Cairn Energy to start exploring offshore fields in Africa

oil cairn-djmacpherson wikimediacommonsCairn Energy said that the total spending on the projects will cost US$510mn. (Image source: DJ Macpherson/Wikimedia Commons)Cairn Energy has announced that it will start four new offshore exploration projects in northwest Africa within weeks

After its primary focus on Greenland in 2010 and 2011, the UK-based company said that it has spent the past 18 months building up a portfolio of exploration licences in Africa and Ireland.

Cairn Energy said it will drill at least five exploration wells over the next one year, two off the coast of Morocco, two off the coast of Senegal, and one off the west coast of Ireland, all of which have a 20 to 25 percent chance of success.

Mike Watts, deputy chief executive officer of Cairn Energy, said, “The previous campaigns in Greenland were very much reconnaissance campaigns. They were 10 percent chance of success ... so this is a different programme, a different, different style.”

Cairn Energy said that the total spending on the projects will cost US$510mn.

The drilling will first begin in Morocco next month. The programme in total will target over four billion barrels of oil equivalent of mean un-risked gross prospective resource, it added.

READ MORE...

Cairn Energy enters into offshore Mauritania farm-in deal with Chariot

Alain Charles Publishing, University House, 11-13 Lower Grosvenor Place, London, SW1W 0EX, UK
T: +44 20 7834 7676, F: +44 20 7973 0076, W: www.alaincharles.com

twn Are you sure that you want to switch to desktop version?