Cairn Energy
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This article is part of the Mining and Metals project of Spinwatch |
Cairn Energy is an Edinburgh-based oil and gas company with operations in South East Asia, Tunisia and Greenland. In 2011 it was the only oil company 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 per cent shareholder of Cairn Energy.[2]
Contents
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 per cent 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 has been targeted in a number of high profile stunts by Greenpeace during 2011 in objection to its drilling plans in the fragile environment of Greenland and its 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. Cairn had rented the rig 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, prompting the company to take out another injunction preventing them from posting pictures of the occupation on Twitter or Facebook.[8]
People
Executive Directors as of July 2011
- Simon Thomson - Chief Executive Officer
- Dr Mike Watts - Deputy Chief Executive
- Sir Bill Gammell, Non-Executive Chairman
- Jann Brown - Managing Director and Chief Finance Officer[9]
Non Executive Directors
Advisors
- Ernst & Young audit Cairn
- N M Rothschild & Sons Limited provide financial advice [11]
Clients
Publications
Contact
- 50 Lothian Road
- Edinburgh EH3 9BY
- T:+44 131 475 3000
- F:+44 131 475 3030
- http://www.cairn-energy.plc.uk
- pr@cairn-energy.plc.uk
Resources
Notes
- ↑ Cairn website Operations, Greenland Accessed 3/8/11
- ↑ Richard Wachman Vedanta given green light for $8.5bn Cairn deal The Observer, Sunday 31 July 2011. Accessed 3/8/11
- ↑ Richard Wachman Vedanta given green light for $8.5bn Cairn deal The Observer, Sunday 31 July 2011. Accessed 3/8/11
- ↑ Amy Kazmin, June 30th 2011, Financial Times. 'Delhi approves Vedanta Cairn deal' Accessed 25/7/11
- ↑ Amy Kazmin, June 30th 2011, Financial Times. 'Delhi approves Vedanta Cairn deal' Accessed 25/7/11
- ↑ John Vidal, the Guardian, Thursday 2 June 2011 Cairn Energy threatens to fine Greenpeace for Arctic drilling protest Accessed 3/8/11
- ↑ 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
- ↑ Press Association, guardian.co.uk, Wednesday 20 July 2011Greenpeace banned from posting occupation photos on Twitter Accessed 3/8/11
- ↑ Cairn Energy website About, Board of Directors Accessed 3/8/11
- ↑ Cairn Energy website About, Board of Directors Accessed 3/8/11
- ↑ Cairn Energy website About, Company Advisers Accessed 3/8/11
