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Posts Tagged ‘Cairn Energy’

An oil giant’s road from Rajasthan to ruin

 FROM OUR AUGUST 2004 SHELL NEWS ARCHIVE…

Michael Harrison’s Outlook: An oil giant’s road from Rajasthan to ruin

“Shell, by contrast, has endured the most humiliating, torrid and damaging period in its 100-year history. It is hard to think of a more spectacular fall from grace or a more abject example of management failure.”: “The deeper it dug itself into this hole, the more Shell was forced to lie” 

Fortunes; Failure; Scramble

14 August 2004

It is a long way from the arid deserts of Rajasthan to the Shell Centre on London’s South Bank. But two events this week provide a link.

One was the announcement by Cairn Energy that it had made yet another significant oil discovery in a region of India hitherto better known for its sumptuous pink palaces and backpacking tourists. The other was the disclosure that Shell’s former head of exploration and production, Walter van de Vijver, is to receive a £2.5m pay-off after being sacked for his part in the company’s reserves scandal.

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India success makes Cairn a worthy hold

FROM OUR ARCHIVES…

Combined with an oil price higher than ever, Cairn looks to be sitting very pretty. Much to the embarrassment of Shell, of course, which sold the Rajasthan field to Cairn two years ago for just £4m.

18 May 2004

The oilfields of India are proving to be more like gold to Cairn Energy, which yesterday announced yet more success in its Rajasthan site.

The second stage of drilling following its original find has not only confirmed initial expectations but led to an upgrade in its estimated reserves. The lowest hope had been for 50 million barrels from the site; now it is for 100 million barrels.

Combined with an oil price higher than ever, Cairn looks to be sitting very pretty. Much to the embarrassment of Shell, of course, which sold the Rajasthan field to Cairn two years ago for just £4m.

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PTT Exploration Offers $1.7 Billion for Cove, Beating Shell

PTT Exploration offered 220 pence for each Cove share, 13 percent more than Shell’s proposal, according to a statement today. Cove surged 21 percent to 235 pence in London trading, indicating investors are betting on further bids.

Sir Bill’s treatment at Cairn will make every board quake

The giant oil field sold for a song by Shell… it sold its 50% share to Cairn for $7.5 million, now worth billions…

James Ashton 24 Jan 2012

The momentum gained by the Government’s war on executive pay meant it was bound to claim some victims. The only surprise is that Sir Bill Gammell has become its first. As the chief executive of Cairn Energy, he was a stock market darling. The success he enjoyed after buying an unwanted Indian exploration site from Royal Dutch Shell has passed into oil industry folklore.

Cairn, which now has a market value of £4 billion, can thank the £4.5 million acquisition of an Indian exploration site for its good fortune. Sir Bill, a former Scottish rugby international, saw potential there after the big boys had given up trying. A similar spirit has given it the confidence to hunt for oil in far-flung corners of the world such as Greenland.

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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.

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Royal Dutch Shell, the Anglo-Dutch group, signs landmark deal with Gazprom

THE TIMES (UK): Need to Know

“Royal Dutch Shell, the Anglo-Dutch group, has signed a landmark deal with Gazprom, the Russian gas monopoly, to swap an approximately 25 per cent stake in the Shell-led Sakhalin-2 gas project for a half share in the Zapolyarnoye-Neocomian field, which has an estimated 400 billion cubic metres of gas and 400 million barrels of gas condensate.”

Friday 8 July 2005

Royal Dutch Shell, the Anglo-Dutch group, has signed a landmark deal with Gazprom, the Russian gas monopoly, to swap an approximately 25 per cent stake in the Shell-led Sakhalin-2 gas project for a half share in the Zapolyarnoye-Neocomian field, which has an estimated 400 billion cubic metres of gas and 400 million barrels of gas condensate.

Oil and Natural Gas, India’s state-run company, said that it was planning to build a 150,000-barrel-a-day refinery in conjunction with Cairn Energy, the Edinburgh group.

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The great oil rush of 2005

THE TIMES: The great oil rush of 2005

Posted 26 May 2005

By Rhys Blakely, Times Online

Cairn Energy is moving one step closer to unlocking the riches it discovered under a plot of Indian desert bought at a knock-down price from the hapless Shell. If only the rest of the oil sector could put in such a slick performance.

The Scottish minnow turned FTSE 100 oil giant is likely to receive approval from the Indian government to develop its three key onshore fields in western Rajasthan, Platts, the commodities news service, reported this morning.

