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Production

Kraken and Catcher were two of the largest UK North Sea development projects and produced first oil in 2017. Cairn holds a 20% non-operated interest in the Catcher development and a 29.5% non-operated interest in the Kraken development.

Catcher averaged ~27,000 barrels of oil equivalent per day (boepd) (gross) in the first half of 2018. Plateau production rates of ~60,000 barrels of oil per day (bopd) (gross) have been achieved since May 2018.  Since first production, more than eight million barrels of oil have been produced and 16 cargoes lifted. 

Kraken averaged ~30,700 bopd (gross) in the first half of 2018. Gross production reached 35,000 - 40,000 bopd in August 2018.  Since first production, more than ten million barrels of oil have been produced and 20 cargoes lifted, with 16 in 2018, of which five were for Cairn.

Combined net production to Cairn from the Catcher and Kraken fields in the first half of 2018 averaged ~14,400 boepd with production in June averaging ~19,700 boepd (respectively ~13,000 boepd and ~18,200 boepd).  Combined net production in the second half of 2018 is expected to average ~20,500 - 22,000 boepd net to Cairn.

Cairn also expects production from the Nova development with first oil targeted in 2021.   Cairn holds a 20% non-operated interest in the Nova development in the Norwegian North Sea.  Nova is expected to deliver plateau production of 50,000 bopd (10,000 bopd net to Cairn).

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