Cairn posts record sales

first_img Share CAIRN ENERGY posted record full-year sales and raised hopes that its long-running disposal of its Indian unit will get government approval yesterday.The Edinburgh-based oil and gas explorer agreed last August to sell up to 51 per cent of Cairn India for up to $9.6bn (£5.9bn) to rival Vedanata – but is still waiting for approval for the deal from the Indian authorities.But chief executive Sir Bill Gammell said: “Cairn continues to believe the necessary approvals to complete the Vedanta transaction will be received.”The firm’s Indian unit, Cairn India, has wells in Rajasthan. Its Mangala field was the largest oil discovery in India for more than 20 years and currently produces 125,000 barrels of oil a day. These new wells and rising oil prices due to unrest in the Middle East boosted Cairn’s 2010 pre-tax profit to $577m (£352m), compared with a loss of $27m the year before. Sales hit an all-time high of $1.6bn. Cairn has been trying to untangle its ties with state producer ONGC and complete the sale to Vedanta for the last eight months. It plans to use the cash to expand its exploration off the coast of Greenland where it has successfully drilled three wells so far, with four more planned this summer. Tuesday 22 March 2011 8:40 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayBetterBe20 Stunning Female AthletesBetterBeDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald whatsapp whatsappcenter_img Cairn posts record sales KCS-content Show Comments ▼ Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap Tags: NULLlast_img

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