Cairn Energy Rejects ONGC Bid
Cairn Energy has rejected ONGC's 200 million dollar bid to acquire its oil and gas properties on the east and west coasts of India. Cairn said that the bid did not meet its expectations. However, Cairn would still be willing to continue negotiations at a higher price. The company has already approached Reliance Industries and GAIL India for sale of its interest in the Krishna Godavari and Cambay basin blocks and the 50,000-barrel per day Ravva field.
ONGC placed a bid for Cairn's Krishna-Godavari basin deepwater block KG-DWN-98/2, shallow water block KG-OS/6 and CB/OS-2 block in Cambay Basin. It, however, did not bid for Cairn's 22.5 percent stake in Ravva field.