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Cairn

Asia

Global interest expected in Santos Dorado sale

Santos is seeking buyers for a 20-30% stake in its large Dorado oil project and Bedout exploration portfolio offshore western Australia estimated to be worth up to $200 million. Significantly, there is expected to be global interest in the sales process, which could be particularly appealing for Asian national oil companies (NOCs).

Oil & Gas

Cairn will use North Sea cash to fund its whole strategy

North Sea cash flow is enough to fund all of Cairn Energy’s strategic goals, including its exploration plans for Senegal, the Scottish oil firm said yesterday. Speaking at the Edinburgh firm’s annual general meeting, chief executive Simon Thomson said: “Cairn seeks to deliver sustainable growth in value for shareholders from a balanced exploration and production portfolio. “That balance is provided from a combination of the attractive mature basin positions that we have built in the North Sea and an extensive frontier and emerging basin exploration portfolio.

Oil & Gas

Cairn in new battle with India’s taxman

Indian tax authorities last night slapped oil explorer Cairn Energy with a £1billion draft assessment order on a business transaction in the country seven years ago. In retaliation, Cairn said it has instructed counsel to fight the notice, which the Edinburgh firm argues stems from retrospective legislation imposed in 2012.