Cairn India to Make History in Sri Lanka's Petroleum Industry
Additionally, Cairn continues to look at the options and would study prospects of other blocks offered before deciding on the bidding.
Cairn Looks Beyond Sri Lanka
Cairn has also been working in Block 1 off South Africa.
“We have completed the 3D seismic and the data interpretation is on-going. The results of data interpretation will identify new prospects and decide on the timing for drilling,” Hari told Rigzone.
It has also planned 2D Seismic shooting in Block 1 next year.
Cairn took 60 percent farm-in stake in Block 1 from Petroleum, Oil and Gas Corporation of South Africa (SOC) Ltd. (PetroSA), leaving it with 40 percent share.
“With our current financial strength and capability to leverage, we continue to look into the inorganic growth opportunities globally in the E&P [exploration and production] space to further strengthen our portfolio in addition to monetizing the existing portfolio,” he said.
Cairn has planned a capital expenditure of $3 billion for its financial year 2014-2016.
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