Scottish oil explorer Cairn Energy said today the North Sea Catcher and Kraken fields are still on track for first oil in 2017.
Edinburgh-based Cairn said Kraken is expected to start producing in the first half of next year, with Catcher to follow in the second six months.
Cairn, which currently has no revenue as it focuses purely on exploration, holds a 29.5% stake in Kraken and 20% in Catcher.
Cairn said the FPSO hull for Catcher was now in Singapore, and that costs for the field had been reduced by 20%.
Chief executive Simon Thomson said progress was being made on assets off Senegal, Cairn’s “core area”.
He said: “Successful appraisal of the world-class SNE discovery in Senegal has significantly increased 2C oil resources to 473 million barrels with associated 2C oil in place in excess of 2.7 billion barrels.
“Drilling is scheduled to re-commence in Senegal shortly, benefiting from lower costs across the sector. The programme contains options for multiple wells and in addition to ongoing appraisal of the SNE field, the Joint Venture continues to assess optimal locations for further exploration drilling on the acreage.
“Cairn’s exploration and appraisal focus in Senegal is balanced with development assets in the UK, with first oil targeted from both Kraken and Catcher during 2017 and in the meantime Cairn remains fully-funded in respect of all of its capital commitments.”
