Difference between revisions of "Cairn Energy"

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Cairn Energy is an Edinburgh based oil and gas company who focus on exploration and drilling in South East Asia and Greenland. On 31st July 2011 the Indian government agreed an $8.5bn acquisition of Cairn's South East Asian wing [[Cairn India]] by [[Vedanta Resources]], making it a 58% shareholder of Cairn Energy<ref>Richard Wachman [http://www.guardian.co.uk/business/2011/jul/31/vedanta-resources-cairn-energy-india-deal Vedanta given green light for $8.5bn Cairn deal] The Observer, Sunday 31 July 2011. Accessed 3/8/11</ref>.  
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Cairn Energy is an Edinburgh based oil and gas company who focus on exploration and drilling in South East Asia and Greenland. In 2011 they were the only oil company currently drilling in Greenland, with sites in 11 areas, covering approximately 102,000 square kilometres<ref>Cairn website [http://www.cairnenergy.com/operations/greenland/ Operations, Greenland] Accessed 3/8/11</ref>. On 31st July 2011 the Indian government agreed an $8.5bn acquisition of Cairn's South East Asian wing [[Cairn India]] by [[Vedanta Resources]], making it a 58% shareholder of Cairn Energy<ref>Richard Wachman [http://www.guardian.co.uk/business/2011/jul/31/vedanta-resources-cairn-energy-india-deal Vedanta given green light for $8.5bn Cairn deal] The Observer, Sunday 31 July 2011. Accessed 3/8/11</ref>.  
  
 
==Political dealings over Vedanta Cairn deal==
 
==Political dealings over Vedanta Cairn deal==
  
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Vedanta secured a $8.5 billion takeover of Edinburgh oil company [[Cairn Energy]]'s subsidiary [[Cairn India]] in July 2011. The deal was delayed due to investigations by the Indian government into Vedanta's environmental track record and ability to manage strategically important oilfields, and disagreements over royalty rates between Vedanta and Rajahstani state owned company ONGC, a 30% shareholder in Cairn's largest producing oilfield which is in Rajahstan<ref>Richard Wachman [http://www.guardian.co.uk/business/2011/jul/31/vedanta-resources-cairn-energy-india-deal Vedanta given green light for $8.5bn Cairn deal] The Observer, Sunday 31 July 2011. Accessed 3/8/11</ref><ref>Amy Kazmin, June 30th 2011, Financial Times. [http://www.ft.com/cms/s/0/117bf166-a327-11e0-a9a4-00144feabdc0.html#axzz1T72t416Z 'Delhi approves Vedanta Cairn deal']  Accessed 25/7/11</ref>. When the Indian government demanded an investigation into Vedanta's controversial track record before agreeing to the Cairn deal, the British government stepped in to urge the deal along and prevent 'unnecessary delays', begging questions about why they were so keen on the takeover<ref>Amy Kazmin, June 30th 2011, Financial Times. [http://www.ft.com/cms/s/0/117bf166-a327-11e0-a9a4-00144feabdc0.html#axzz1T72t416Z 'Delhi approves Vedanta Cairn deal']  Accessed 25/7/11</ref>.
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Vedanta secured a $8.5 billion takeover of Edinburgh oil company Cairn Energy's subsidiary [[Cairn India]] in July 2011. The deal was delayed due to investigations by the Indian government into Vedanta's environmental track record and ability to manage strategically important oilfields, and disagreements over royalty rates between Vedanta and Rajahstani state owned company ONGC, a 30% shareholder in Cairn's largest producing oilfield which is in Rajahstan<ref>Richard Wachman [http://www.guardian.co.uk/business/2011/jul/31/vedanta-resources-cairn-energy-india-deal Vedanta given green light for $8.5bn Cairn deal] The Observer, Sunday 31 July 2011. Accessed 3/8/11</ref><ref>Amy Kazmin, June 30th 2011, Financial Times. [http://www.ft.com/cms/s/0/117bf166-a327-11e0-a9a4-00144feabdc0.html#axzz1T72t416Z 'Delhi approves Vedanta Cairn deal']  Accessed 25/7/11</ref>. When the Indian government demanded an investigation into Vedanta's controversial track record before agreeing to the Cairn deal, the British government stepped in to urge the deal along and prevent 'unnecessary delays', begging questions about why they were so keen on the takeover<ref>Amy Kazmin, June 30th 2011, Financial Times. [http://www.ft.com/cms/s/0/117bf166-a327-11e0-a9a4-00144feabdc0.html#axzz1T72t416Z 'Delhi approves Vedanta Cairn deal']  Accessed 25/7/11</ref>.
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==Cairn under fire from Greenpeace==
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Cairn have been targeted in a number of high profile stunts by [[Greenpeace]] during 2011 in objection to their drilling plans in the fragile environment of Greenland and their failure to make spill prevention plans public. According to the Guardian newspaper the environmental group boarded the Leiv Eiriksson oil rig en route from Greece to Greenland in late may 2011. The rig had been rented by Cairn at an estimated rate of $500,000 per day to carry out drilling in Greenland. In response Cairn took out an injunction against Greenpeace preventing them from coming within 500m of the rig<ref>John Vidal, the Guardian, Thursday 2 June 2011 [http://www.guardian.co.uk/environment/2011/jun/02/cairn-greenpeace-arctic-drilling-protest Cairn Energy threatens to fine Greenpeace for Arctic drilling protest] Accessed 3/8/11</ref>. However, Greenpeace activists including [[Greenpeace International]] head [[Kumi Naidoo]] occupied the rig again off Greenland in June 2011 and were arrested by danish authorities<ref>John Vidal, Adam Vaughan, Damian Carrington, The Guardian, Friday 17 June 2011 [http://www.guardian.co.uk/environment/2011/jun/17/greenpeace-kumi-naidoo-arrest-oil-rig Greenpeace head Kumi Naidoo arrested over oil rig protest] Accessed 3/8/11</ref>. In July 2011 Greenpeace occupied the headquarters of Cairn in Edinburgh, following which the company took out another injunction preventing them from posting pictures of the occupation on twitter or facebook<ref>Press Association, guardian.co.uk, Wednesday 20 July 2011[http://www.guardian.co.uk/environment/2011/jul/20/cairn-energy-greenpeace-court-order Greenpeace banned from posting occupation photos on Twitter] Accessed 3/8/11</ref>
  
