The flurry of deals has even prompted analysts at consultancy Wood Mackenzie to describe the UK North Sea as “one of the hottest markets globally”, buoyed by the recent recovery in prices.
Neivan Boroujerdi, WoodMac’s principal analyst for Europe upstream said the “blockbuster” start to the year has seen spending reach $2.7 billion, already surpassing last year’s total.
“Despite the UK’s maturity, the deals highlight the attractiveness of the country’s relatively low headline tax rate, which enables assets to generate significant free cash flow at current prices,” Boroujerdi said.
WoodMac estimates another $5 billion-worth of assets could change hands this year.
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Cairn to dish out special dividend as Senegal sale nears completion
Cairn Energy will return £188 million to shareholders following completion of the sale of its Senegalese assets to Woodside.
Updated: 17/12/2020, 7:50 am
Cairn Energy news.
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Cairn Energy will return £188 million to shareholders following completion of the sale of its Senegalese assets to Woodside.
London-listed Cairn said all government and third-party approvals for the sale had been received and that the deal should go through by year end.