Subsea Templates Installed on Nova Field
marks an important milestone for our global operations and a signal of our ambition to invest capital and expertise in our core regions around the world.”Wintershall Dea holds a 45% share as Nova operator. Its partners in the project include Capricorn Norge AS (a fully owned subsidiary of Cairn Energy PLC) (20%), Spirit Energy Norge AS (20%) and Edison Norge AS (15%).The expected recoverable reserves from Nova are around 80 million barrels of oil equivalent (boe), of which the majority will be oil. The partnership is investing almost €1.1 billion ($1.2 billion) in the development of the
Cairn Gears up For Fourth Well Offshore Senegal
light of the success of the ongoing appraisal programme, the JV has agreed that the Ocean Rig Athena will now drill SNE-4, located 5km south-east of the SNE-1 discovery well, to appraise the eastern extent of the field and aiming to confirm the nature of the upper reservoirs in the oil zone. Cairn Energy PLC Chief Executive Simon Thomson said, “The drilling programme in Senegal continues to provide positive evidence of the scale and extent of the SNE field. The BEL-1 appraisal results have provided definitive information confirming the northern extent of the high quality reservoirs seen in
ONGC to Invest $5 bln to Develop India's Eastern Gas Asset
India's Oil and Natural Gas Corporation said it will unveil an investment of around $5 billion by the end of March to develop a major gas asset in the east, with a view to tapping higher gas prices. The asset, which the state-owned company acquired in 2005 under a swap agreement with UK's Cairn Energy Plc, can produce up to 17 million metric standard cubic metres per day (mmscmd) of natural gas and 75,000 barrels of oil per day by 2020. The level of output will make it ONGC's second biggest hydrocarbon asset in India, D.K. Sarraf, chairman and managing director of the country's biggest explorer
EnQuest, Cairn Take Additional Interest in Kraken
EnQuest PLC has acquired an additional 10.5 percent interest in the Kraken development for nominal consideration. The acquisition from First Oil PLC brings EnQuest's total interest to 70.5 percent. EnQuest and Cairn Energy PLC, the other current participant in the Kraken development, are both taking up First Oil's interests pro-rata, in proportion to their holdings prior to the transaction. EnQuest has also waived its right to reclaim approximately $7 million of cash calls paid on behalf of First Oil in January and February 2016. EnQuest acquires the reserves and resources associated
Cairn Firms up Senegal Drill Efforts
Day presentation on its operations in Senegal today in London for sell-side analysts and institutional shareholders. The event will include a series of presentations from senior managers and will be shown on our website via a live webcast from 9.30am BST. Simon Thomson, Chief Executive of Cairn Energy PLC said, “Cairn made two significant discoveries offshore Senegal in 2014 proving a hydrocarbon system in a new and emerging Atlantic Margin Basin. We are excited about the exploration and appraisal opportunity of this world class asset. We have now submitted a three year evaluation work
Kosmos Energy's Update
with the Government of Morocco’s Office National des Hydrocarbures et des Mines (ONHYM). Kosmos operates the Cap Boujdour license with 55 percent equity and is joined by its partners ONHYM (25 percent) and Capricorn Exploration and Development Company Limited, a wholly owned subsidiary of Cairn Energy PLC (20 percent).
Catcher Update by Cairn
above) to $200m. Licence P1430 (Catcher) received UK Department of Energy and Climate Change (DECC) approval of its Field Development Plan (FDP) in June 2014. Licences P2040, P2070, P2077 and P2086 are adjacent licences in the Greater Catcher area. Simon Thomson, Chief Executive, Cairn Energy PLC said, “Cairn remains focused on delivering value for shareholders from disciplined capital allocation and portfolio management across a balanced asset base. This value enhancing transaction provides us with significant additional operational flexibility to deliver the Group’s strategy
February 2024
