South African Gas Block Acquired By Cairn India
Cairn India Limited ventured out of India and bought its first asset in a deep-sea gas discovery block on the west coast of South Africa.
The company bought 60% stake in the 19922 sq.km Block 1 in Orange Basin and has signed a farm-in agreement with South African national oil firm Petroleum Oil and Gas Corporation of South Africa Ltd (PetroSA).
The stake would be held through a wholly-owned South African subsidiary and it would also be the operator in the block with the rest of the stake lying with PetroSA.
Cairn Energy Plc. recently planned to raise around $370 Mn by selling 3.5% stake in Cairn India Ltd. to procure money to develop oil fields in other parts of the world.
Cairn India was awarded a frontier basin block in Sri Lanka after delivering the Rajasthan oil discovery.
Cairn Energy plc – the parent firm, is an independent oil and gas exploration and production company headquartered in Edinburgh, UK. It has operational interests in Albania, Bangladesh, Greenland, India, Nepal and Tunisia and produces around 33,000 barrels of oil equivalent per day.
Recently, Cairn Energy was planning to buy UK-focused Nautical Petroleum for $644 Mn. In April, it agreed to buy Agora Oil & Gas for $450 Mn.
Vedanta Resources Plc. last year bought a controlling stake in Cairn India for $8.67 Bn.
Since 2006 Indian utility and energy companies have made $5,112 Mn worth of acquisitions outside BRIC nations.
India is looking to shore up its overseas energy assets as a CII report recently showed that India produced 8.8 million tonnes of oil and gas from its overseas assets in comparison to China’s 800 million barrels of oil and gas from its overseas assets for the same period.
Further, China is dipping into $2.5 Tn of foreign currency reserves to buy stakes in oil and natural gas fields, compared with India’s $250 Bn.
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