The first Oil & Gas producer in India to sign an MoU for Oil & Gas Methane Partnership 2.0 – United Nations Environment Programme’s flagship methane reporting and mitigation programme

Abu Dhabi/ Gurgaon; 4 November 2024: Cairn Oil & Gas, part of Vedanta Group and India’s leading private oil and gas exploration and production company, has signed a Memorandum of Understanding (MoU) with United Nations Environment Programme’s (UNEP) flagship methane reporting and mitigation initiative – Oil & Gas Methane Partnership (OGMP) 2.0, making it the first Oil & Gas producer in India to commit to effective reduction of methane emissions, further accelerating its efforts to decarbonise its operations.

OGMP 2.0 established a comprehensive framework that includes best practices for emissions management and a robust reporting system. It emphasises accurate measurement, reporting, and verification (MRV) of methane emissions to drive reductions effectively.

Under this MoU, Cairn will establish a 5-year methane reduction target and transparently report its progress to OGMP. This would enable Cairn to analyse its emission profiles and utilise the data to mitigate emissions cost-effectively. With this partnership, Cairn reaffirms its commitment to accelerate its efforts towards becoming Net Zero Carbon by 2030.

OGMP 2.0 covers over 40% of global oil and gas production empowering companies to improve the quality and accuracy of emissions data for effective methane reduction.

Welcoming Cairn to this partnership, Giulia Ferrini, OGMP 2.0 Programme Manager, said “We are thrilled to welcome our first member from India and hope that Cairn’s commitment will inspire other companies from the country to join OGMP 2.0 and contribute to improving methane emissions reporting and management practices in the oil and gas sector”.

OMGP 2.0 provides companies with credible means and science-backed framework to establish that they are progressing towards methane reduction targets, supporting the goals of the Paris Agreement and the Global Methane Pledge—a commitment by over 150 countries to reduce global methane emissions by 30% by 2030. By joining OGMP 2.0, Cairn has set a new benchmark in India’s oil and gas industry for methane transparency and actively contributing to the nation’s environmental objectives. This membership brings the first upstream oil and gas company in India into the initiative, doubling OGMP 2.0 coverage close to one-fourth of Indian oil and gas production.

Commenting on this partnership, Hitesh Vaid, Chief Financial Officer, Cairn Oil & Gas, Vedanta Ltd. said, “We are excited to join UNEP’s OGMP 2.0 to set and achieve our methane reduction targets. Setting new benchmarks in sustainable energy production, Cairn has become the first oil and gas company in India to adopt this programme. Our multi-faceted ESG strategy—spanning renewable energy integration, carbon capture utilisation and storage (CCUS), waste-to-energy projects adopting low carbon technologies, and extensive nature-based carbon solutions—highlights the extent of our dedication towards both environment and India’s energy security. With OGMP 2.0 membership, we aim to not only reduce methane emissions and become Net Zero by 2030, but also drive a broader industry transformation towards responsible and sustainable energy practices.”

Earlier this year, Cairn had announced the fast-tracking of its net zero commitments to 2030. Cairn is committed to enhancing its operational performance in synergy with climate change mitigation and further plans to minimise emissions through process optimisation, improved reliability, and low-carbon technologies. Cairn has successfully reduced potential gas flaring volume by 60% over the last four years. The multi-pronged long-term strategy to become Net Zero Carbon by 2030 is backed by a meticulous plan exploring new opportunities.

About Cairn Oil & Gas Earlier this year, Cairn had announced the fast-tracking of its net zero commitments to 2030. Cairn is committed to enhancing its operational performance in synergy with climate change mitigation and further plans to minimise emissions through process optimisation, improved reliability, and low-carbon technologies. Cairn has successfully reduced potential gas flaring volume by 60% over the last four years. The multi-pronged long-term strategy to become Net Zero Carbon by 2030 is backed by a meticulous plan exploring new opportunities.
With a world-class resource base, the company has an interest in 62 blocks in India spread over 60,000 square kilometres with gross 2P (Gross Proved Plus Probable Reserves) and 2C (Gross Contingent Reserves) of 1.4 bn boe. A pioneer in exploration and production, Cairn has spearheaded technological innovation with high-reward prospects. The company has producing assets across Rajasthan, Andhra Pradesh, Gujarat, and Assam. Over the last 30 years, Cairn has opened four frontier basins with numerous discoveries. Cairn is executing the largest exploration project by any private company in India, reinstating the faith in the country’s hydrocarbon potential.

About Vedanta Limited Vedanta Limited (“Vedanta”), a subsidiary of Vedanta Resources Limited, is one of the world’s leading natural resources companies spanning across India, South Africa, Namibia, Liberia, UAE, Saudi Arabia, Korea, Taiwan and Japan with significant operations in Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Steel, Nickel, Aluminium, Power & Glass Substrate and foraying into electronics and display glass manufacturing. For two decades, Vedanta has been contributing significantly to nation building. Governance and sustainable development are at the core of Vedanta’s strategy, with a strong focus on health, safety, and environment. Vedanta has put in place a comprehensive framework to be the ESG leader in the natural resources sector, is committed to reducing carbon emissions to net zero by 2050 or sooner and aims to spend $5 billion over the next 10 years to accelerate this transition. Giving back is in the DNA of Vedanta, which is focused on enhancing the lives of local communities. Anil Agarwal Foundation, the umbrella entity for Vedanta’s social initiatives, has pledged Rs 5000 crore over the next five years on various social impact programs and its flagship project, Nand Ghar is setting up model anganwadis across India. Vedanta Ltd. ranked 3rd in the S&P Global Corporate Sustainability Assessment 2023, and has been listed in the Dow Jones Sustainability World Index. The company has also been certified as a Great Place to Work 2023. Vedanta Limited is listed on the Bombay Stock Exchange and the National Stock Exchange. For more information, please visit www.cairnindia.com / www.vedantalimited.com

About Oil and Gas Methane Partnership 2.0 (OGMP 2.0) The Oil & Gas Methane Partnership 2.0 (OGMP 2.0) is the United Nations Environment Programme’s flagship oil and gas reporting and mitigation programme. OGMP 2.0 is the only comprehensive, measurement-based reporting framework for the oil and gas industry that improves the accuracy and transparency of methane emissions reporting. This is key to prioritising methane mitigation actions in the sector. If you can’t measure it, you can’t fix it. This comprehensiveness allows us to track and compare progress and performance across companies. OGMP 2.0’s data is one of the key components of UNEP’s International Methane Emissions Observatory’s solution to the methane data problem. IMEO is an initiative that drives action on methane reduction.