UK oil explorer waits for Indian pipeline

Oil explorer Cairn Energy (CNE.L) hopes the Indian government will allow it to recover the cost of a pipeline it needs to move its crude to market from the government's share of oil revenues "soon", the company's chief executive said on Monday.

Bill Gammell told reporters on a conference call that even if the cost was not recoverable, he would still press ahead with the pipe.

However, the CEO of Cairn's Indian unit said the government had indicated it was in favour of allowing Cairn to recoup the cost. "We have sufficient reassurance from them," he said.