Cairn to Seek Mediterranean Successes

Cairn Energy PLC., together with CC Energy Development S.A.I (an associated company of Lebanese contractor CCC, a leading international engineering and construction conglomerate) and Cove Energy, have formed a consortium to bid for the rights to drill for oil and gas in the Levant Basin of the Eastern Mediterranean.

Levant Basin offshore Cyprus and Lebanon is viewed to have under-explored hydrocarbon potential and geological similarity to the large discoveries offshore Israel.

Lebanese licensing round was expected to take place next year. Cairn said that it was also interested in moving into Cyprus.