Scottish oil minnow set to drill for first oil in Barents Sea

North Sea minnow Cairn Energy is set to begin a ‘sustained’ oil drilling campaign this summer in the North Sea.

It plans to drill up to 10 wells in 2018-19 and is targeting more than 1.5 boe gross from a number of fields in the UK and Norway – including the Barents Sea.

And the Edinburgh-based explorer also ‘expects’ development sanction for its Skarfjell discovery in the first half of the year.

Cairn has a 20% stake in Skarfjell and expects first oil in 2021 to produce 10,000 bpd. Skarfjell has been renamed Nova by the operator and the development will be known as such henceforth.

Meanwhile Cairn has offloaded its first load of 386,000 barrels of oil from its share in the Kraken field for some $20 million and its first cargo of Catcher oil has been pre-sold at a premium to Brent crude.

Cairn has minority stakes in both these fields, which started production last year after the cost of its investment in Kraken totalled 25% less than the original budget.

24 Jan 2018

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