Chief executive Sir Bill Gammell, a former Scottish rugby international, was most excited by Greenland where three basins could yield 50billion barrels of oil.

The company saw underlying losses of £10million turn to profits of £24million for the first half to June on the back of higher oil and gas prices.

Cairn has floated a 35 per cent chunk of its Indian business, Cairn India, but still holds the remainder of the group.

Cairn India is now planning to start production from its biggest field, Mangala in Rajasthan, in the second half of next year.

Evolution Securities analyst Keith Morris said: “The Cairn story hinges on the timely start-up of the Rajas­than project.”