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Article: United States: Cairn Energy To Sell 10% Stake In Greenland Ops To Petronas.
- Article from:
- TendersInfo
- Article date:
- October 30, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: manish03
Cairn Energy PLC said Thursday it has agreed to sell to Petronas International Corporation Ltd a 10% interest in its existing six operated blocks offshore Greenland, subject to the required government and partner approvals
MAIN FACTS:
-Petronas has option to increase its interest to 20% in any development in these blocks, in return for payment of further consideration to reflect market valuation at that time
-Cairn and Petronas have also agreed to co-operate on an 80/20 basis on any other Open Door or Bid Round initiatives in Greenland
-In addition, Petronas has acquired from Cairn 43.6 million illion shares ...