The company plans to begin drilling in Bihar's Gangetic basin by next year. It has completed the seismic surveys and is currently studying the data collected to understand the geological structures below the surface.
British oil firm Cairn Energy Plc on Tuesday said it has identified Indian sovereign assets overseas, which it can seize in the event of New Delhi failing to return over USD 1.7 billion that an international arbitration tribunal has ordered after rescinding a retrospective tax demand.
Cairn India has drawn strength from its Scottish parent, but also built new systems and processes to support its role in the country's oil sector.
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Cairn India said it has always been fully compliant with all Indian income tax laws.
Cairn files notice against India in $1.6 billion tax dispute.
For simplification and a sharper strategic focus, BHP Billiton has been reassessing its global assets portfolio.
The company faces a potential tax demand.
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