Opinion

Cairn Energy swings to profit after Kraken begins producing oil


The ball appears to be rolling along quite nicely in Senegal.

Cairn has upgraded the size of the estimated contingent proven and probable resource base at the SNE field there to approximately 563 million barrels of oil, up from a 473 million barrel estimate back in March.

The more detailed production plans for Senegal released by the company today indicates a solid level of confidence in the quality of the resource ahead of the commencement of production as early as 2021.

Meanwhile, in the North Sea, the Kraken oil field has come on line in the first half as planned. And with the Catcher field still scheduled for first oil later in the year, the company can expect a healthy injection of cash flow to help support its exploration efforts going forward. So far, management hasn't said anything too concerning about the balance sheet -- which looks well funded -- though a resolution to the ongoing tax dispute in India would certainly help on that front.


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2017 Oil industry PredictionsCairn Energy

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