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.
2023-02-03 - Shell plans to be “ruthless” and “disciplined” with its future capital expenditures.
2023-02-03 - Energy Transfer chief counsel Sweta Sethna discussed the growing importance of carbon capture ventures alongside the continued necessity of traditional oil and gas.
2023-02-03 - Today’s featured 25 Influential Women in Energy honoree is Rachel Schelble, head of corporate carbon management and infrastructure at Wood Mackenzie.
2023-02-03 - Along with Joelson Falcao as head of E&P, Petrobras CEO Jean Paul Prates has also appointed William Franca as head of refining and natural gas and Claudio Schlosser as head of commercial and logistics.
2023-02-03 - Last week, Smith had resigned from Capricorn Energy amidst plans for a merger with NewMed.