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Cairn Energy case: Courts in five countries confirm $1.4 billion arbitration against India The development effectively means Cairn Energy can move to seize Indian assets if the amount is not paid to them. Mar 09, 2021 · 12:50 pm File photo Cairn India employees work at a storage facility for crude oil at Mangala oil field at Barmer in the desert Indian state of Rajasthan August 29, 2009. | Reuters Courts in five countries, including the United States and the United Kingdom, have given recognition to an arbitration award that asked India to return $1.4 billion (over R...

Mar 9, 2021 8:50:am Summary The Anglo-Dutch major says the sale will help it focus more on its offshore operations in the north African country. by: Joe Murphy Anglo-Dutch Shell has reached a deal to sell its interests in onshore fields in Egypt's Western Desert for up to $926mn to UK producer Cairn Energy and its Egyptian partner Cheiron Petroleum, the companies announced on March 9. Cairn, meanwhile, has struck a deal to sell its interests in the Catcher and Kraken fields in the UK North Sea for $460mn plus contingent payments to Aberdeen-based Waldorf Productio...

Cairn mulls ways to monetise arbitration award SECTIONS Last Updated: Mar 10, 2021, 05:41 PM IST Share Synopsis An arbitration tribunal ruled in favour of Cairn Energy in a six-year-old retrospective tax dispute in December and ordered the Indian government to pay the UK firm damages of $1.2 billion plus interest and cost, which at the end of 2020 amounted to $1.7 billion. The Indian government is preparing to appeal the award. Agencies Cairn said the tribunal ruled that the dispute was within the scope of the Treaty and other relevant legal parameters. Cairn Energy is pursuing the option to ...

Oil and gas producer Cairn Energy is shifting its focus to a growth portfolio onshore Egypt from declining offshore fields in the British North Sea in a flurry of deals worth around $1.5 billion which it announced on Tuesday. Cairn, in partnership with Ceiron, agreed to buy onshore fields in Egypt's Western Desert from Royal Dutch Shell for up to $926 million and sell its stakes in British fields Catcher and Kraken to private firm Waldorf Production for $460 million. "We're transitioning from that portfolio in decline into one where we see that we can build greater cashflow ge...

Cairn Energy Plc on Tuesday said preparatory identification of assets belonging to the Indian government has begun in multiple countries. The company will go to court to seize the assets, if its arbitration award is not honoured. The company could also monetise the award, with the potential to transfer it to third-party funds. It said the arbitration award, which stood at $1.7 billion ($1.2 billion plus interest currently totalling $490 million), was enforceable against India-owned assets in over 160 countries that have signed and ratified the 1958 New York Convention on the Recognition and E...