 
==People==
 
==People==

Revision as of 21:16, 3 August 2011

Mining-alcans-60px.jpg This article is part of the Mining and Metals project of Spinwatch
Global warming.jpg This article is part of the Climate project of Spinwatch.

Cairn Energy is an Edinburgh based oil and gas company who focus on exploration and drilling in South East Asia and Greenland. In 2011 they were the only oil company currently drilling in Greenland, with sites in 11 areas, covering approximately 102,000 square kilometres[1]. On 31st July 2011 the Indian government agreed an $8.5bn acquisition of Cairn's South East Asian wing Cairn India by Vedanta Resources, making it a 58% shareholder of Cairn Energy[2].

Political dealings over Vedanta Cairn deal

Vedanta secured a $8.5 billion takeover of Edinburgh oil company Cairn Energy's subsidiary Cairn India in July 2011. The deal was delayed due to investigations by the Indian government into Vedanta's environmental track record and ability to manage strategically important oilfields, and disagreements over royalty rates between Vedanta and Rajahstani state owned company ONGC, a 30% shareholder in Cairn's largest producing oilfield which is in Rajahstan[3][4]. When the Indian government demanded an investigation into Vedanta's controversial track record before agreeing to the Cairn deal, the British government stepped in to urge the deal along and prevent 'unnecessary delays', begging questions about why they were so keen on the takeover[5].

Cairn under fire from Greenpeace

Cairn have been targeted in a number of high profile stunts by Greenpeace during 2011 in objection to their drilling plans in the fragile environment of Greenland and their failure to make spill prevention plans public. According to the Guardian newspaper the environmental group boarded the Leiv Eiriksson oil rig en route from Greece to Greenland in late may 2011. The rig had been rented by Cairn at an estimated rate of $500,000 per day to carry out drilling in Greenland. In response Cairn took out an injunction against Greenpeace preventing them from coming within 500m of the rig[6]. However, Greenpeace activists including Greenpeace International head Kumi Naidoo occupied the rig again off Greenland in June 2011 and were arrested by danish authorities[7]. In July 2011 Greenpeace occupied the headquarters of Cairn in Edinburgh, following which the company took out another injunction preventing them from posting pictures of the occupation on twitter or facebook[8]

People

Executive Directors as of July 2011

Non Executive Directors

Advisors

Clients

Publications

Contact

50 Lothian Road Edinburgh EH3 9BY

  • T:+44 131 475 3000
  • F:+44 131 475 3030
  • www.cairn-energy.plc.uk
  • pr@cairn-energy.plc.uk

Resources

Notes

  1. ↑ Cairn website Operations, Greenland Accessed 3/8/11
  2. ↑ Richard Wachman Vedanta given green light for $8.5bn Cairn deal The Observer, Sunday 31 July 2011. Accessed 3/8/11
  3. ↑ Richard Wachman Vedanta given green light for $8.5bn Cairn deal The Observer, Sunday 31 July 2011. Accessed 3/8/11
  4. ↑ Amy Kazmin, June 30th 2011, Financial Times. 'Delhi approves Vedanta Cairn deal' Accessed 25/7/11
  5. ↑ Amy Kazmin, June 30th 2011, Financial Times. 'Delhi approves Vedanta Cairn deal' Accessed 25/7/11
  6. ↑ John Vidal, the Guardian, Thursday 2 June 2011 Cairn Energy threatens to fine Greenpeace for Arctic drilling protest Accessed 3/8/11
  7. ↑ John Vidal, Adam Vaughan, Damian Carrington, The Guardian, Friday 17 June 2011 Greenpeace head Kumi Naidoo arrested over oil rig protest Accessed 3/8/11
  8. ↑ Press Association, guardian.co.uk, Wednesday 20 July 2011Greenpeace banned from posting occupation photos on Twitter Accessed 3/8/11
  9. ↑ Cairn Energy website About, Board of Directors Accessed 3/8/11
  10. ↑ Cairn Energy website About, Board of Directors Accessed 3/8/11
  11. ↑ Cairn Energy website About, Company Advisers Accessed 3/8/11
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