Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Cairn plans Greenland drill campaign

Cairn plans Greenland drill campaign
Cairn Energy plans to drill several wells off Greenland in a drilling campaign starting in 2011, its bosses said yesterday.

Cairn Energy plans to drill several wells off Greenland in a drilling campaign starting in 2011, its bosses said yesterday.

Deputy chief executive Mike Watts said the Edinburgh company was initially looking at a potential three to five-well programme which could cost more than £300million.

There are hopes that Greenland’s waters could hold billions of barrels of oil, but Mr Watts said that a single find of about 400million barrels could be a commercial proposition at a price of just $40 a barrel.

Availability options for a suitable rig for the short drilling programme are now under review.

Chief executive Sir Bill Gammell said Cairn would have great flexibility for funding work in Greenland.

He added: “We could bring in a partner to carry some of the risk, for example, but we don’t want to tie ourselves down to one particular option.”

He said Cairn was excited by the “frontier” exploration position it had established offshore Greenland, which provided it with potential for future material exploration success. He also said the recent rise in oil prices had seen the first industry interest in Greenland for many years.

Sir Bill added: “The government of Greenland offers exploration acreage both through competitive bid rounds and direct applications via its open-door policy. Cairn has taken a leading position in this process and is at the forefront of the opening up of this exciting frontier country.

“The prospective geological basins around the coast of Greenland are at a very early stage of evaluation with only six offshore and one onshore exploration well having been drilled to date, and five of those during the 1970s.

“The results of these wells, together with more recent onshore geological mapping over the past 15 years, have confirmed the presence of all the essential elements required for a working petroleum system.”

Cairn also said yesterday that its large Indian oil fields would begin producing oil this week, but added that meeting targets for the next stages of the development was becoming increasingly challenging.

Cairn said the target for completing the second processing train at Mangala, in Rajasthan, and an associated pipeline remained the end of 2009, despite the challenges.

Sir Bill said: “If there is any delay, it will be a matter of weeks rather than months.”

More from Energy Voice

Latest Posts