Cairn Oil & Gas Surpasses 1.1 Billion Barrels of Oil Equivalent in Gross Reserves and Resources
Cairn Oil & Gas, a unit of Vedanta Group, India’s largest private oil and gas exploration and production business, has declared a significant achievement in its Reserves and Resources portfolio. With a positive outlook for future production in the energy sector, the company’s hydrocarbon estimates currently surpassed 1.1 billion barrels of oil equivalent (Bboe). This accomplishment demonstrates Cairn’s dedication to boosting domestic oil and gas production in India and its goal of providing 50% of the nation’s crude production.
Gross Resources and Reserves
Gross Proved Plus Probable (2P) Reserves of 310 million barrels of oil equivalent (MMboe) and gross Contingent (2C) Reserves of 846 MMboe were disclosed by Cairn Oil & Gas as of March 31, 2023. To put these resources into production, the company is actively working on up to 20 future new development projects. Since Cairn awarded eight Discovered Small Field (DSF) licences during the fiscal year ending March 2023, its reserve and resource additions overtook output, resulting in a 108% Resource Replacement Ratio.
“Cairn has a world-class Resource base of over 1.1 Bboe gross, and we continued to sustain the business last year, adding more Resources than we produced,” said Nick Walker, CEO of Cairn Oil & Gas, expressing his excitement for the accomplishment. “We have a sizable amount of untapped resources, and we’re working quickly to define a portfolio of up to 20 new projects using the most recent technologies. To contribute 50% of the nation’s crude production, Cairn is dedicated to growing India’s domestic oil and gas production”, added Walker.
Exploration and Prospective Resources
With over 3 Bboe in gross unrisked prospective resources, Cairn Oil & Gas is believed to own a sizable acreage holding in India. The business intends to drill up to 20 exploration wells over the next two years with a target of 500 MMboe of gross unrisked Prospective Resources to capitalise on this potential. These initiatives reflect Cairn’s proactive attitude to growing its resource base and looking into new development prospects.
Independently Audited Reserves and Resources
DeGolyer and MacNaughton, an independent third-party reserves auditor, has audited the reserves and contingent resources of Cairn Oil & Gas, assuring accuracy and objectivity in the estimation procedure. The estimations are
consistent with the PRMS, a petroleum industry standard endorsed by influential organisations.
Cairn Oil & Gas Leads the Way in India’s Oil and Gas Sector
Cairn Oil & Gas’s gross Reserves and Resources have surpassed 1.1 billion barrels of oil equivalent, showing just how dominant the corporation is in India’s oil and gas industry. Cairn is in an excellent position to improve India’s energy security by significantly increasing the nation’s crude production thanks to its diverse portfolio of potential projects and a strong focus on exploration. Cairn is still leading the charge to shape India’s energy future as it uses its knowledge and cutting-edge technology.
About Cairn Oil & Gas
Cairn Oil & Gas, a subsidiary of Vedanta Limited, holds the distinction of being India’s largest private oil and gas exploration and production company. Cairn has made major contributions to India’s domestic crude oil output and is currently interested in 62 blocks throughout the country. The company’s operations are spread across several states, notably Rajasthan, where the Mangala field was the greatest onshore discovery in over 20 years. The dedication of Cairn to environmental responsibility, local communities, and sustainable development reflects its focus on governance and making a difference.
