21st Jan 2015 07:28
LONDON (Alliance News) - Cairn Energy PLC Wednesday said it has reduced its future capital expenditure to the end of 2017 by about USD380 million after it completed the farm out of an interest in the Catcher field in the North Sea, while it has also won interests in five licenses through the latest Norwegian licensing round.
In a statement, the oil explorer and producer said it has now completed the farm out of a 10% interest in the Catcher development field and adjacent acreage in the UK North Sea to Dyas UK Ltd for a carry of Cairn's exploration and development costs up to a cap of USD182 million.
The Catcher field is expected to produce its first oil from 2017. Cairn has retained a 20% working interest in the license.
It additionally said that its Capricorn Norge AS subsidiary was awarded non-operated interests in five licenses in the Norwegian 2014 APA Licensing Round.
"These licences do not carry firm well commitments and are in locations adjacent to current areas of interest in Norway," it said.
By Steve McGrath; [email protected]; @stevemcgrath1
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