An environmental law firm has reported Cairn Energy to the UK financial regulator, accusing the Edinburgh-based firm of “defective” reporting.
Scottish oil explorer Cairn Energy said today the North Sea Catcher and Kraken fields are still on track for first oil in 2017.
Israel’s Delek Group is looking to bolster its UK oil and gas assets after starting discussions aimed at giving it a large stake in one of the North Sea’s biggest prospects.
EnQuest said it is holding discussions with Delek Group for the sale by the company for one of its interests in the Kraken Development.
Enquest was today forced to make a statement denying it was in debt talks with the Oil and Gas Authority (OGA).
EnQuest expects to deliver its full year production guidance this year citing improved performance from its North Sea assets as a major factor in the increase.
Two of the largest ongoing development projects in the UK North Sea are under budget and ahead of schedule, one of its shareholders confirmed yesterday.
Cairn Energy today insisted despite a depressed Brent price, the firm was in a “robust financial position” and able to push ahead with the North Sea’s Catcher and Kraken developments.
EnQuest has reportedly drafted in help to manage its debt portfolio as it battles a depressed oil price environment.
Administrators have begun the task of securing what they can following the demise of Aberdeen oil company First Oil.
Cairn Energy today confirmed both its Catcher and Kraken projects, both in the UK North Sea, remained on track for first oil next year.
Cairn Energy remains focused on the billion barrel oil prize that is within reach from its discovery in West Africa.
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.