Cairn’s first-half production down 15%

8/30/2009

Cairn’s first-half production down 15%

Cairn Energy’s worldwide production for the first half of 2009 was down about 15% from the same period last year, but saw growing activity in India and Greenland, according to the company’s latest financial report.

First-half 2009 gross operated production was 68,941 boepd, compared with 80,873 boepd in the first half of 2008. The average net entitlement production for first-half 2009 was 11,573 boepd, down from 13,886 boepd during the same period last year.

The company inaugurated Mangala Field in India during first-half 2009, with production startup scheduled for August 2009. Cairn came to a pricing agreement with the Indian government-nominated buyers for initial volumes of crude from Mangala representing a 10–15% discount to Brent on the basis of prices prevailing for the six months to June 2009. In Greenland, the company claims that the initial 14 prospects and lead inventory for the Disko blocks offshore western Greenland confirm multibillion-barrel unrisked exploration potential. Cairn also has five vessels currently acquiring data offshore to the west, south and east of Greenland.

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