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Cairn Energy sees lower annual production for 2021 on planned shutdowns
StockMarketWire.com
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Oil and gas company Cairn Energy forecast annual output to fall in the 2021 owing to planned shutdowns and the impact of the ongoing gas injection trials on the catcher oil field.
For 2021, the net production guidance range was 16,000-to-19,000 bopd, capital expenditure was currently forecast at about US$85 million.
For 2021, net production was just over 21,000, in line with guidance for 21,000 to 23,000.
Oil and gas sales revenue was US$324 million for the year, at an average realised price of US$42.23/boe.
Both the Kraken and Catcher oil fields were expected to enter into their natural decline phase during 2021, and the company said its focus was on arresting the underlying decline rate and potentially extending field life by maximising FPSO performance efficiency.
'The next step on Catcher will involve a new 4D seismic programme in 2021 to better define reservoir targets and potentially unswept oil, prior to a potential infill and satellite drilling programme incorporating some of the deferred activities from 2020,' the company said.
'Additional potential in the Kraken field lies in the western flank where work continues,' it added.
At 8:33am: (LON:CNE) Cairn Energy PLC share price was 0p at 143.1p
Story provided by StockMarketWire.com
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