Cairn Energy could return to Greenland

greenland-flagOil and gas company Cairn Energy has revealed its plans for a year-long exploration drilling programme, which may involve it resuming activity off Greenland. From September it will begin work on two exploration wells off Senegal, a further two off Morocco and one off Ireland.

The company is also due to make a decision in the next few months on whether to be part of a joint venture exploration well off the coast of Greenland.

If Cairn opted to go ahead with the Greenland exploration, it could mean they resume drilling operations in the Pitu field by the second half of next year. To date, the Edinburgh-based explorer’s drilling programme off Greenland has not been fruitful and had been widely criticised by environmentalists.

In the firm’s latest half-yearly report it raised its total programme target to an accumulative figure of over four million barrels.

Chief Executive Simon Thomson explained that the company will commence a year-long multi-well frontier exploration programme as of September that will give shareholders ongoing exposure to the potential for material growth.

Cairn’s current inventory is made up of 144 leads and 62 prospects in the frontier basins off Morocco, Mauritania, Senegal, Spain, Ireland and Greenland, and the more mature Norwegian Continental Shelf and UK and Norwegian North Sea.

Tags; cairn energy, oil exploration, gas exploration, pitu oil and gas field, Greenland

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