The Indian government may give Cairn Energy a surrendered oil field such as the Ratna R-Series in lieu of an arbitration award against the South Asian country, according to a Press Trust of India report in financial daily Mint.
In December, Cairn was awarded $1.2 billion plus interests and costs in an international arbitration case against the Indian government over a tax dispute.
“One option is to give Cairn one or more of the oil and gas fields that the government now owns after they are surrendered by operators for various reasons,” the report quoted a source as saying.
Reuters reported in January that Cairn had started to take steps to identify Indian assets overseas against which it could enforce its $1.2 billion arbitration award.
Cairn did not immediately respond to a Reuters request for comment.
Recommended Reading
Souki’s Saga: How Tellurian Escaped Ruin with ‘The Pause,’ $1.2B Exit
2024-09-11 - President Biden’s LNG pause in January suddenly made Tellurian Inc.’s LNG export permit more valuable. The company’s July sale marked the end of an eight-year saga—particularly the last 16 months, starting with when its co-founder lost his stock, ranch and yacht in a foreclosure.
Woodside Reports Record Q3 Production, Narrows Guidance for 2024
2024-10-17 - Australia’s Woodside Energy reported record production of 577,000 boe/d in the third quarter of 2024, an 18% increase due to the start of the Sangomar project offshore Senegal. The Aussie company has narrowed its production guidance for 2024 as a result.
Exclusive: How E&Ps Yearning Capital can Stand Out to Family Offices
2024-10-15 - 3P Energy Capital’s Founder and Managing Partner Christina Kitchens shares insight on the “educational process” of operators looking at opportunities in the U.S. and how E&Ps looking for capital can interest family offices, in this Hart Energy Exclusive interview.
Optimizing Direct Air Capture Similar to Recovering Spilled Wine
2024-09-20 - Direct air capture technologies are technically and financially challenging, but efforts are underway to change that.
Quantum’s VanLoh: New ‘Wave’ of Private Equity Investment Unlikely
2024-10-10 - Private equity titan Wil VanLoh, founder of Quantum Capital Group, shares his perspective on the dearth of oil and gas exploration, family office and private equity funding limitations and where M&A is headed next.