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Cairn India Ltd News

10 Jun 2015

Cairn India Seeks to Export Oil Despite Ban

Cairn India Ltd has invited initial bids for exports of its oil from the desert state of Rajasthan, according to a copy of the tender notice seen by Reuters, despite a government ban on overseas sales of locally-produced crude. A government official said there had been no change in the ban and that Cairn India might simply be trying to establish a price for its oil via the tender process ahead of negotiations to sell it to local buyers. Cairn India, backed by billionaire Anil Agarwal, did not respond to telephone calls and an email seeking comment about the export notice. India is the world's fourth-biggest oil consumer and imports about 80 percent of its oil needs, leading it to place restrictions on the export of locally-produced oil.

12 Sep 2014

Continental Resources President Quits, Leaves Leadership Gap

Continental Resources Inc, the largest oil producer in North Dakota's Bakken shale formation, said on Thursday that Rick Bott, its president and chief operating officer, had resigned. Bott, 54, was widely considered the likely successor to Continental Chief Executive Officer Harold Hamm, 68. His departure leaves a talent gap at the top of the company, which is in the midst of an ambitious attempt to double its 2012 production levels by 2017. Continental said Bott's duties will be divided between remaining executives. It was not immediately clear why Bott resigned or if he had secured a new job. Before joining Continental in 2012, Bott had worked at Cairn India Ltd and in Devon Energy Corp's international division. Calls to Bott were not immediately returned.

02 May 2014

P Elango, CEO of Cairn India steps down

Cairn India Ltd. announces that Mr. P Elango, Interim CEO & Whole time Director has decided to step down for personal reasons. The Board has accepted his resignation. Mr. Sudhir Mathur, CFO, has taken over the additional responsibility of leading the organization in the interim. Tom Albanese, CEO Vedanta Resources plc and Mike Yeager, Chairman, Operations Review Board, Cairn India, will continue to work closely with the leadership team in managing the business under the guidance of the Board. The Board expresses its appreciation for Mr. Elango’s significant contribution during his nearly 18 years’ association with the company. Under Elango’s leadership, Cairn delivered 200,000 boepd from the Rajasthan block and achieved record levels of financial revenue & profitability.