First oil from two important fields breathes new life into one of the British oil companies that has been hardest hit by recent years of drastic oil price decline. Following losses of USD 497 million in 2015, and USD 151 million in 2016, it now seems that 2017 will bring a much-needed profit for Cairn Energy.
In the report for H1 2017, released today, Cairn booked a profit of USD 312 million. However, this profit is not just generated by oil production but also largely from selling rights to fields in Mongolia to Chinese Petrochina.
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