Cairn Energy

Cairn Energy PLC is one of Europe's leading independent oil and gas exploration and development companies and is listed on the London Stock Exchange. Cairn has discovered and developed oil and gas reserves in a variety of locations around the world. Cairn Energy has a primary listing on the London Stock Exchange and is a constituent of the FTSE 250 Index.

Cairn Energy PLC
Public limited company
Traded asLSECNE
IndustryOil and gas
Founded1981
HeadquartersEdinburgh, Scotland, UK
Key people
Anthony McDonald (Chairman)
Simon Thomson (CEO)
ProductsPetroleum, natural gas and other petrochemicals
Revenue$410.3 million (2018)[1]
$(182.1) million (2018)[1]
$(1,135.5) million (2018)[1]
Websitewww.cairnenergy.com

History

The company was founded in 1981 by Sir Bill Gammell, the former international Rugby player, his father James (Jimmy), his brother Pete and others. Its initial operations were in the USA and, following its listing on the London Stock Exchange in 1988, it expanded into the UK North Sea and internationally (Papua New Guinea, Spain, Vietnam, China and Australia). Cairn acquired Conoco's UK onshore acreage in 1988 and became one of the largest operators of UK onshore oil production with the Palmers Wood oil field just south of London, near Junction 6 of the M25,[2] and at Humbly Grove (near Basingstoke).[3]

Cairn's expansion started with a substantial (non-operated) gas discovery (East Cameron 331) Bangladesh near Chittagong, in 1996.[4] In parallel, Cairn launched a series of takeovers of public listed companies – Teredo Petroleum in 1994,[5] Holland Sea Search NV in 1995[6] and Command Petroleum in 1996.[7]

In 1996, Cairn farmed out a 25% interest in the Sangu field to Halliburton in return for Halliburton bearing a 50% share of the development costs.[8] In 1997, it sold half of all its Bangladeshi interests to Royal Dutch Shell in return for Shell assuming a $330 million carry of Cairn's exploration and development costs.[9] This agreement gave Cairn an interest in Shell's huge acreage position in Rajasthan onshore in North West India. Cairn drilled two unsuccessful exploration wells and Shell then sold its 50% share to Cairn for $7.5 million: Cairn's third well, now 100% owned, found the Mangala oil field.[10]

50 Lothian Road, Edinburgh
Cairn Energy offices in Lothian Road, Edinburgh

In December 2010, Cairn agreed to sell a stake of 58.5% of Cairn India, its India-focused subsidiary, to Vedanta Resources for $8.67 billion.[11] Talks between the two companies started in August 2010.[12] However, approval did not come from the Indian government until September 2011 and the deal had to be restructured.[13]

The company sold an additional 3.5 per cent of its shares in its Cairn India for about USD 360 million in June 2012.[14] In March 2014, the company announced that Bill Gammell would step down as chairman after the annual general meeting on 15 May 2014.[15]

Operations

Cairn's business operations are now focused on frontier exploration acreage in Senegal, Norway and the United Kingdom as well as Africa and the Mediterranean.[16]

References

  1. ^ a b c "Preliminary Results 2018" (PDF). Cairn Energy plc. Retrieved 16 March 2019.
  2. ^ Onshore Oil and Gas Discoveries 1983–2000 National Archives
  3. ^ "Production of oil from a single well". East Hampshire Council. Retrieved 16 April 2017.
  4. ^ Conclusion of successful Sangu drilling programme PR Newswire, 1996
  5. ^ Michael Seymour: Biography FT.com
  6. ^ Presentation to The Scottish Oil Club by Dr. Mike Watts of Cairn Energy titled "Building a Business in South Asia" Archived 11 March 2007 at the Wayback Machine Scottish Oil Club, November 2004
  7. ^ Oilex seeks a passage to India Daily Mail, 21 August 2006
  8. ^ Alliance to produce gas off Bangladesh Oil & Gas Journal, 5 August 1996
  9. ^ Shell joins Cairn Energy in natural gas projects in Bangladesh, India Journal Record, 1 May 1997
  10. ^ Cairn's oil find in Mangala to reduce India's import bill Financial Express, 14 November 2008
  11. ^ "Vedanta Shareholders approve deal with Cairn - Economic Times". Indiatimes. New Delhi. 14 December 2010. Retrieved 29 September 2012.
  12. ^ "Vedanta agrees to buy Cairn India stake". Upstream Online. NHST Media Group. 16 August 2010. Retrieved 5 September 2010.
  13. ^ Lamont, James (14 September 2011). "Cairn progresses in sale of $6.5bn stake - FT.com". Financial Times. New Delhi. Retrieved 29 September 2012.
  14. ^ "Cairn Energy sells 3.5% India arm stake". 29 June 2012.
  15. ^ "Sir Bill Gammell stepping down from Cairn Energy". Oil Patch Asia. Archived from the original on 5 March 2014. Retrieved 5 March 2014.
  16. ^ "Operations". Cairn Enery. Retrieved 16 April 2017.

