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Cairn Energy to shift 2015 focus to Senegal

Published 13/01/2015, 07:33
Cairn Energy to shift 2015 focus to Senegal
CNE
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LONDON (Reuters) - Oil explorer Cairn Energy (L:CNE) said on Tuesday it would focus on its drilling programme in Senegal this year where it made a series of successful oil finds in 2014.

The company, whose projects stretch from Greenland to Senegal but which does not have any producing assets, said it had reduced headcount across its full-time employees and contractors by 40 percent to cut costs.

In Cairn's North Sea operations, the Catcher and Kraken fields are on track to deliver first oil from 2017, the firm said.

Cairn's tax payments in India have been under investigation, preventing the company from tapping its $1.1 billion (0.72 billion pound) stake in Cairn India which it was planning on selling.

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