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Cairn Energy plans job cuts

Cairn Energy has said it plans to cut jobs as the oil and gas company looks to rein in costs after losing $120m (£72m) in the first half.

Edinburgh-based Cairn said it had set aside $3 million relating to the costs of an unspecified number of redundancies.

The company said: "Controlling administrative cost levels is a continuing priority and Cairn is currently re-organising the Group to ensure staffing levels are appropriate for the future work programme."

Famed for making bumper finds in India under founder Sir Bill Gammell, Cairn is still embroiled in a tax dispute in the country. This is preventing the company selling its $1 billion stake in its former Indian subsidiary.

Cairn said it is still encouraged by the potential of a block off Greenland, where the company has spent $1bn without repeating the success it enjoyed in India.

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