External links

Aggreko

Aggreko plc is a supplier of temporary power generation equipment and of temperature control equipment. It is headquartered in Glasgow, Scotland, United Kingdom. It is listed on the London Stock Exchange, and is a constituent of the FTSE 250 Index.

Aishwarya Oil Fields

Aishwarya oil field is located in Barmer district in Rajasthan state in India. It is India's second biggest oil discovery ]], Cairn Energy Executives described as a 'living goddess'. It went into production in March, 2013 starting off at 30,000 barrels per day. The MBA field is expected to scale up to 200,000 in two years, which will be around 10% of India's total oil consumption. At its peak rate, its production will be equal to around 30% of India's present oil production.

Cairn India

Cairn India is an Indian oil and gas exploration and production company, headquartered in Gurgaon, India. It is a subsidiary of Vedanta Resources. Cairn India is one of the largest independent oil and gas exploration and production companies in India. Cairn and its JV partners’ account for more than a fifth of India’s domestic crude oil production. It has been operating in India for more than fifteen years with a unique working culture of on average 4 days a week working. Cairn India’s producing assets are in Rajasthan, Cambay and Ravva. Cairn India has a portfolio of nine blocks, that it operates, which are located in four strategically focused areas: one in Rajasthan; two on the west coast of India; five on the east coast of India (including one in offshore Sri Lanka) and one in offshore South Africa.

The Mangala discovery in Rajasthan in 2004 was the largest onshore discovery in the country in the past two decades. The company operates a producing oil field in the Indian private sector.Cairn produces oil and gas from three blocks in India: Ravva in Andhra Pradesh, CB-OS/2 in Gujarat and RJON-90/1 in Rajasthan. In 2007, Cairn India was listed on the National Stock Exchanges and as on date has a market capitalisation of ~$14 billion and amongst the top 25 Indian company in the NIFTY 50 index. Top 250 Global Energy Company Rankings by Platts, ranked Cairn India for being the World's fastest-growing energy company in 2011. Now the Company plans to invest $3 billion in the next three years in finding more oil and raising output from Rajasthan oilfields.In early 1999, Cairn made the first Rajasthan discovery – Guda field, followed by Saraswati in 2001. Mangala was their biggest discovery in 2003, followed by Raageshwari, Bhagyam, Aishwariya, Kaameshwari and GR-F fields in Rajasthan. In 2003, Cairn acquired 100% of the exploration interest and took over as the operator of the block.

Ravva block in eastern coast of India was the first offshore oil and gas field to be developed, followed by the Lakshmi gas field in western India, which was discovered in 2000 and commenced production in 2002. In January 2004, Cairn India added the Mangala oil field in Rajasthan to its assets and this, along with, the other discoveries in Rajasthan.

On 9 January 2007, Cairn India Limited was listed on the Bombay Stock Exchange and the National Stock Exchange of India.

Two of blocks are located onshore in the Barmer and Krishna-Godavari Basins, and the remaining seven blocks are all located offshore in the Krishna-Godavari Basin, the Palar-Pennar Basin, the Cambay Basin, and the Mumbai Offshore Basin in India, and the frontier Mannar Basin in Sri Lanka and the Orange Basin in South Africa.

ContourGlobal

ContourGlobal plc is a power generation business. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

Fidelity China Special Situations

Fidelity China Special Situations (LSE: FCSS) is a large British investment trust dedicated to long-term investments in Asia. Established in 2010, the company is a constituent of the FTSE 250 Index. The chairman is Nicholas Bull. The fund is managed by Dale Nicholls of Fidelity International.

Hunting plc

Hunting plc is a British-based supplier to the oil and gas industry. Some 27% of the business is owned by the Hunting family. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

JPMorgan Indian Investment Trust

JP Morgan Indian Investment Trust (LSE: JII) is a large British investment trust dedicated to investments in India. Established in 1994, the company is a constituent of the FTSE 250 Index. The Chairman is Hugh Bolland.

JPMorgan Japanese Investment Trust

JP Morgan Japanese Investment Trust (LSE: JFJ) is a large British investment trust dedicated to investments in Japan. Established in 1955, the company is a constituent of the FTSE 250 Index. The Chairman is Andrew Fleming.

