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 sells off major stakes in Cairn India

Oil and Gas company Cairn has sold a further 30% stake in Cairn India. The company sold the stake for $4.1 billion, of which $3.5 billion is set to go into the pockets of its shareholders. Since July 40% of Cairn India has been sold to Indian company Vedanta. Simon Thomson, Chief Executive, Cairn Energy […]

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, […]