Cairn Oil & Gas, a division of Vedanta Ltd., has reported a 19% year-on-year surge in its Reserves and Resources (R&R) portfolio, reaching 1.4 billion barrels of oil equivalent (Bboe), showcasing its proficiency in resource evaluation and development strategy. Alongside this robust portfolio, Cairn boasts a prospective exploration portfolio holding over 5 Bboe of resources, contributing to India’s energy self-sufficiency drive.
Cairn’s total Reserve and Resource additions have surpassed production, resulting in an impressive Resource Replacement Ratio (RRR) of 533%, a substantial increase from the previous fiscal year’s 108%. Notably, Cairn has witnessed a significant boost in its Gross Contingent (2C) resources to 1.126 Bboe, indicating a sizable reservoir of potentially recoverable oil and gas, propelling future production and revenue generation while enhancing domestic output for Aatmanirbhar Bharat.
Dr. Steve Moore, Deputy CEO of Cairn Oil & Gas, expressed, “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,” he added, “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.”
In line with its tradition of optimizing production and exploring new reserves, Cairn unveils a strategic resource management plan, emphasizing sustainability and value creation. The plan emphasizes maximizing production from existing reserves for consistent revenue streams, complemented by exploration endeavors to lay the groundwork for future expansion, with a renewed emphasis on discovering new reserves in promising basins to bolster Cairn’s resource base and ensure long-term production sustainability.
As per the press release, Cairn holds a portfolio of 62 blocks across more than 60,000 sq kms in India and plans to drill up to 20 exploration wells by 2025, targeting approximately 500 MMboe gross unrisked prospective resources.
