Cairn Energy today confirmed it had made a commercial find offshore Senegal.
Cairn Energy remains focused on the billion barrel oil prize that is within reach from its discovery in West Africa.
Scottish explorer Cairn Energy says its UK North Sea Catcher and Kraken developments are on track for first oil from 2017. The Edinburgh-based company is targeted peak net production to Cairn of 22,500 barrels of oil equivalent per day.
Cairn Energy expects to shave £250million off its capital expenditure following the completion of a farm-out of Catcher to Netherlands-based Dyas. The Edinburgh-based oil and gas indy agreed to sell a 10% working interest in the North Sea field to Dyas UK, retaining a 20% working interest in Catcher.
A job cull at Cairn Energy has seen about two-fifths of staff and contractors axed, the Scottish oil explorer revealed. About 90 people have gone, although most chose to take voluntary redundancy. The cuts were made across Edinburgh-based Cairn’s international operations, and leave the company with around 190 staff and contractors.
Cairn Energy has made reductions to its staff cutting 40% of its headcount in both full-time employees and contractors. The company made the announcement in a pre-close update in which it said its 2015 focus would be on an appraisal and exploration programme in Senegal. Cairn is currently still engaged in discussion with the Indian Tan department as it struggles to gain access to the value of its 10% share of Cairn Energy.