London-The UK's Cairn Energy plans to devote some 10% of its cash flow after 2011 to exploring off Greenland, which it believes could prove a new "transformational" region for the company, Cairn Deputy CEO Mike Watts said October 8. Speaking at an oil conference in London, Watts said Cairn expects to spend some $250-300 million each year on drilling its Greenland acreage, plowing back revenues from its key Indian oil field development.
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