UK's Cairn Energy Plc has won an arbitration against the Indian government levying Rs 10,247 crore in retrospective taxes, the company said on Wednesday. The three-member tribunal, which also comprised a judge appointed by the Indian government, ruled that India's claim of Rs 10,247 crore in past taxes over a 2006-07 internal reorganisation of Cairn's India business was not a valid demand, sources said. The tribunal asked India to pay the funds withheld along with the interest to the Scottish oil explorer for seizing dividend, tax refund, and sale of shares to partly recover the dues.
The memorandum of understanding on mutual logistics support is the first such major agreement that Vietnam has signed with any country.
India may soon see a new set of oil barons with lesser-known companies venturing into crude oil and natural gas production. These new kids on the block have come up through a mix of entrepreneurial grit and backing from oil industry veterans. Nippon Power, South Asia Consultancy, PFH (Poddar Family Holdings) Resources and Chennai-based Adbhoot Estates could be the first ones to start production from blocks awarded during the first round of Discovered Small Field (DSF-1) auctions. Adbhoot is in a 50:50 joint venture with the Bombay Stock Exchange-listed Hindustan Oil Exploration Company that has some five oil producing assets and over 10 blocks across the country.
'Overtightening of monetary policy by central banks and the spread of new Covid variants, which may force governments to restart lockdowns or restrict mobility.'
If international crude oil prices zoom past the current level of about $90 per barrel and move towards $100 and beyond, middle-class consumers are not going to keep quiet about their discomfort, points out Arun Balakrishnan, former chairman and managing director, Hindustan Petroleum.
Billionaire Mukesh Ambani's Reliance Industries Ltd has sold its stake in the shale gas asset in the US to Northern Oil and Gas Inc for USD 250 million, the firm said on Thursday.
China is opposed to India's oil exploration in the South China Sea because it is a disputed area, but regards its ambitious US $46 billion (Rs 2.9 lakh crore) economic corridor through Pakistan-occupied Kashmir a "livelihood project" with issues left over from history.
British telecom giant Vodafone Group plc on Friday won an arbitration against the Indian government over a demand for Rs 22,100 crore in taxes using retrospective legislation.
Cascading effect of rising raw materials will result in inflation, high rates, slow capex
India is playing its South China Sea card by restarting oil exploration off Vietnam coast despite China's objections as a calculated geopolitical move to force Beijing to make "compromises" on border issue and its close ties with Pakistan, a state-run Chinese think-tank has said.
In its latest undercover investigation, codenamed Operation Falcon Claw, Cobrapost has exposed a bunch of parliamentarians willing to not only write recommendation letters but also lobby with the petroleum ministry for a foreign company to help it secure oil exploration and rigging rights in the Northeast.
A swift recovery in oil demand in India is not only helping the stability of the global market, it is giving huge fiscal headroom to the government in terms of additional excise duty.
A key beneficiary of the CCI impetus has been the petroleum sector, where investments worth $13.42 billion for exploration and production activities in 40 oil blocks were held up.
Markets finished the session on a dismal note with Sensex closing at its lowest level since August 2014.
Benchmark shares indices ended marginally higher on Tuesday, amid a volatile trading session, led by oil exploration major ONGC.
Banking stocks dipped with Nifty PSU Bank index falling 1.7% after the government notified the ordinance that seeks to tackle non-performing loans in the sector.
If China can operate in India's backyard and systematically expand its influence, then there is no reason why India should feel diffident about operating in areas that China considers its own sphere of influence, argues Harsh V Pant as the Asia Security Summit convenes in Singapore.
"There are five Indian and six foreign companies which have submitted expression of interest (EoI) for buying stake in the gas transportation company (RGTIL)," a source privy to the development said.
Taking strong exception to India going ahead with the oil exploration programme in the blocks claimed by Vietnam in the South China Sea, China on Monday raised its pitch saying any exploration activity in its coast would amount to "infringement" of its sovereignty.
I would like to reaffirm that China enjoys indisputable sovereignty over the South China Sea and the island, said a Chinese official.
After its spat with India over the oil exploration in blocs claimed by Vietnam in the disputed South China Sea, China on Tuesday asked Russia to stay away from taking up similar operation at the invitation of Hanoi.
The decision follows an exploratory drilling campaign that failed to unearth any significant prospects, the Oman Daily Observer report said.
The company management remained tight-lipped about the resignations, but indicated there was nothing unusual in these movements.
RIL shares attracted good buying support in a bullish market and closed up by 4.80 per cent at Rs 754.05 a piece on the Bombay Stock Exchange.
India is the world's fourth-biggest oil consumer, importing four-fifths of its needs as its own output shrinks.
Deals will cover oil exploration and supply, infrastructure and an increase in direct diamond sales to India
The kidnapping took place in the oil heartland of southern Nigeria.
HPCL holds 50 per cent in Prize Petroleum while ICICI Bank has 35 per cent, ICICI Ventures 10 per cent and HDFC Bank 5 per cent.
State-own oil explorer Oil and Natural Gas Corporation and the Hinduja group have been offered 40 per cent stake in the development of phase-XII of the giant South Pars gas field of Iran.
Mukesh Ambani-led Reliance Industries on Saturday said it plans to invest upto $14 billion in its oil exploration and production business and laying transportation pipelines.
UK oil explorer Cairn Energy is facing a tax demand of Rs 10,247 crore and Vodafone over acquisition of 67% stake in the mobile business owned by Hutchison Whampoa in 2007
The new government may also introduce a separate scheme for revival of stranded gas-based power projects
Heavy rain in coastal Andhra Pradesh in the wake of Cyclone Laila has paralysed industrial activity in the state, including closure of oil rigs in the Krishna-Godavari Basin. Cargo handling at ports also suffered due to the incessant rain.
NRI billionaire Anil Agrawal-led Vedanta Group on Tuesday said its open offer for 20 per cent stake in Cairn India will begin on October 11, as part of its $9.6 billion takeover deal of the country's fourth largest oil explorer.
Stunned by the sophistication and the scale of the Mumbai attacks, private companies -- especially luxury hotels, offshore oil exploration firms and shopping malls -- are now scrambling for enhanced security cover to protect their establishments from such strikes.
Falling crude prices and the global credit crunch have jeopardised India's efforts to attract more investment in oil exploration and production, with several domestic and international companies opting to sell part of their participating interest in E&P projects. Around half-a-dozen companies are currently in talks with exploration and production majors -- mainly state-owned Oil India and Oil and Natural Gas Corporation -- to farm out part of their stakes.
The oil explorer's IPO received bids for 80.93 crore (809.3 million) shares against 2.64 crore (26.4 million) on offer as on 1600 hrs. Investment banking sources said that the portion reserved for qualified institutional buyers got subscribed 54 times, while the non-institutional and retail investors bid 9.77 times and 1.14 times respectively.
Chasing prosperity? Unless you're a miracle worker, steer clear of these economic sinkholes.
Four officials of an oil exploration company, who were abducted by suspected tribal militants on Thursday afternoon at Langting in North Cachar Hill district of Assam, remain untraced though the police and the army have launched a search operation for them from Friday morning.The police suspect that militants of the Dima Halam Daogah group or the Black Widow might be responsible for the abductions.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances