It’s not often that you meet a life size polar bear on your way into work but that is what greeted staff at Cairn Energy in Edinburgh this morning. The Scottish oil and explorer is being targeted by Greenpeace as part of an ongoing campaign to stop the company from exploring in the waters of the Arctic off Greenland. Read more
Goldman Sachs has just initiated coverage on a whopping 41 new European E&P stocks in a report called 50 E&Ps to change your portfolio.
Without wanting to go in depth into a massive 289-page report, a few themes jump out. Read more
Nothing like the words “Arctic” and “oil drilling” to get the environmental campaigners excited.
Add banks to the mix, and you have the perfect mix for a modern day witch-hunt.
The latest targets are Cairn Energy and the Royal Bank of Scotland. In a joint press release, PLATFORM, Friends of the Earth Scotland and the World Development Movement on Tuesday said they “condemn [the] link between public money and Cairn’s Arctic drilling – RBS provided loan to oil company one month before it acquired rig for arctic drilling.” Read more
The FT’s Lex published a column on Friday on the Vedanta/Cairn Energy deal:
Anil Agarwal has never lacked ambition. So while his Vedanta Resources’ pursuit of a controlling stake in Bombay-listed Cairn India, 62 per cent controlled by London-listed Cairn Energy, was unexpected, it should not have been too surprising. Details of the approach by the London-listed and India-centred Vedanta are sketchy, but India’s largest onshore oilfield is the sort of thing that would appeal to the billionaire. Read more
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. Read more