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The black gold Shell sold for peanuts

From a Shell retiree

Hello John

You may want to have a look here:

http://www.cairnindia.com/IR/Pages/QuarterResult.

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 Shell’s, but was relinquished to Cairn three years ago — and gave India’s Government confidence that it could attract other foreign companies to help to exploit the country’s 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.

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