Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Cairn expects Indian arbitration outcome next year, drills duster in Mexico

Cairn Energy news.
Cairn Energy news.

Scottish oil firm Cairn Energy said today that the long-awaited outcome of its arbitration claim against India could be delivered next year.

The Arbitral Tribunal told Cairn that while it couldn’t commit to a specific award release date, it expected to be in a position to issue the award in the summer of 2020.

Edinburgh-headquartered Cairn said it continued to have a high level of confidence in the merits of its claims in the arbitration.

Cairn also revealed today that its Alom-1 exploration well offshore Mexico was dry and would be permanently plugged and abandoned.

The firm is seeking £1 billion in compensation under the UK-India Bilateral Investment Treaty.

The final hearings concluded in The Hague in August 2018 and Cairn initially expected an award to be made in the “near-term”.

But Cairn said in March 2019 that the timetable for issuing the award would be “more protracted” than originally anticipated.

The tribunal previously had advised that a “number of procedural matters” had arisen and that it was unable to “provide specific guidance on timing”.

The long-running tax row centres on restructuring undertaken by Cairn ahead of the flotation of its Indian subsidiary in 2007.

Cairn said India was trying to retrospectively apply tax legislation introduced in 2012 to transactions made by the firm six years earlier.

The Indian Income Tax Department confiscated proceeds from a 4.9% sale of Cairn’s shareholding in Vedanta, together with income on Vedanta preference shares, totalling £540m.

Following the sales, Cairn’s holding in Vedanta is now 0.1%.

 

Recommended for you

More from Energy Voice

Latest Posts