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Cairn Energy says its well positioned at start of 2021, flags lower North Sea production

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Cairn Energy PLC (LON:CNE) told investors that net production from the Catcher and Kraken fields averaged just over 21,000 barrels of oil per day (bopd) in 2020, which was in line with guidance.

At the same time, its 2021 production forecast is pitched at 16,000 to 19,000 bopd.

Following the completion of its US$250mln asset divestment in Senegal the company ended 2020 with US$570mln of net cash.

Oil and gas sales revenue amounted to US$324mln for the year, at an average realised oil price of US$42.23 per barrel against an average production cost of US$20 per barrel.

“Cairn enters 2021 with balance sheet strength and financial flexibility,” said Simon Thomson, chief executive in a statement.

“The company is well-positioned to be opportunistic in the current market as it seeks to diversify and grow its production base.”

Thomson, meanwhile, highlighted developments in the company’s dispute in India.

“A significant milestone was achieved in December 2020 with a unanimous award in favour of Cairn in its arbitration with the Government of India under the UK-India Bilateral Trade Investment Treaty.

“We have engaged with the Government of India regarding adherence to the tribunal’s ruling and are taking all necessary steps to protect our rights to the award,” he added.

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