ONGC approves Cairn-Vedanta deal
September 28th, 2011 - 7:01 pm ICT by IANSMumbai, Sep 28 (IANS) In a relief to Anil Agarwal-promoted Vedanta Group, state-run Oil and Natural Gas Corp has agreed to it buying the India assets of Britain-based Cairn Energy, a deal worth about $9 billion.
ONGC’s approval comes almost two months after the government gave its nod to the transaction. Cairn has already sold a 10 percent stake in the Indian subsidiary.
“The board of ONGC resolved that Cairn’s request may be agreed to, subject to Cairn, Vedanta and other affiliates executing a formal agreement with ONGC agreeing to the royalty and cess conditions,” the state-owned explorer said in a statement to the exchanges.
Cairn Energy became a major player in the energy space after its huge oil find in Barmer, Rajasthan, in 2007.
The average crude oil production from Mangala oilfield situated in the Barmer block is currently over 44,300 barrels per day (bpd) and is in the process of being ramped up to the plateau rate of 125,000 barrels.
The block is estimated to hold reserves of 6.5 billion barrels of energy equivalent.
- Vedanta meets all conditions for stake buy out: Cairn - Dec 07, 2011
- Vedanta buys out Cairn's India subsidiary - Dec 08, 2011
- Vedanta to pick up majority stake in Cairn India (Lead) - Aug 16, 2010
- Cairn Energy tells Indian arm to accept government terms - Aug 23, 2011
- Vedanta enters oil prospecting with $8.5-$9.6 bn Cairn deal (Roundup) - Aug 16, 2010
- Supreme Court to hear PIL against Cairn-Vedanta deal - Feb 27, 2012
- India gives conditional approval to Cairn-Vedanta deal - Jun 30, 2011
- SC notice to government on plea against Cairn-Vedanta deal - Apr 23, 2012
- SC notice to government on plea against Cairn-Vedanta deal (Lead) - Apr 23, 2012
- Group of Ministers to examine Cairn-Vedanta deal - Apr 06, 2011
- India's crude oil production continues to rise - Jun 29, 2010
- Cairn-Vedanta deal a complex issue, says Sharma - Apr 08, 2011
- Vedanta not to hike Cairn India offer price - Oct 11, 2010
- Cairn extends deadline for wrapping up deal with Vedanta - May 19, 2011
- PM to launch Cairn's Mangala production Saturday - Aug 26, 2009
Tags: assets, bpd, cairn energy, cess, crude oil production, energy equivalent, India, indian subsidiary, natural gas corp, nod, oilfield, ongc, percent stake, plateau, rajasthan, royalty