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Profile IconRigzone.com: Latest News Headlines

Rex International Holdings Provides Updates on Upstream Portfolio

Rex International Holdings provides an update on its upstream portfolio, strategy and future plans. See More
Profile IconRigzone.com: Latest News Headlines

Oando Raises Deposit to Acquire ConocoPhillip's Nigerian Upstream Business

Oando Energy Resources increases deposit to acquire ConocoPhillips' upstream oil and gas business in Nigeria. See More
Profile IconRigzone.com: Latest News Headlines

Petronas Eyes Brazil, Russia, India and China for E&P Growth

Petronas keen to expand its business into the energy, including petroleum, sector in Brazil, Russia, India and China, according to a local daily. See More
Profile IconRigzone.com: Latest News Headlines

Sudanese Militants Kill Two, Kidnap Three at Oil Field

Armed militants killed two security staff and kidnapped a Chinese, an Algerian and a Sudanese worker in an attack on an oil field in Sudan's West Kordofan state, army spokesman Al-Sawarmi Khalid Sa'ad says. See More
Profile IconRigzone.com: Latest News Headlines

Minister: Turkey, Russia Agree on Boosting Blue Stream Gas Pipeline

Turkey and Russia have agreed to raise the capacity of the Blue Stream pipeline, which brings in Russian gas via the Black Sea, to 19 billion cubic metres (bcm) annually from 16 bcm, Energy Minister Taner Yildiz says. See More
Profile IconRigzone.com: Latest News Headlines

Douglas Westwood Says the Oil Industry Needs a Common Voice

Douglas-Westwood says the oil industry needs to have a common voice to counter negative perceptions of the sector. See More
Profile IconRigzone.com: Latest News Headlines

RH Petrogas Reduces Stake in Block SK331 in Sarawak, Malaysia

RH Petrogas's unit sells 49 percent of its stake in RHP Mukah, the operator of Block SK331 in Sarawak, Malaysia, to Tumbuh Tiasa Enterprises for $2.79 million. See More
Profile IconRigzone.com: Latest News Headlines

AVEVA to Provide Engineering, Design Solutions to Total E&P Nigeria

Total E&P Nigeria selects AVEVA to provide engineering and design solutions. See More

Blog Posts

"First they Ignore You, Then they Ridicule You, Then they Fight You Then You Win" Mahatma Gandhi.


Yes Mat




Mahatma Gandhi's first filmed interview on 30 April 1931 given to Fox Movietone News at Bardoli, India.

Posted by Brian Simpson on April 18, 2014 at 7:30

Kuwait Oil Fires 1991, AlbaFireFighters (AFF)

Posted by Brian Simpson on June 27, 2013 at 15:56

Norwegian Oil Fund & UK Oil Policy.

Posted by Brian Simpson on August 19, 2013 at 10:41

Irish Oil & Gas:)

Posted by Brian Simpson on August 30, 2013 at 10:14

"Scottish Breathaliser Test"

Posted by Brian Simpson on April 3, 2014 at 11:00

Oil Exploration Game...

Posted by Brian Simpson on March 26, 2014 at 11:02

Cairn Share Price Crashes as Chairman Goes & Loss for 2013 of over One Billion Dollars ($)


Cairn Energy yesterday stopped its $300 million share buyback programme as it resolves a tax dispute with the authorities in India.

The Edinburgh-based oil and gas explorer also revealed it racked up losses of more than $1 billion last year as it wrote down the value of its assets and counted the cost of exploration in the North Sea and Morocco.

Cairn has returned almost $95m to investors through its share buyback programme, but is halting further purchases while talks continue with India’s income tax department. It has also been prevented from selling its 10 per cent stake in former subsidiary Cairn India, valued at about $1bn.

Chief executive Simon Thomson said “We instituted the buyback with the ambition of buying back up to $300m of stock, to be reviewed quarterly. We’d prefer to be buying stock, but it’s prudent for us, given the uncertainty of the tax issue in India, to suspend the buyback.”

The firm will next month send information requested by the tax authorities.

He added: “There’s a lot of work for us to gather that information, which dates back to 2006, and there’s a fairly fluid timescale in relation to how long the tax authorities may have to respond to that. We’re 100 per cent focused on getting this resolved ”

The suspension of the buyback programme sent Cairn’s shares downwards, and they ended the day down 14.4 per cent at 168.2p. The move came as Cairn revealed deeper pre-tax losses from continuing operations of $1.1bn for 2013, compared with $194.2m the previous year, as it suffered write-downs and increased costs of exploration.

On Monday, the firm said it had abandoned a well off the coast of Morocco, where failed exploration efforts cost it $107m last year. The firm also took an $81m hit from dry wells in the UK and Norwegian sectors of the North Sea.

Cairn, which has put its exploration plans in Greenland on ice to focus on the North Sea and Atlantic Margin,…


Posted by Brian Simpson on March 19, 2014 at 14:26

Ukraine Crisis & Oil & Gas. (Bloomberg)

Posted by Brian Simpson on March 3, 2014 at 12:36


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