Wednesday, March 21, 2012

Cairn Energy boss vows to continue Greenland oil search

12:48 PM | Posted by Free Game Zone | | Edit Post

Despite losing $ 1 billion last year and the lack of oil to date, Mr. Bill Gammell said Cairn continue their search for the controversy off the coast of Greenland

Sir Bill Gammell

, president and founder of the oil explorer Cairn Energy, has vowed to continue the controversial oil exploration company off the coast of Greenland, in spite of the present research , a gap year drawing and pushing the company into a loss of $ 1.2 billion (£ 693m) last.

The former Scotland international rugby, said he was "convinced" about the potential of the area, despite a $ 942m for the costs of unsuccessful exploration, and stressed: "If Although we have so far not established commercial quantities of hydrocarbons, we believe that all the ingredients for success are present in Greenland. "

The comments came one week after the company was called to testify at a joint review committee of Arctic research, and after months of criticism from environmental groups about their Plans.
  • Ben Ayliffe, of Greenpeace, said: "no chance of finding oil Cairn Energy in the Arctic, Greenland, has delivered zero barrels and a handful of dry wells, at a price of more than $ 1 billion Hopefully its place in the hole. one of the harshest environments and pristine on the planet, it is not surprising that the company was removed from the FTSE 100 and sells pieces of its license blocks to balance the books. "
  • Cairn, which launched its campaign in Greenland in 2007, changed its focus to a license in the area of ??Baffin Bay Greenland Sea in 2012, with Explorer Statoil, which is a 30% partner in the block. It is argued that the recent demotion of the FTSE 100 was caused by its success in selling a 40% stake in its subsidiary Cairn India to Vedanta Resources, which resulted in $ 3.5 billion be returned to the shareholders. Now try to repeat this result in other parts of the world.
Despite claims of India, the operation also ended with the company making an embarrassing U-turn because the pressure of investors suddenly forced to abandon plans to give 2, £ Gammell 5 million option bonus shares. The company said Tuesday that, after further consultation with shareholders, who "will not proceed with a participation prize" for Gammell.

Although the company recorded a loss of $ 1 billion in its existing operations, asset sales in India meant the company reported a profit of $ 4.6 billion in the year December, compared with U.S. $ 1.1 billion the previous year.


Cairn Energy


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