John Wood Group

John Wood Group PLC is a multinational energy services company with headquarters in Aberdeen, Scotland. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

List of oil exploration and production companies

The following is a list of notable companies in the petroleum industry that are engaged in petroleum exploration and production. The list is in alphabetical order by continent and then by country. This list does not include companies only involved in refining and marketing.

Loke Viking

The Loke Viking is an Anchor handling tug scheduled to be completed in May 2010.

She will be the first in a class of four vessels built for Trans Viking.

In June 2010 she will be chartered by Edinburgh-based oil company Cairn Energy UK PLC for four months, starting in June 2010, for drilling operations in Baffin Bay.

Mangala Area

The Mangala Area, located in Block RJ-ON-90-1 (the Rajasthan Block), is a major oil field located in the Indian State of Rajasthan. The Mangala area consists of over 16 separate oil and gas fields of which the majority of the reserves are located in the three fields of Mangala, Bhagyam and Aishwariya. The Mangala Area sits in Barmer Basin and is thought to contain oil in place volumes of 3.6 billion barrels (570,000,000 m3), of which 1 billion barrels (160,000,000 m3) are thought to be recoverable. Cairn India is the operator of the field, a subsidiary of Vedanta Group.

Pershing Square Holdings

Pershing Square Holdings (LSE: PSH) is a large British investment trust dedicated to long-term investments in North American companies. Established in 2012, the company is a constituent of the FTSE 250 Index. The chairman is Anne Farlow. The fund is managed by Bill Ackman of Pershing Square Capital Management.

Petrofac

Petrofac Limited is a provider of oilfield services to the international oil and gas industry. It is registered in Jersey (number 81792), with its main corporate office on Jermyn Street, London. It has operational centres in Aberdeen, Sharjah, Woking, Chennai, Mumbai, Delhi, Abu Dhabi, Saudi Arabia and Kuala Lumpur. There are another 24 offices in various countries. The company is quoted on the London Stock Exchange, and is a constituent of the FTSE 250 Index.

Polar Capital Technology Trust

Polar Capital Technology Trust (LSE: PCT) is a large British investment trust dedicated to investing in a portfolio of technology companies around the World. Established in December 1996, the company is a constituent of the FTSE 250 Index. The Chairman is Sarah Bates.

Renewables Infrastructure Group

Renewables Infrastructure Group (LSE: TRIG) is a large British investment trust dedicated to investments in assets generating electricity from renewable sources. Established in 2013, the company is a constituent of the FTSE 250 Index. The Chairman is Helen Mahy.

Sigguk Block

Sigguk Block is an oil exploration block in Baffin Bay. It is located 175 kilometres (109 mi) west of Disko Island, Greenland. The block consists of Alpha, T4, and T8 prospects. The license to explore the block belongs to Cairn Energy's subsidiary Capricorn Greenland Exploration Limited. In October 2009 Cairn Energy sold a 20% stake of its rights to Petronas. The national oil company of Greenland NUNAOIL owns 12.5% interest. The license expires on 31 December 2017.Exploration wells at the Alpha prospect are drilled by semi-submersible drilling rig Stena Don and at the T8 prospect by the drillship Stena Forth. Drilling commenced on 1 July 2010. On 24 August 2010, Stena Forth discovered natural gas resource when it drilled the T8-1 exploration well. However, this resource occurred to be too small for commercial production. The well was plugged and abandoned. On 21 September 2010 it was announced that oil and gas resource was discovered when drilling the Alpha-1S1 well.Drilling at the Sigguk Block is opposed by Greenpeace. On 31 August 2010, four Greenpeace activists invaded Stena Don which was drilling on the Alpha prospect. The Government of Greenland described this action as "very serious and an illegal attack on the country's constitutional rights". This action was ended on 1 September due to bad weather. All four activist were arrested and charged with breaking and entering, as well as trespass.

Syncona

Syncona (LSE: SYNC) is a large British closed-ended investment trust dedicated to life science investments. Established in October 2012 as Battle Against Cancer Investment Trust ('BACIT'), the company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. Its chairman is Jeremy Tigue. The company has its own in-house management.

Telecom Plus

Telecom Plus PLC is a multi-utility supplier based in the United Kingdom. It supplies gas, electricity, landline, broadband and mobile services to residences and businesses. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

FTSE 100United Kingdom FTSE 250 companies of the United Kingdom

Languages

This page is based on a Wikipedia article written by authors (here).
Text is available under the CC BY-SA 3.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.