Cairn Oil & Gas, one of India’s largest private oil and gas exploration and production company, part of Vedanta Ltd., announced that its Reserves and Resources (R&R) portfolio has recorded a year-on-year increase of 19% reaching 1.4 billion barrels of oil equivalent (Bboe) underpinning its expertise in resource evaluation and development planning.
In addition to this robust portfolio, Cairn has a promising exploration portfolio that holds over five Bboe of prospective resources, to help drive India’s energy self-reliance.
As per the press release, Cairn’s total Reserve plus Resource additions have exceeded production, leading to a Resource Replacement Ratio (RRR) of 533%, a five-fold increase over the RRR of 108% in the previous fiscal year.
Cairn has recorded a substantial increase in its Gross Contingent (2C) resources to 1.126 Bboe, a year-on-year growth of 33%. This signifies a larger pool of potentially recoverable oil and gas, fuelling future production and cash flow generation for the company, and increased domestic production.
Dr. Steve Moore, Deputy CEO, Cairn Oil & Gas said, “With our growing resource base, now at 1.4 Bboe, and world-class technology expertise, we are underlining our commitment to creating long-term value for our stakeholders. This is reflected in our strategic management plan, which ensures a sustainable future for our company to continue driving our vision of a self-reliant India for its energy requirements. By focusing on exploration success and resource conversion, we are building a robust reserve base for continued growth and shareholder value”.
“By prioritizing long-term sustainability and resource conversion, Cairn has positioned itself as a leader in responsible oil and gas exploration and production. Our focus on responsible resource management, future-proofing our operations, and ensuring long-term value creation is at the heart of our strategy to deliver on our goal of contributing to 50% of India’s oil and gas production,” he further added.
