Oil and gas exploration and development firm Cairn Energy has completed a farmout agreement for the sale of the Catcher development and adjacent acreage in the UK North Sea.
The company will sell a 10% working interest in the developement to Dyas UK. Following the transaction, Cairn Energy reduced its forward capital expenditure by $380m to the end of 2017.
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The company retains a 20% working interest in the Catcher license, and the development is on track for first oil from 2017.
Catcher development comprises three fields in the UK North Sea including Catcher, Burgman and Varadero, which includes 22 wells at water depths of 90m.
It is expected to contain approximately 80 million barrels of oil. The Catcher project includes the drilling of 22 subsea wells at three fields, with a peak production rate of 50,000 barrels per day.
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Catcher was discovered in August 2010, followed by Varadero in January 2011 and Burgman in March 2011. Two additional fields Carnaby and Bonneville were also discovered in June 2012 and April 2013, respectively.
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By GlobalDataThe latter two fields are also expected to be tied back to the Catcher field development in the future. Bonneville is expected to hold 30 million barrels of oil, while Carnaby is estimated to hold 28 million barrels.
