From a Shell retiree
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A few years ago Shell got rid of this acreage for peanuts because it was not worth having.
Cairn thought differently .
Extracts from related articles:
(1): Its site in Rajasthan, India, bought from Shell for next to nothing, has turned into a significant oil find. More recently, Cairn has negotiated a deal with India’s Oil & Natural Gas Corporation (ONGC) that allows it to participate in a joint venture to build a major refinery in Rajasthan. Given India’s growing power, this is likely to become a rather valuable asset.
(2): Cairn has had an extraordinary few years, buying a block of land in north- western India from Shell and then discovering it was sitting on 2.5 billion barrels.
(3): The discovery of oil at Mangala single-handedly catapulted Cairn from relative obscurity into a FTSE 100 company, poured further mockery on Royal Dutch Shell at the time of its reserves scandal the Rajasthan block was originally Shells, but was relinquished to Cairn three years ago and gave Indias Government confidence that it could attract other foreign companies to help to exploit the countrys untapped oil and gas riches.
(4): Shell’s pain is Cairn Energy’s gain: “Canny Scottish operator Cairn bought the Indian fields three years ago for just £4m – from Shell.