Monday, January 23, 2012

Statoil to partner Cairn in Greenland exploration

Cairn Energy has agreed to sell 30.6% working interest in the Pitu oil and gas exploration block off the west coast of Greenland to StatoilCairn will retain exploration operatorship, with 56.875% interest in the block, while Statoil will operate any future development. Nunaoil has an ongoing 12.5% interest in the block.

Two drilling campaigns by Cairn worth $1.2 billion in 2010 and 2011, have so far failed to yield commercial quantities of oil and gas, although the company says it has been encouraged by some hydrocarbon finds and would look to bring in partner firms to conduct further searches.

Source: Cairn Energy

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