cairn_energy

Cairn Energy has discovered large volumes of oil in the deep waters offshore Senegal. The company’s 40%-owned FAN-1 exploration well has found between 250mln and 2.5bn barrels of in-place oil, according to initial estimates.

FAN-1 targeted a stacked fan system and it hit a total of 29 metres of oil bearing reservoir in the Cretaceous, and encountered more than 500 metres of gross oil bearing intervals.

Chief executive Simon Thomson described the discovery as an important event for both Senegal and the exploration partners. In a statement he said: “We have encountered a very substantial oil bearing interval which may have significant potential as a standalone discovery. “Furthermore, this result materially upgrades the prospectivity of the block with a proven petroleum system and a number of deep fan and shelf prospects established.”

Cairn and its partners are now working on plans to follow up the FAN discovery next year. The London listed oil firm is the operator of the exploration venture and it has 40% of the project. Its partners include ConoccoPhilips with 35%, Aussie-listed FAR with 15% and the Senegalese national oil firm Petrosen which has 10%.