Cairn Energy has sold a 10% stake in its Catcher development in the North Sea and nearby fields to Dyas UK for approximately $182m.
Under the deal, Cairn will retain a 20% interest in the Catcher licence and trim down its capital expenses on the project from $380m to $200m.
Cairn Energy CEO Simon Thomson said: “Cairn remains focused on delivering value for shareholders from disciplined capital allocation and portfolio management across a balanced asset base.
“This value-enhancing transaction provides us with significant additional operational flexibility to deliver the group’s strategy.”
Cairn’s Catcher development comprises three fields in the UK North Sea including Catcher, Burgman and Varadero, which include 22 wells at water depths of 90m.
Reports suggest that the development is expected to contain approximately 80 million barrels of oil.
In June, the UK Department of Energy and Climate Change (DECC) approved the Field Development Plan (FDP) of Licence P1430 (Catcher), while licences P2040, P2070, P2077 and P2086 are nearby licences in the Greater Catcher area.
In March, Cairn successfully extracted heavy oil from its Juby Maritime-1 (JM-1) well, offshore Morocco.