Cairn India strikes oil in Krishna Godavari basin
August 23rd, 2010 - 6:01 pm ICT by IANSMumbai, Aug 23 (IANS) India’s fourth largest oil and gas producer, Cairn India, Monday said it has struck oil at a well in the Krishna Godavari basin, off the Andhra Pradesh coast.
“A flow of 75 barrels per day of oil and 0.27 million cubic feet per day of gas was achieved during drill stem tests,” the company said in a regulatory statement to the Bombay Stock Exchange.
“The well and test results are being evaluated to assess the commercial potential of the discovery and to determine the future appraisal programme,” it added.
Cairn India, the operator, has a 49 percent stake in the block, while state-run Oil and Natural Gas Corp (ONGC) holds the remaining 51 percent participating interest.
Cairn India had last week announced selling a 51-60 percent stake to London-based industrialist Anil Agarwal-led Vedanta Group Monday in a $8.5-$9.6 billion.
The deal, however, may run into trouble following the minority stakeholder ONGC and the government’s view that the state-owned oil explorer should be given the first right of refusal over Cairn India’s shares.
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- Vedanta enters oil prospecting with $8.5-$9.6 bn Cairn deal (Roundup) - Aug 16, 2010
- Cairn chief meets India's oil minister after Vedanta deal - Aug 17, 2010
- Cairn India shares only moderately up day after stake sale - Apr 20, 2011
- Vedanta to pick up majority stake in Cairn India (Lead) - Aug 16, 2010
- Group of Ministers to examine Cairn-Vedanta deal - Apr 06, 2011
- Vedanta-Cairn deal depends on shareholders approval: Khurshid - Aug 25, 2010
- Cairn-Vedanta deal a complex issue, says Sharma - Apr 08, 2011
- Vedanta to pick up majority stake in Cairn India - Aug 16, 2010
- ONGC rises after gas discovery - Sep 23, 2010
- ONGC approves Cairn-Vedanta deal - Sep 28, 2011
- ONGC says its approval needed for Cairn-Vedanta deal - Oct 21, 2010
- Cairn extends deadline for wrapping up deal with Vedanta - May 19, 2011
- Vedanta not to hike Cairn India offer price - Oct 11, 2010
- SC notice to government on plea against Cairn-Vedanta deal - Apr 23, 2012
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