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Cairn’s lucky strike in the oil lottery

The Times: Cairn’s lucky strike in the oil lottery

““Still, it (SHELL) must have some regrets about giving away a winning lottery ticket.”

Indian find is akin to being given a free ticket and winning the lottery, says the exploration company.

Report by Peter Koenig

Posted August 15, 2004

TEN DAYS ago, on the morning of August 6, Bill Gammell and Kevin Hart, chief executive and finance director of the Scottish oil-exploration group Cairn Energy, arrived at their Edinburgh headquarters distracted.

Gammell, 51, who, to his chagrin, is as well known for his childhood friendships with George W Bush and Tony Blair as for his accomplishments as an oilman, was thinking ahead to a week’s holiday in Fife.

Hart, 35, a refugee from a City job at Deutsche Morgan Grenfell, wasn’t even supposed to be at work — he was meant to be taking the day off.

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Daily Telegraph: Cairn oil bonanza nets chiefs £4m bonus

Daily Telegraph: Cairn oil bonanza nets chiefs £4m bonus

“Cairn’s finds in India are a source of continued embarrassment to Shell, which sold its 50pc share in the concession to Cairn for just $7.25m.”

By Christopher Hope, Business Correspondent (Filed: 16/08/2004)

Cairn Energy, the Scottish oil explorer, will take a charge of more than £4m at its half-year results in three weeks’ time to cover the cost of paying out long-term bonuses to its management.

Cairn has been one of the biggest risers on the stock market this year after discovering 1.85billion barrels of oil in northern India. Last week the shares jumped 13pc after Cairn found oil for the fourth time.

Kevin Hart, finance director, told analysts last week that the cost of paying directors’ bonuses under its long-term incentive plan, which is linked to Cairn’s share price, was likely to be £4.3m for the six months to June 30.

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Sunday Express: All’s well with Cairn in the Indian desert

Sunday Express: All’s well with Cairn in the Indian desert

It was an act of stupidity… You don’t sell off your golden eggs like that. Shell’s loss is Cairn’s gain.”: “Oil minnow’s £4m field is worth billions”

Oil minnow’s £4m field is worth billions, writes Robin Pagnamenta

15 August 2004

THE contrast between the fortunes of Shell and oil minnow Cairn Energy could not be starker. While Shell has been battling to soothe investor concerns about governance and its long-term supplies of oil and gas, Cairn has been moving from strength to strength.

Shares in the Edinburgh-based exploration company have soared since January when it revealed its 5,000 sq km field in India’s Rajasthan desert contained a major oil prospect.

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An oil giant’s road from Rajasthan to ruin

 FROM OUR AUGUST 2004 SHELL NEWS ARCHIVE…

The Independent: Michael Harrison’s Outlook: An oil giant’s road from Rajasthan to ruin

“Shell, by contrast, has endured the most humiliating, torrid and damaging period in its 100-year history. It is hard to think of a more spectacular fall from grace or a more abject example of management failure.”: “The deeper it dug itself into this hole, the more Shell was forced to lie” 

Fortunes; Failure; Scramble

14 August 2004

It is a long way from the arid deserts of Rajasthan to the Shell Centre on London’s South Bank. But two events this week provide a link.

One was the announcement by Cairn Energy that it had made yet another significant oil discovery in a region of India hitherto better known for its sumptuous pink palaces and backpacking tourists. The other was the disclosure that Shell’s former head of exploration and production, Walter van de Vijver, is to receive a £2.5m pay-off after being sacked for his part in the company’s reserves scandal.

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The Times: Big shot

The Times: Big shot: “Another oil discovery in India, another 6 per cent jump in Cairn’s share price.”

August 11, 2004

WHILE Bill Gammell, Cairn Energy’s chief executive, was enjoying his summer holiday at the Fife seaside resort of Elie yesterday, his shareholders were basking in the FTSE’s sun. Another oil discovery in India, another 6 per cent jump in Cairn’s share price.

It has been a stellar year for all associated with Cairn, in particular Edinburgh-based Mr Gammell, who set up the company 24 years ago. Along with Cairn shareholders, who have watched the company’s share price almost quadruple this year, Mr Gammell, 51, can count the good fortune of some astute management. His million Cairn shares are now worth £14 million, a far cry from when he and his senior management team decided to buy Shell’s interest in the Rajasthan exploration block, western India, for £3.9 million two years ago. The move proved Cairn’s making.

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