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Global interest expected in Santos Dorado sale

Santos is seeking buyers for a 20-30% stake in its large Dorado oil project and Bedout exploration portfolio offshore western Australia estimated to be worth up to $200 million. Significantly, there is expected to be global interest in the sales process, which could be particularly appealing for Asian national oil companies (NOCs).

Oil & Gas

Cairn will use North Sea cash to fund its whole strategy

North Sea cash flow is enough to fund all of Cairn Energy’s strategic goals, including its exploration plans for Senegal, the Scottish oil firm said yesterday. Speaking at the Edinburgh firm’s annual general meeting, chief executive Simon Thomson said: “Cairn seeks to deliver sustainable growth in value for shareholders from a balanced exploration and production portfolio. “That balance is provided from a combination of the attractive mature basin positions that we have built in the North Sea and an extensive frontier and emerging basin exploration portfolio.

Oil & Gas

Cairn in new battle with India’s taxman

Indian tax authorities last night slapped oil explorer Cairn Energy with a £1billion draft assessment order on a business transaction in the country seven years ago. In retaliation, Cairn said it has instructed counsel to fight the notice, which the Edinburgh firm argues stems from retrospective legislation imposed in 2012.

Oil & Gas

Cairn Energy comes up short in Senegal well

Cairn Energy has completed work on the SNE-1 well in Senegal after failing to hit hydrocarbons at a lower target. The company and its joint venture partners had previously discovered oil in the upper clastic target. However the deeper target of Karstified and fractured Lower Crestaceous shelf carbonates returned no hydrocarbons, Cairn Energy said.

Oil & Gas

Cairn Energy hits second oil find in Senegal

Cairn Energy has made a second oil discovery during its Senegal exploration programme. The Scottish oil firm announced last month it had made an initial oil find it its FAN-1 exploration well in the West African country. The SNE-1 well is located in 1,100 metres water depth and is 100km offshore in the Sangomar block.