Cairn Oil & Gas, a leading player in India’s private oil and gas exploration and production sector and a subsidiary of Vedanta Limited, has announced significant growth in its reserves and resources portfolio for the financial year 2023-24 (FY24).
With a portfolio encompassing 62 blocks spread over more than 60,000 square kilometres in India, Cairn has set ambitious targets to contribute substantially to the nation’s oil and gas production. In line with its strategic objectives, Cairn aims to drill 20 exploration wells by 2025, targeting an estimated 500 million barrels of oil equivalent (MMboe) in gross unrisked prospective resources. This forward-looking approach underscores Cairn’s commitment to harnessing India’s energy potential and bolstering its hydrocarbon reserves. Notably, Cairn’s reserves and resources (R&R) portfolio witnessed a remarkable 19% increase, reaching 1.4 billion barrels of oil equivalent (Bboe) in FY24. This growth trajectory reflects Cairn’s successful efforts in exceeding production levels, with a resource replacement ratio (RRR) of 533%, marking a significant five-fold increase over the previous fiscal year.
Furthermore, Cairn has amassed over 5 Bboe of prospective resources, signifying a substantial opportunity for future exploration and development activities. The company has also reported a notable surge in its gross contingent resources, which now stand at 1.126 Bboe, representing a 33% increase from the previous fiscal. This surge in reserves and resources underscores Cairn’s position as a key player in India’s energy landscape, poised to drive future production and revenue generation. Moreover, Cairn’s strategic focus on maximising production from existing reserves while actively exploring for new oil and gas reserves highlights its commitment to sustainable growth and long-term value creation. As Cairn Oil & Gas continues to expand its footprint and enhance its operational capabilities, it remains dedicated to supporting India’s energy security objectives and contributing to the nation’s economic growth. With its robust growth trajectory and ambitious targets, Cairn Oil & Gas is well-positioned to play a pivotal role in shaping India’s energy future.
