Cairn’s has a flexible exploration portfolio with a balance of near infrastructure, short-cycle time opportunities with high-value while remaining exposed to large, more frontier opportunities.
We wish to remain exposed to very select frontier opportunities which have the greatest potential to drive significant shareholder value while remaining focused on fiscal discipline and the path to commerciality.
We have a choice in the timing and extent of capital sped and continue to evaluate other interesting opportunities which may fit our exploration model.
Cairn holds exploration acreage offshore Mexico, Suriname, Israel, Côte d’Ivoire and in the UK.
In 2012 Cairn embarked upon an exploration drilling programme along the Atlantic Margin including drilling offshore Senegal. This resulted in Cairn opening a new hydrocarbon basin with two oil discoveries in Senegal in 2014, one of which, the Sangomar discovery, was the largest global oil discovery of 2014. Cairn was the first to drill in deep-water offshore Senegal which remains relatively underexplored. Over the following three years Cairn delivered a successful exploration and appraisal campaign increasing this significant resource base and transitioning the Sangomar discovery into development planning with first oil expected in 2023.
Cairn has continued to expand its position along the Atlantic Margin securing three licences offshore Mexico in 2017 and 2018. The Mexican Gulf region is significantly under-explored compared to the nearby analogous United States Gulf of Mexico and exploration drilling commenced in 2019. Cairn also acquired licences offshore Suriname and Côte d’Ivoire in 2018.