Cairn production almost doubles in Q3

28th Oct 2010 15:52

Cairn Energy, currently exploring for oil offshore Greenland, ramped up production during the third quarter to 169,709 barrels of oil equivalent per day (boepd), almost twice the figure for the first half.The Edinburgh-based firm, which agreed to sell its Indian business to Vedanta in August, also realised an average price per barrel of oil equivalent of $67.14 during the period.This year's Greenland drilling programme is expected to cost the company about $400m, in line with guidance.Chief executive Bill Gammell said the Vedanta deal is still progressing. He's talking to the Government of India to secure the necessary consents and approvals for completion. "Exploration in Greenland is at an embryonic stage but the fact that we have encountered both gas and oil during this campaign, in a previously undrilled geological basin, is extremely encouraging," Gammell added. "The goal of our future exploration efforts will be to establish significant reservoir potential, leading to potential commercial success."