Feb 22, 2012, 06.08 PM | Source: CNBC-TV18
CNBC-TV18 learns that Cairn India is currently evaluating opportunities in Uganda, where the government is likely to put on offer oil blocks next month.
Sitting on cash of over USD 1.5 billion, Cairn India is looking at inorganic growth and is keen to have an overseas presence. In fact, the company is going to open an office in London for M&As and international business.
While Cairn India's immediate focus remains ramping up Rajasthan production to 240,000 bbl, it is looking at mergers and acquisitions as well as organic growth overseas to maintain its reserve replacement ratio and to sustain its annual cash generation of USD 2-2.5 billion.
Cairn India though has ruled out shale gas and natural gas assets for now.