Cairn officials meet to discuss strategy

[bingogo]

Cairn officials meet to discuss strategy
BS Reporter / New Delhi February 06, 2011, 0:32 IST

A day before the crucial meeting in the petroleum ministry, senior executives of Cairn India on Saturday met to chalk out a strategy for tomorrow’s talks with the Indian government on the issue of Cairn Energy Plc’s stake sale in the company to London-listed Vedanta group. The deal, announced on August 16, has been awaiting government clearance. Officials from the Ministry of Petroleum and Natural Gas would hold a meeting on Sunday with senior executives of the two companies on the issue of government clearance.

The ministry, under the then petroleum minister, Murli Deora, had asserted its power to clear the deal, forcing Cairn Plc to seek government clearance under the production sharing contracts signed for several blocks.

The meeting would be chaired by Petroleum Secretary S Sundareshan. While Carin would be represented by Cairn Chairman Bill Gammell and Managing Director Rahul Dhir, Vedanta would be represented by CFO Tarun Jain and Chief Executive Officer MS Mehta.

The government approval is crucial since the market regulator has not cleared the mandatory open offer for the Bombay Stock Exchange-listed Cairn India. The proposed deal, which could see Vedanta spending up to $9.6 billion to acquire 51-60 per cent in Cairn India, has not gone down well with Oil and Natural Gas Corporation that is a partner with Cairn India in all its three producing blocks besides five other blocks.

Though ONGC has ruled out any counter offer, it rues the fact that it has to pay the entire royalty amount on Barmer production despite being a 30 per cent partner in the field.

[bingogo]

Submitted by Rajvir Khanna on Sun, 02/06/2011 - 02:16.



ONGCThe oil ministry has not yet given the green signal to explorer ONGC. The main reason behind this delay is that, there will be a meeting with top executives of Scottish explorer Cairn Energy Plc and NRI metals industrialist Anil Agarwal's London-listed Vedanta Resources.

They will have a discussion on their near-$10 billion M&A deal. This deal is the largest in the Indian oil sector so far.

The meeting will be held on this Sunday by the ministry. They will discuss issues blocking Vedanta Resources' bid to acquire Cairn India.

It is one of the Cairn Energy's Indian arms that operate the Barmer oilfield and other acreages in partnership with ONGC.

The ministry was unhappy with ONGC's explicit demand for an equitable royalty management for the Barmer fields, Cairn's crown jewel. In return they would be giving up pre-emption rights.

In Barmer fields ONGC has 30% equity however it pays 100% royalty due to a policy irregularity. For this reason, Barmer has been losing proposition for the state-owned firm.

[Le Niçois]

Cairn officials meet to discuss strategy
BS Reporter / New Delhi February 06, 2011, 0:32 IST

A day before the crucial meeting in the petroleum ministry, senior executives of Cairn India on Saturday met to chalk out a strategy for tomorrow’s talks with the Indian government on the issue of Cairn Energy Plc’s stake sale in the company to London-listed Vedanta group. The deal, announced on August 16, has been awaiting government clearance. Officials from the Ministry of Petroleum and Natural Gas would hold a meeting on Sunday with senior executives of the two companies on the issue of government clearance.

The ministry, under the then petroleum minister, Murli Deora, had asserted its power to clear the deal, forcing Cairn Plc to seek government clearance under the production sharing contracts signed for several blocks.

The meeting would be chaired by Petroleum Secretary S Sundareshan. While Carin would be represented by Cairn Chairman Bill Gammell and Managing Director Rahul Dhir, Vedanta would be represented by CFO Tarun Jain and Chief Executive Officer MS Mehta.

The government approval is crucial since the market regulator has not cleared the mandatory open offer for the Bombay Stock Exchange-listed Cairn India. The proposed deal, which could see Vedanta spending up to $9.6 billion to acquire 51-60 per cent in Cairn India, has not gone down well with Oil and Natural Gas Corporation that is a partner with Cairn India in all its three producing blocks besides five other blocks.

Though ONGC has ruled out any counter offer, it rues the fact that it has to pay the entire royalty amount on Barmer production despite being a 30 per cent partner in the field.

