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Sam Algar, speaking at the CERAWeek energy conference in Houston, said deepwater opportunities will allow the company to easily reach that goal, while also calling for additional partnerships.
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The CEO should be 'proven global leader' with entrepreneurial ambitions, Agarwal's August 16 post, which is silent on Nick Walker, say
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In October 2022, the apex court granted six months' time to SEBI to complete the enquiry into the issue and ordered that the observations by the Securities Appellate Tribunal (SAT) in the case, will not influence the enquiry.
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The industry’s had been requesting for a cut, if not a complete waiver, from the cess. They had argued that this could encourage domestic producers to shore up production, step up exploration and protect margins.
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In addition, the regulator levied a fine of Rs 15 lakh each on P Elango, who was the CEO and director of Cairn, Aman Mehta, who was the director on the company's board, and Neerja Sharma, who was director (risk assurance) and company secretary.
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Cairn Energy chief executive officer Simon Thomson is set to visit India next week.
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"The action follows the announcement by (Agarwal's) Vedanta Resources Ltd (VRL) of its intention to delist the shares of its Indian subsidiary and CIHL's parent, Vedanta Ltd (VLTD). CIHL's rating is aligned with the credit profile of VLTD, which owns 100 per cent of CIHL, reflecting their strong linkages," Fitch said in a statement.
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The Directorate General of Hydrocarbons (DGH), the upstream technical arm of the Ministry of Petroleum and Natural Gas, sought $520 million in additional profit petroleum for the government after an audit of capital and operating expenses incurred on the Mangala and other oilfields in the Rajasthan block RJ-ON-90/1, sources with direct knowledge of the development said.
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Agarwal also said Vedanta was interested in BPCL divestment but the valuation of the company has now increased over 40 percent.
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In a statement, Fitch Ratings said it has revised its outlook on CIHL to negative from stable and affirmed the Long-Term Issuer Default Rating (IDR) of 'BB-'.
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Along with Mathur, Pankaj Kalra, the chief financial officer of Cairn India, which is now a part of Vedanta Ltd after its merger with the parent, has also resigned, sources privy to the development said.
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Vedanta's statement comes days after its shares plunged on Friday, as investors were skeptical of the merits of the investment and questioned the potential returns.
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Cairn India's 25-year contract for exploration and production of oil and gas from Barmer block RJ-ON-90/1 is due for renewal on May 14, 2020, but it has to, as per a new policy, apply for a 10-year extension within this month, sources said.
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The investment will be made over the next few years, which will enhance the production of crude oil.
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"Banerjee will be a member of Cairn Business Executive Committee (EXCO) and will help drive the company's vision to contribute to 50 per cent of India's crude oil & gas production," Vedanta said in a statement.
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Oil and Natural Gas Corp (ONGC) put in expression of interest for 41 areas while Vedanta's oil unit, Cairn India sought rights over 15 areas, sources privy to the development said.
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More arrests are likely, the SP said adding that the police were investigating the links of the syndicate outside the state.
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The Income Tax Department has ordered coercive action against Cairn Energy of UK, including taking away over Rs 2,000 crore dividend and tax refund, to recover part of the Rs 10,247 crore retrospective tax.
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The department ordered taking away USD 104 million dividend due to it from its remaining stake in the erstwhile subsidiary Cairn India (now called Vedanta Ltd) and another Rs 1,500 crore of tax refund due to it, a top source said.
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Crude oil production stood at 2.95 million tonnes in the same month last year, according to a statement by Petroleum Ministry today.
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In a setback to India, an international arbitration panel has rejected its demand for a stay on an arbitration initiated by British oil explorer Cairn Energy plc against a Rs 10,247 crore retrospective tax notice.
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"We feel interest is due and is liable to be paid. We plan to soon approach the high court seeking quashing of the ITAT order," a senior income tax department official told PTI.
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Mitessh Thakkar of miteshthacker.com expects 5-6 percent downside in metal stocks and advises buying Cairn India and sell Mahindra & Mahindra.
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Mitessh Thakkar of miteshthacker.com is of the view that one can sell Cairn India and Lupin and buy Bosch.
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Cairn India Limited approached the Ministry of Environment Forest and Climate Change seeking necessary clearances for the proposed project.
