Cairn confirms in talks to sell stake in Cairn India
Following Bloomberg’s story on Thursday morning that Vedanta Resources is in talks “to purchase assets or take a multibillion-dollar equity stake in Cairn Energy Plc, a UK oil and gas exploration company”, Cairn confirmed the following:
The board of Cairn Energy PLC (“Cairn”) notes the media speculation and confirms that discussions are taking place with a third party in respect of the disposal of an interest in Cairn India Limited.
The full statement is on the company’s website.
By Ronald Buchanan in Mexico City
As the debate continues on deep-water drilling in the Gulf of Mexico, nobody mentions the country that gave the gulf its name.
Mexico plans to drill a well 2,600 metres deep in its part of the gulf. That’s more than twice as deep as Pemex, the state oil company, has ever drilled before, and shows how much pressure the company is under to develop deep-water reserves.
Pemex generates a third of the government’s revenues, but its production has slid as huge oil finds of the 1970s are exhausted.
Further reading
Elsewhere this Thursday:
- Oil is the new black, says Vogue
- Hollywood greens up with environmental database
- India’s great energy conundrum
- Beyond BP: Michael Klare on US energy policy
- Jeff Rubin: Boone Pickens’ plan full of hot air
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