Cairn Energy to spend $85 million in 2021, ends 2020 with $570 million cash

Cairn Energy plans to spend around $85 million this year with the bulk going to the exploration and appraisal of wells in Britain and Mexico, it said on Wednesday, after ending 2020 sitting on a cash pile of $570 million.

With regard to its winning an arbitration case last month against India for over $1.2 billion, Cairn’s Chief Executive Simon Thomson said that Cairn was “well-positioned to be opportunistic in the current market as it seeks to diversify and grow its production base.”

Cairn, which forecasts to produce 16,000-19,000 barrels per day this year, said it was engaging with the government of India over the payment of the award.