Cairn Energy is to proceed full steam ahead with a multi-well exploration and appraisal campaign on its giant deepwater discoveries off Senegal. The two finds were some of the most important in the world last year and the company is looking at stand-alone projects for both and is to spend this year firming up reserves as well as trying to uncover new developments and possible tie-backs. While some operators are cutting capex in the face of falling prices, Cairn said it hopes to take advantage of falling costs. "The large acreage position in Senegal offers material near term growth potential with numerous follow on prospects identified, and the joint venture is well positioned to benefit from the current reduction in industry costs," said Chief Executive Simon Thomson.
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