Cairn India eyes expansion into east Africa

Posted By: Religare
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David Ginger, Cairn India's director of exploration and new ventures said that the company is looking to spread out its business into East Africa.

He added that since lack of confidence in the other parts of Africa, the turmoil in the Middle East and the rising energy nationalism in the other places have pushed the explorers to seek new sources and thus East Africa looks attractive for investment. 

Moreover, the gas discoveries in Tanzania and the oil discoveries between Uganda and Congo border have ignited an interest in the region that had been unnoticed previously.

Uganda is also likely to introduce commercial oil production in 2012.

The oil company is in the process of selling its stake in the Indian unit to Vedanta Plc.

But, this deal has been delayed due to disagreement over royalty payments by Oil and Natural Gas Corp.

Cairn India Limited is engaged in the business of surveying, prospecting, drilling, exploring, acquiring, developing, producing, maintaining and refining.

It is also engaged in the business of storing, trading, supplying, transporting, marketing, distributing, importing, exporting and generally dealing in minerals, oils, petroleum, gas and related by-products.

The Company is a subsidiary of Cairn UK Holdings Limited, which in turn is a wholly owned subsidiary of Cairn Energy Plc., UK.

Read more about: cairn india, middle east, oil, gas
Story first published: Thursday, May 19, 2011, 12:34 [IST]
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