Cairn Energy announces its 2013 strategy

Cairn Energy Rajasthan training facility In 2012, Cairn sold most of its stake in its Indian operations

Related Stories

Cairn Energy is to focus its drilling efforts in 2013 in the North Sea, and off the Atlantic coast of Morocco.

The Edinburgh-based oil exploration and production firm is to wait until summer 2014 before re-starting its controversial drilling efforts in Greenland waters.

That operation, in the Pitu field, has been strongly criticised by environmentalists.

Cairn has worked there in partnership with Norwegian energy company Statoil.

This year, Cairn should complete analysis of data from other exploration blocks off the west coast of Greenland, and will then seek exploration investment partners.

Last year, Cairn sold most of its stake in the highly successful Indian operations. It still owns around 10%, worth nearly £700m.

According to a trading update issued on Tuesday, sale of the controlling stake to Vedanta had left it with cash balances worth £1bn.

The company is now looking to new prospects in the Mediterranean and the North Sea.

That includes oil fields which are close to starting production, Catcher and Kraken, which will generate cash for further exploration.

Simon Thomson, the chief executive of Cairn Energy, commented: "Our balance sheet strength means we are funded for all planned exploration and development, whilst retaining the flexibility to consider further opportunities.

"This solid foundation, combined with the Company's growing exploration portfolio, provides the basis for multi-year, and multi-well programmes.

"Operated exploration wells, commencing in the second half of 2013, will focus on frontier basins offering transformational potential whilst non-operated exploration drilling activity will focus on the North Sea, where we bring a distinct knowledge edge."

More on This Story

Related Stories

The BBC is not responsible for the content of external Internet sites

More Scotland business stories

RSS

Features & Analysis

  • Stained glass of man with swordFrance 1 England 0

    The most important battle you have probably never heard of


  • Golden retriever10 things

    Dogs get jealous, and nine more nuggets from the week's news


  • Pro-Israel demonstrators shout slogans while protesting in Berlin - 25 July 2014Holocaust guilt

    Gaza conflict leaves Germans confused over who to support


  • The emir of Kuwait Sheikh Sabah al-Ahmad al-Jaber al-SabahFreedoms fear

    Growing concern for rights as Kuwait revokes citizenships


Elsewhere on the BBC

  • CastleRoyal real estate

    No longer reserved for kings and queens, some find living in a castle simply divine

Programmes

  • A robot which is due to compete in the 2014 RoboCupClick Watch

    Why robots from 45 countries are playing football in Brazil, plus other technology news

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.