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

Finnish Port Set for Offshore Wind Overhaul

Finnish Port Set for Offshore

Sunda Energy Starts Environmental Consultation for Chuditch-2 Well Drilling Plans

Sunda Energy Starts Environmen

Delfin Secures Key Permits for First Offshore LNG Export project in US

Delfin Secures Key Permits for

RWE Drops Bubble Curtain to Silence Construction Noise at Sofia Offshore Wind Farm

RWE Drops Bubble Curtain to Si

Subscribe for OE Digital E‑News

Offshore Engineer Magazine