Cairn’s $600 Million Greenland Oil Campaign Ends in Failure
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Cairn Energy Plc ended this year’s $600 million drilling program off Greenland after the biggest exploration campaign attempted in the Arctic island’s waters failed to make a viable discovery.
The AT7-1 well, which had encountered traces of oil and gas, has been plugged and abandoned, the Edinburgh-based company said today in a statement. The AT2-1 well, the last of five drilled this year, was also abandoned after reporting only “minor hydrocarbon shows.” The company will evaluate its program next year and seek partners for investment.