Cairn fonctionnaires se réunissent pour discuter de la stratégie
Reporter BS / Février New Delhi 06, 2011, 00:32 CEST

Un jour avant la réunion cruciale au sein du ministère du pétrole, des cadres supérieurs de Cairn India a rencontré samedi à la craie sur une stratégie de négociations de demain avec le gouvernement indien sur la question de la vente enjeu Cairn Energy Plc dans l'entreprise au groupe Vedanta cotée à Londres. L'accord, annoncé le 16 août, a été en attente de l'autorisation du gouvernement. Les fonctionnaires du ministère du pétrole et du gaz naturel tiendra une réunion le dimanche avec les dirigeants des deux sociétés sur la question de l'autorisation du gouvernement.

Le ministère, par le ministre du pétrole, puis, Murli Deora, a affirmé son pouvoir pour effacer la transaction, ce qui oblige à chercher Cairn Plc autorisation du gouvernement au titre des contrats de partage de production signé plusieurs pâtés de maisons.

La réunion sera présidée par le Secrétaire du pétrole Sundareshan S. Bien que Carin serait représenté par Cairn président Bill Gammell et directeur général Rahul Dhir, Vedanta serait représenté par CFO Tarun Jain et chef de la direction MS Mehta.

L'approbation du gouvernement est cruciale, car le régulateur du marché n'a pas autorisé l'offre publique obligatoire ouverte à la Bourse de Bombay en Inde Cairn cotées. L'accord proposé, qui pourrait voir Vedanta dépenser jusqu'à 9,6 milliards de dollars pour acquérir 51 à 60 pour cent en Inde Cairn, n'a pas baissé bien avec Oil and Natural Gas Corporation qui est un partenaire avec Cairn India dans tous ses trois blocs de production plus cinq d'autres blocs.

Bien que ONGC a exclu toute contre-offre, il rues le fait qu'il doit payer le montant des royalties sur la production de toute Barmer dépit d'être un 30 pour cent des partenaires dans le domaine.

[Le Niçois]

Submitted by Rajvir Khanna on Sun, 02/06/2011 - 02:16.



ONGCThe oil ministry has not yet given the green signal to explorer ONGC. The main reason behind this delay is that, there will be a meeting with top executives of Scottish explorer Cairn Energy Plc and NRI metals industrialist Anil Agarwal's London-listed Vedanta Resources.

They will have a discussion on their near-$10 billion M&A deal. This deal is the largest in the Indian oil sector so far.

The meeting will be held on this Sunday by the ministry. They will discuss issues blocking Vedanta Resources' bid to acquire Cairn India.

It is one of the Cairn Energy's Indian arms that operate the Barmer oilfield and other acreages in partnership with ONGC.

The ministry was unhappy with ONGC's explicit demand for an equitable royalty management for the Barmer fields, Cairn's crown jewel. In return they would be giving up pre-emption rights.

In Barmer fields ONGC has 30% equity however it pays 100% royalty due to a policy irregularity. For this reason, Barmer has been losing proposition for the state-owned firm.

Traduction (anglais > français)
ubmitted par Rajvir Khanna le dim, 06/02/2011 - 02:16.



Ministère du Pétrole ONGCThe n'a pas encore donné le signal vert pour l'explorateur ONGC. La principale raison de ce retard est que, il y aura une réunion avec des cadres supérieurs de explorateur écossais Cairn Energy plc et NRI métaux cotée à Londres industriel Anil Agarwal de Vedanta Resources.

Ils auront une discussion sur leur quasi-10 milliards de dollars de fusion et acquisition. Cet accord est le plus important dans le secteur pétrolier indien à ce jour.

La réunion aura lieu ce dimanche par le ministère. Ils discuteront des problèmes de blocage de Vedanta Resources offre d'acquisition de Cairn India.

Il est l'un des bras indienne de l'énergie Cairn qui exploitent les champs pétrolifères de Barmer et d'autres superficies en partenariat avec ONGC.

Le ministère n'était pas satisfait à la demande explicite ONGC pour une gestion des redevances équitables pour les champs de Barmer, joyau de la couronne Cairn. En retour, ils renonceront aux droits de préemption.

Dans les champs de Barmer ONGC a 30% du capital mais il paie 100% de redevances en raison d'une irrégularité politique. Pour cette raison, Barmer a perdu proposition pour l'entreprise d'État.