It was one among the foremost spectacular and heart-warming triumphs ever seen within the oil and gas sector.

Cairn Energy, a corporation found out in 1986 by the Scottish fund management firm Ivory & Sime to take a position within the sector, had spent the primary decade approximately of its life looking for the large strike that might transform its fortunes.

That hunt took it from the us to the North Sea to Vietnam then , eventually, to South Asia.

Cairn’s founder and chief executive Bill Gammell, a former school friend of Blair and a former wing for the Scottish international rugby team, had drilled 15 wells within the field without success.

The discovery sent shares of Cairn into the stratosphere and, at the top of that year, the corporate won promotion to the FTSE-100 index.

Early successes in Bangladesh were followed in 1996 by an expansion into India.

And it had been here, in January 2004, that Cairn made the country’s biggest onshore oil discovery in additional than 1 / 4 of a century at the Mangala field in Rajasthan.

The discovery within the desert region was all the sweeter because the sector had previously been explored – and discarded – by Royal Dutch Shell.

Mr Gammell, whose fund manager father, Jimmy, had backed George HW Bush’s Texan oil industry within the 1950s before the previous US president turned to politics, was knighted.

He subsequently floated Cairn’s Indian assets on the Mumbai stock market in January 2007 as a separate company, raising almost £1bn within the process, valuing the business at £3.3bn.

By Joseph

Leave a Reply

Your email address will not be published. Required fields are marked *