Greenland oil lures Cairn Energy from India

Posted by Washington Post: Juliet Eilperin on August 16th, 2010
Guardian: Cairn Energy, the oil exploration group, confirmed that it had sold a 51% stake in Cairn India to Vedanta for £5bn to help fund its move towards exploration projects off the coast of Greenland, just as offshore drilling becomes more controversial. The deal will also allow the Edinburgh-based company, which owns 62% of Cairn India, to return a "substantial sum" to investors while adding to its two rigs positioned 200km away from Aasiaat, on Greenland's west coast. The explorer ......

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