ONGC makes $400 mn bid for Cairn assets

State-owned Oil and Natural Gas Corporation (ONGC) is understood to have bid around $400 million for acquiring scottish explorer Cairn Energ...

State-owned Oil and Natural Gas Corporation (ONGC) is understood to have bid around $400 million for acquiring scottish explorer Cairn Energy’s oil properties in India.

Industry sources said Cairn Energy is interesting in selling its 10 discoveries in India as part of its corporate strategy in acquiring exploration accerages and adding value to them through discoveries and then exiting from them in favour of a stronger financial company, capable of undertaking the huge developmental costs.

When contacted, ONGC CMD Subir Raha said “we have made a non-binding bid for all the oil properties of Cairn Energy, except the producing Ravva Field.

Refusing to divulge details of the bid, he said ONGC was keen on Cairn assets as they had good reserves and were adjacent to the firm’s current oil and gas fields which would facilitate sharing of production facilities resulting in cost economies. Raha said ONGC had made the bid for Cairn’s assets in India based on the recommendation of technical consultant D&M, legal consultant Dentol Wilde Sapate and financial consultant Morgan Stanley.

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