UK's Cairn Energy to sell interests in North Sea oil fields
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UK's Cairn Energy to sell interests in North Sea oil fields
Reuters / Mar 9, 2021, 13:24 IST
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NEW DELHI: Cairn Energy has agreed to sell its interests in the UK Catcher and Kraken oil fields in the North Sea to Waldorf Production Ltd for $460 million in cash, the company said on Tuesday.
Cairn said both oil fields are now entering into a natural decline phase and the sale will help it bolster its balance sheet and provide flexibility to sustain and prolong the producing asset base.
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