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IOC to bid for acquiring Cairn`s east coast oil assets
New Delhi, May 26: State-run Indian Oil Corporation will bid for acquiring Scottish explorer Cairn Energy PLC`s oil and gas assets in the Krishna Godavari basin, off the andhra coast, company chairman M S Ramachandran said today.
New Delhi, May 26: State-run Indian Oil Corporation
will bid for acquiring Scottish explorer Cairn Energy PLC's
oil and gas assets in the Krishna Godavari basin, off the
andhra coast, company chairman M S Ramachandran said today.
"We will bid for KG basin assets of Cairn Energy by May 30, the last date for putting in initial bids," Ramachandran said. IOC was interested in Cairn Energy's shallow water block KG-OS/6 and deepwater block KG-DWN-98/2, where the Scottish firm has discovered 1 trillion cubic feet of gas reserves and small quantities of oil. The country's largest oil refiner had initially evinced interest in bidding for Cairn's India assets in partnership with state exploration firm Oil and Natural Gas Corporation (ONGC). But ONGC declined the offer saying it wanted to bid alone. "We will now bid alone," Ramachandran said.
Following a successful exploration campaign on the deep water blocks, Cairn is seeking a value adding partner to optimise forward appraisal and potential development program.
Besides ONGC, other firms looking at Cairn assets include state-owned gas firm Gail and British oil and gas major BG group. Cairn, which has set up a data room in Edinburgh, has also sent feelers to Reliance Industries Ltd (RIL).
Bureau Report
"We will bid for KG basin assets of Cairn Energy by May 30, the last date for putting in initial bids," Ramachandran said. IOC was interested in Cairn Energy's shallow water block KG-OS/6 and deepwater block KG-DWN-98/2, where the Scottish firm has discovered 1 trillion cubic feet of gas reserves and small quantities of oil. The country's largest oil refiner had initially evinced interest in bidding for Cairn's India assets in partnership with state exploration firm Oil and Natural Gas Corporation (ONGC). But ONGC declined the offer saying it wanted to bid alone. "We will now bid alone," Ramachandran said.
Following a successful exploration campaign on the deep water blocks, Cairn is seeking a value adding partner to optimise forward appraisal and potential development program.
Besides ONGC, other firms looking at Cairn assets include state-owned gas firm Gail and British oil and gas major BG group. Cairn, which has set up a data room in Edinburgh, has also sent feelers to Reliance Industries Ltd (RIL).
Bureau Report