India Could Give Cairn Offshore Oil Field in Lieu of $1.2B Arbitration award

Philip George
Monday, February 1, 2021

The Indian government may give Cairn Energy a surrendered oil field such as the Ratna R-Series [offshore the west coast] 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. (https://bit.ly/3j5B0p5)

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.

 (Reporting by Philip George in Bengaluru; Editing by Shounak Dasgupta)


Categories: Energy Industry News Activity Asia Regulations

Related Stories

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Petronas to Leverage AI to Expedite Oil and Gas Exploration Activities

Hanwha Ocean Enlists ABB for Singapore’s First Floating LNG Terminal

Chinese Contractor Secures Offshore Oil and Gas ‘Mega Deal’ from QatarEnergy

DOF Secures Moorings Hook-Up Job in Asia Pacific

Synergy Marine Group Completes Conversion of LNG Vessel to FSRU

PTTEP Hires McDermott for Deepwater Subsea Job off Malaysia

TotalEnergies Inks 10-Year LNG Supply Deal with South Korea’s KOGAS

Seatrium Engages Axess Group to Clear FPSOs for Brazil Deployment

CDWE Wraps Up Pin Pile Installation Job for Taiwanese Offshore Wind Farm

Current News

Shell’s Brazil-Bound FPSO Starts Taking Shape

Ventura Offshore’s Semi-Sub Rig to Keep Drilling for Eni in Asia

SBM Offshore, SLB to Optimize FPSO Performance Using AI

MODEC Ramps Up Hammerhead FPSO Work After ExxonMobil's Go-Ahead

Aesen, DOC JV Targets Subsea Cable Logistics

Timor Gap Boosts Stake in Finder Energy’s Timor-Leste Oil Fields

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Russia Targets 2028 for Sakhalin-3 Gas Project Start Up

Seatrium Secures ABS Backing for Deepwater FPSO Design

MDL Secures Cable Laying Job in Asia Pacific

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com