Tue, Aug. 16, 9:12 AM
Wed, Mar. 16, 11:31 AM
- BP and Royal Dutch Shell (RDS.A, RDS.B) are each ~1.2% higher after the U.K. announces tax cuts for the North Sea oil and gas industry.
- Chancellor of the Exchequer Osborne cuts the supplementary charge for the oil and gas industry to 10% from 20%, bringing the overall corporate tax rate to 40% from 50%, and scraps the 35% Petroleum Revenue Tax; the changes will be backdated, starting from January of this year.
- The tax cuts come after Brent oil prices fell by more than 60% since mid-2014, making much of the production in the U.K. North Sea uneconomic as costs escalate at aging fields.
- Shares of independent oil companies operating in the U.K. North Sea - including EnQuest (OTC:ENQUF), Cairn Energy (OTCPK:CRNCY) and Premier Oil (OTC:PMOIF) - surged on the news.
Tue, Mar. 15, 9:13 AM
- Cairn Energy (OTCPK:CRNCY): FY15 EPS of -$0.90
Nov. 10, 2014, 12:20 PM
- ConocoPhillips (COP -0.8%) says it struck oil with a second exploration well offshore West Africa in the Sangomar Deep block.
- The finding is the second of a two-well program offshore in the block offshore Senegal after announcing last month that oil had been discovered in the same block.
- Cairn Energy (OTCPK:CRNCY), which operates the well and holds a 40% interest, says initial analysis shows the well has excellent reservoir sands; COP has the option to take over as operator of the project if it advances to development.
Oct. 7, 2014, 11:19 AM
- ConocoPhillips (COP +0.1%) says it struck oil off the coast of Senegal in west Africa, and COP says preliminary results are encouraging, although further evaluation is needed to determine the commercial viability of the discovery.
- Cairn Energy (OTCPK:CRNCY) is the operator and holds a 40% interest in the FAN-1 well, while COP owns a 35% stake.
Mar. 17, 2014, 9:59 AM
- Energy exploration offshore Morocco gains momentum with two companies announcing drilling news in an area that is expected to see plenty of activity this year.
- Kosmos Energy (KOS) has spudded the FA-1 well in the Foum Assaka license which is estimated to contain resources of 360M boe in its primary reservoir objective, and Cairn Energy (CRNCY) says it completed the drilling of its JM-1 well which confirmed the presence of heavy oil.
Jan. 21, 2014, 5:29 PM
- Statoil (STO) says it may walk away from exploration in western Greenland, as its head of exploration says the licenses are costly and STO is being choosier where it explores.
- Royal Dutch Shell (RDS.A, RDS.B) is the operator on two of STO’s west Greenland licenses; Cairn Energy (CRNCY) operates the Pitu license, owned 30% by STO, and said today it is still considering plans to drill it.
Oct. 18, 2013, 11:24 AM
- No longer the energy-poor neighbor of OPEC members Algeria and Libya, Morocco is gaining attention from oil companies attracted by its stability relative to other parts of North Africa and encouraged by advances in geology and technology that indicate its potential for reserves offshore.
- Independent explorers have snapped up rights to explore offshore blocks over the past 18 months, and they're now making way for big players.
- BP announced a deal with Kosmos Energy this week to take a share in three offshore blocks, and Cairn Energy (CRNCY.PK) plans to begin drilling soon off the Moroccan coast; they follow Chevron (CVX), which said in January it had taken up three offshore blocks.
Oct. 7, 2010, 1:21 PM
Aug. 25, 2010, 8:28 AMA senior official in India's oil ministry flatly denies state-run energy firms Oil & Natural Gas Corp. and GAIL India (GAILF.PK) may make a counteroffer for a stake in Cairn India (CRNCY.PK). There is "no chance" of a counterbid because the valuation from Vedanta (VDNRF.PK) is already "very high." | Aug. 25, 2010, 8:28 AM
Aug. 24, 2010, 8:20 AM
Aug. 17, 2010, 12:22 PM
Aug. 16, 2010, 8:20 AM
Vedanta Resources (VDNRF.PK) plans to buy up to 60% of Cairn India (CRNCY.PK) for up to $9.6B, gaining a controlling stake in a firm with the potential to generate around 25% of India's oil and gas production. Analysts are skeptical: Vedanta has no experience with oil & gas, and there will be few synergies with its existing business.| Aug. 16, 2010, 8:20 AM
Aug. 12, 2010, 5:49 AM
Vedanta Resources (VDNRF.PK) is said to be in talks to buy assets or a multibillion-dollar equity stake in Cairn Energy (CRNCY.PK), a U.K. oil and gas exploration firm. It would mark a major strategy shift for metals producer Vedanta, which has had no experience with oil and gas exploration. In London trading, Vedanta -4.2%, Cairn +1.1%.| Aug. 12, 2010, 5:49 AM