Cairn has done more to promote overseas interest in India's oil and gas industry than any firm, domestic or foreign. Long a fringe player in Asia's energy sector (it has been a sizeable operator in Bangladesh for more than a decade), Cairn struck black gold in India in late 2004, with the biggest domestic oil discovery for 22 years. The world-class oil field in Mangala, northern Rajasthan, was found to contain up to 3.5 billion barrels of recoverable oil. Cairn's stock more than doubled, to nearly £24 (US$43.70) in May 2006, from just under £12 a year earlier, before dropping back slightly.
July 07, 2006