas properties on east and west coasts of India.
Cairn, which is sitting on a cash pile of about $3 billion, in a statement said its board has approved buying 17.09 crore shares or 8.9 per cent of the total shareholding, from open market at no more than Rs 335 apiece.
State-owned Oil and Natural Gas Corporation is likely to win at least half of the 20 oil and gas block bids which closed on Tuesday.
Britains' Cairn Energy has offered to sell its stake in two oil and gas blocks in Krishna Godavari basin to Oil and Natural Gas Corporation for $100 million and 15 per cent equity in state-run firm's two blocks.\n\n\n\n
British energy firm Cairn Energy Plc has again struck oil in Rajasthan, its ninth discovery in the state in the last two years.
The pandemic has brutally highlighted the inadequacy of India's administrative systems. And, the government has demonstrated its culpable inability to speed up vaccination in a timely manner, says Jaimini Bhagwati.
India's tax officials, long the scourge of foreign investors, are under government pressure to avoid aggressive claims against overseas funds.
The Indian State does not believe in the rule of law. It does not even recognise the need to follow treaties that it itself signed. And so it is refusing to shell out to Cairn; and, as a consequence, has brought on the Paris humiliation, notes Mihir S Sharma.
Database to contain taxable financial transactions and history of any tax-paying individual.
The government has signed Bippas with 72 nations.
FM has agreed to dump an ill-conceived plan to slap a retrospective 20% levy on overseas asset managers
.jpg)
Cairn India said the company board has accepted Elango's resignation.
Cairn tax demand has not reduced investors' enthusiasm: Jaitley
Sebi to fix promoters' side deals with PE investors
On Sunday, angry villagers of Leelala laid their own foundation stone - which had 'aam aadmi' inscribed as the name of the chief guest - still claiming the project was to come up in their village.
Participants are eagerly waiting for the key macrodata -- IIP and CPI numbers due to be released later today.
As fuel prices surged in September, the government's decision to ask companies to cut price by Rs1 each on a litre of petrol and diesel came as a dampner for private players.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances