Cairn Energy returned to generating revenues in the first half of the year as Kraken, one of the two major North Sea developments in which the Edinburgh-based exploration company has a stake, produced its first oil.
The group generated revenue of $10.8m for the six months to June 30 whereas it did not have any revenue in the same period a year earlier. This helped it to report a profit of $312.8m for the first six months versus a $57m loss a year earlier.
However, Cairn’s revenue in the first half related to royalty payments received from Chinese heavyweight Petrochina in relation to producing fields in Mongolia. It is yet to book any revenue in relation to Kraken production.
Cairn has a 20 per cent stake in the Catcher field, operated by Premier Oil and a 29.5 per cent interest in Kraken, run by EnQuest.
However the year has continued to be overshadowed by a long-running tax dispute with the Indian government. Cairn thought in March that it was finally making progress in the tussle which dates back to 2014 but was disappointed in June when Indian tax officials said they intended to seize around $350m of payments due to Cairn.
Japanese equities going nowhere in a hurry as is USDJPY 22 Aug
- high 19437.25
- low 19361.95
- Topix -+0.06% at 1596.12
- USDJPY a tad softer at 109.24
Offers/res at 109.40 then larger between 109.50-60. Demand/bids nearby into 109.00 and 108.80
In Australia the S&P/ASX200 closes down -0.41% at 5749.30
I noticed this on the Finance Magnates website and thought I’d pop it up, if you are trading bitcoin etc. its useful explaining who is offering what
Reuters with the headline on comments from Kuwait’s oil minister
- OPEC will discuss extending or ending production cuts at November meeting
- Oil inventories fell more than expected in past weeks
- Fair oil price will be decided by the market
The Dow Jones Industrial Average regained some ground Monday, eking out a gain after its biggest two-week decline of the year.
The blue-chip index traded in a narrow range for much of the session, wobbling between small advances and declines before rising into the close.
The day’s moves were muted, a departure from the previous week, when a string of disappointing corporate earnings and flaring geopolitical tensions swung major indexes, government bonds and gold.
The Dow industrials rose 29.24 points, or 0.1%, to 21703.75 on Monday, for their biggest gain in a week. Home Depot led the index higher, rising $1.71, or 1.2%, to $149.20.
The S&P 500 edged up 2.82 points, or 0.1%, to 2428.37 and the Nasdaq Co mposite ticked down 3.40 points, or less than 0.1%, to 6213.13, falling for a third consecutive session.
Shares of energy companies in the S&P 500 fell 0.6%, with Chesapeake Energy , Newfield Exploration and Pioneer Natural Resources ending the day as the biggest decliners in the sector.