Cairn Oil & Gas, India’s largest private oil and gas exploration and production company, part of Vedanta Ltd., has 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 5 Bboe of prospective resources, to help drive India’s energy self-reliance.
Cairn’s Reserve and Resource additions have exceeded production, resulting in a 533% Resource Replacement Ratio (RRR), a five-fold increase from the previous year’s 108%. The company’s Gross Contingent resources have increased by 33% to 1.126 Bboe, indicating a larger pool of recoverable oil and gas, boosting future production and cash flow generation for the company and Aatmanirbhar Bharat.
Cairn’s Gross Proved Plus Probable (2P) reserves reached 250 million barrels of oil equivalent (Mboe). Commenting on the achievement, Dr. Steve Moore, Deputy CEO, Cairn Oil & Gas, said, “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”.
