Capricorn Energy – formerly Cairn – has withdrawn global legal proceedings against the Indian government, paving the way for a $1bn tax refund.
Sri Lanka will forge ahead with plans to import liquefied natural gas (LNG) in the next few years, even as a global supply crunch sends prices of the fuel soaring.
North-east firms can cash in on India’s drive to reduce oil and gas imports by 10% by 2022, guests heard at an Aberdeen event.
Cairn India boss Mayank Ashar has quit decided to step down for personal reasons, just a month after the nation’s largest private oil producer posted its biggest quarterly loss.
Fund firm Aviva Investors said on Wednesday it opposed a $2.3 billion plan by Vedanta to buy out minority shareholders in Cairn India as the deal failed to deliver sufficient value. Aviva's UK equity team has a 4.3 percent stake in Cairn Energy, the original owner of Cairn India and still its largest minority shareholder. Its emerging market equity teams, meanwhile, both own stakes in Cairn India, it said. "As long-term investors, we believe that the timing of this deal is opportunistic and materially undervalues Cairn India, its current reserves and future prospects," Aviva Investors, part of insurer Aviva, said in a statement.