June 12, 2012
Reposted from NYDailyNews.com
By Mukul Humagain
June 11–KATHMANDU (The Kathmandu Post/ANN) — Nepal’s petroleum exploration plans have suffered a setback with two of the world’s leading oil companies, Texana Resources Company and Cairn Energy, announcing that they would stop survey work, citing “force majeure”.
Force majeure, a popular terminology in the oil industry parlance, frees a party from fulfilling an obligation in the event of circumstances going beyond its control. The two companies say they were abandoning exploration work in Nepal due to bureaucratic hurdles and lack of cooperation from the government. More…