Cairn holds development assets which, once in production, will deliver cash flow to sustain future exploration.
Cairn is currently transitioning one of its 2014 exploration discoveries offshore Senegal, the SNE discovery, into development planning. SNE is expected to deliver gross production of ~100,000 bopd (barrels of oil per day), with an expectation of ~40,000 bopd production net to Cairn on plateau. First oil is targeted in 2022. Our partner Woodside has now assumed the role of operator, as planned, with Cairn retaining a 40% interest.
Cairn also holds a 10% non-operated interest in the Nova development in the Norwegian North Sea. Nova is expected to deliver plateau production of 50,000 bopd (5,000 bopd net to Cairn) with first oil targeted in 2021. Recent milestones include the installation of two subsea templates and 65 km subsea pipelines in preparation for tie-back to the Gjøa platform.
In 2017 Cairn progressed its two significant development projects in the UK North Sea, Catcher and Kraken, into first oil production. They are now producing at an average rate of 23,700 boe per day net to Cairn, providing a stable cash flow to fund exploration, appraisal and development activity. Cairn holds a 20% non-operated interest in Catcher and a 29.5% non-operated interest in Kraken.