Cairn Energy eyes up 1bn-barrel oil bonanza in Barents Sea from Lothian Road

Edinburgh-based oil explorer Cairn Energy has reported interim profits of $314 million for the first half of 2017, compared to a $38 million loss in the same period last year.

The company has substantial albeit minority working interests in some North Sea developments and is also exploring and/or operating new fields and finds in Africa off Senegal.

Offshore Scotland, production started as planned in the Kraken field, with peak production expected to reach 50,000 barrels per day in 2018 (of which Cairn’s share is 15,000 barrels per day).

The Catcher field is forecast to product its first oil by the end of this year, with peak production expected to reach 50,000 barrels per day in 2018 (of which Cairn’s share is 10,000 barrels per day).

Cairn also has plans underway for a potential drilling campaign of up to 10 wells (two as 0perator) in 2017-2019 for more than one billion barrels of oil in a number of potential finds in the British and Norwegian North Sea as  well as the Barents Sea.

In Senegal, Cairn is targeting production rates of 75,000-125,000 barrels of oil per day with first oil planned between 2021 and 2023.

It has also acquired new licences acquired in three countries – Norway, Ireland and Mexico in 2017, with drilling expected in 2018-2020.

Meanwhile, Premier Oil – also registered in Edinburgh – has reached agreement to sell its entire 33.8% interest in the Wytch Farm onshore oil field in Sussex for $200 million to an as yet un-named buyer.

23 Aug 2017

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