Cairn Ups Kraken Reserves Estimate

Cairn Energy on Tuesday revised up reserves at its British North Sea Kraken oil field, which is majority-owened by EnQuest, effectively reversing a $163 million impairment it had booked on a Kraken downgrade a year ago. 

Cairn, which owns 30% of Kraken, upgraded its reserves estimates at the field by 6.4 million barrels of oil equivalent after it performed better than expected last year, overcoming previous production problems. 

"Despite a reduction in group's long-term oil price assumption, down from $70 a barrel to $65 a barrel, the revised valuation of the Kraken asset is sufficient to reverse the prior-year impairment charge in full," Cairn said. 

EnQuest, whose shares slumped after Cairn's Kraken downgrade a year ago, never reduced its reserves estimates for the field.

 (Reporting by Shadia Nasralla, editing by Louise Heavens)

Current News

German Wind Farms Asked to Install Security Radar

German Wind Farms Asked to Ins

TWMA Lands Long-Term Drilling Waste Management Job for TotalEnergies

TWMA Lands Long-Term Drilling

Israeli Firm Gets Final Permit for US Wave Energy Demo

Israeli Firm Gets Final Permit

German Offshore Wind Farms Asked to Install Radars to Boost Security

German Offshore Wind Farms Ask

Subscribe for OE Digital E‑News

Offshore Engineer Magazine