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Watching The World: Cash flows to ice floes

12/08/2008
No one can be sure if Santa Claus exists, but oil and gas companies may soon find out as more of them head toward the North Pole in the search for new reserves.Cairn Energy PLC plans to delay oil and gas exploration activity in the Mediterranean for a year to focus on operations in India, Greenland, and other areas.Two Mediterranean wells Cairn had planned in the next 12 months will be deferred until 2010, says Cairn exploration chief, Mike Watts.The deferral is partly because Cairn, which has exploration licenses in Tunisian waters, didn’t like the prices it was offered for drilling rigs, and wanted to focus efforts on other areas.In India, Cairn is leading a development to export ...
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