Cairn Energy’s mixed game of approvals

Posted By: Religare
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Cairn Energy’s mixed game of approvals
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The most talked about energy deal in India, Cairn-Vedanta, may have to wait longer than the 20 May deadline since the Group of Ministers, which is unlikely to meet before the said date.

The Cairn Energy"s stake sale in its Indian subsidiary to Vedanta is hanging on the edge by the decision to be taken by the Group of Ministers. Besides, Cairn had to push its deadline for the second time now.

CEO of Cairn Energy, Sir Bill Gammell expressed that the company is still in an optimistic mood with the Government of India to secure the necessary approvals to complete the Vedanta deal.

On the other hand, a Greenland official says that the Scottish oil company has received permission to drill up to seven oil exploration wells off the Arctic island"s west coast.

Earlier, Greenpeace pointed out that Cairn is the only company drilling in the area and it has not shown any indication of having taken any extra precautions against the occurrence of mishaps such as the 2010 Gulf of Mexico oil spill.

Story first published: Thursday, May 12, 2011, 12:30 [IST]
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