Oil firms accused of failing to disclose climate risks

Two oil and gas companies have been reported to the UK financial regulator for allegedly failing to disclose climate change risks. In letters to the Financial Reporting Council (FRC), environmental law organisation ClientEarth has requested intervention to correct “defective reporting” by Cairn Energy and SOCO International. The FRC is the regulator responsible for monitoring compliance […]

UK-based firm finds oil offshore Senegal

An exploration company based in Edinburgh has announced the discovery of oil off Senegal in West Africa. Cairn Energy and its joint venture partners found 29 metres of net oil bearing reservoir at the FAN-1 well, located around 100 kilometres off the coastline and in 1,427 metres depth. The company said it would now continue […]

Cairn Energy sells third of a Greenland block to Statoil

Cairn Energy is selling a third of one of its Greenland exploration blocks to Norwegian oil and gas firm Statoil. The UK firm is farming out a 30.625% interest in its Pitu block in the Arctic region. The move is a bid to “de-risk” the assets, according to a spokesperson for Cairn, who said bringing […]

Cairn Energy’s Arctic oil exploration falters

Cairn Energy’s search for oil in the Arctic is faltering as the CEO admitted yesterday it has “yet to make a commercial discovery”. In a statement the UK oil and gas firm said it has been forced to “plug and abandon” two wells in its billion-dollar drilling campaign off the coast of Greenland. Simon Thomson, […]

Cairn confident of $5.4bn India sale

Cairn Energy expressed confidence that the sale of a 40% stake in their Indian arm, Cairn India, to Vedanta Resources would be completed. Cairn’s half yearly report revealed the deal, split into two stages, would bring in $5.4billion. Simon Thomson, Chief Executive, Cairn Energy PLC said: “Following approval from the Government of India, all parties […]

Greenpeace criticise secretive Shell

Responding to the latest developments in the North Sea, Greenpeace have questioned Shell’s motives for keeping quiet over last week’s spill. Senior oil campaigner Vicky Wyatt said: “While oil has been flowing, timely information has not. The original leak, now classified as significant, happened on Wednesday, but the news wasn’t made public for 48 hours, […]

Cairn abandon freshly drilled well

Cairn Energy have announced that one of their four exploration wells located off Greenland has been abandoned as there was no commercial discovery. While their shareholders suffered, the company have come under heavy criticism from environmental campaigners Greenpeace.Located around 300km off Nuuk, the LF7-1 exploration well is preparing to be plugged. A spokesman from Cairn […]

Cairn stock soars on news of Greenland drilling

Oil exploration company Cairn Energy saw its market value rocket this week as its shares rose on the back of news of a new drilling campaign. Edinburgh-based Cairn announced that two rigs had been secured to drill four wells this year off Greenland. Following the announcement, Cairn’s stock closed 2.8% up at 431.6p, adding £162.4 […]