India: Oil-rich diet sees Cairn put on a few pounds

LESS THAN a year ago, Cairn Energy was a lightweight in the world of oil and gas exploration and production (E&P), with daily output of about 25,000 barrels of oil equivalent (boe) and reserves of around 77m boe. Last month, after a remarkably successful year with the drillbit, it joined the UK's heavyweight corporations in the FTSE-100 stock index, with its reserves and production profile greatly enhanced. Exploration success at acreage in northwestern India, bought over a number of years from Royal Dutch/Shell for about $20m, has been reflected in an exponential rise in the Edinburgh-based firm's share price. In January, shares were worth about £3.50 ($6.28) each, but have since soared