Cairn is aggressively driving towards exploration in the new blocks and the shortlisting for integrated project management is a significant step in this direction.

New Delhi, 20 June 2019: Cairn Oil & Gas, a vertical of Vedanta Limited, and India’s largest private oil and gas exploration and production company, has shortlisted Lloyd’s Register for integrated project management of the 41 blocks it was awarded under Open Acreage License Policy I (OALP). The Lloyd’s Register Group is one of the world’s leading providers of professional services for engineering and technology – improving safety and increasing the performance of critical infrastructures for clients in more than 75 countries worldwide. The shortlisting has followed a rigorous bidding process that saw participation from top global players. Cairn was awarded 41 of 55 blocks under the government’s OALP I auction process, contracts for which were signed in October 2018.

Cairn is aggressively driving towards exploration in the new blocks and the shortlisting for integrated project management is a significant step in this direction. This will enable speedy exploration management across the 41 blocks simultaneously with an end-to-end plan under stipulated timelines. Cairn had also applied for Petroleum Exploration Licenses (PEL) in these blocks early on, and the process of obtaining environmental clearances is ongoing in parallel. The company has received PELs for 11 blocks so far and the rest are in progress.

Speaking on the announcement, Ajay Kumar Dixit, CEO, Cairn Oil & Gas, Vedanta Ltd., said, “We are happy to have garnered interest from top global players for participating in the India exploration opportunity. At Cairn, we are planning for a success case scenario and looking ahead for how production management can be adopted at the very nascent stage prior to initiating the exploration activities. This approach, while capital-intensive, is the best way forward to fast-track production and deliver on our vision to contribute to India’s energy security.”

Cairn’s stated vision is to play an active role in supporting the government’s strategy in its energy-independence journey, through investments of more than $550 million in OALP and DSF fields, and increase its contribution from ~25% to 50% of India’s domestic production. The company currently produces close to 190kboepd of crude oil and aims to increase production to 270kboepd by the end of this year.
 

About Cairn Oil and Gas

Cairn Oil & Gas, a vertical of Vedanta Limited, is the largest private oil and gas exploration and production companies in India, accounting for more than a quarter of India’s domestic crude oil production. It has a world-class resource base, with a current interest in 48 blocks in India, including the newly awarded 41 blocks under the Open Acreage Licensing Policy (OALP) Round I auction, and two awarded under the Discovered Small Fields (DSF) Round-II. In 2004, Cairn made the largest onshore discovery in more than two decades in Mangala, Rajasthan. In its operations of 20 years, Cairn has opened 4 frontier basins with numerous discoveries; 38 in Rajasthan alone.

Cairn is part of the Vedanta Resources Limited, the world’s sixth largest diversified natural resources conglomerate with interest in oil and gas, zinc-lead-silver, copper, iron ore, aluminium, and commercial power. The company has a presence across India, South Africa, Namibia, Australia, and Ireland. Governance and sustainable development are at the core of Vedanta’s strategy, with a strong focus on health, safety, and environment, and on enhancing the lives of local communities. The company has been conferred the Confederation of Indian Industry (CII) “Sustainable Plus Platinum” label and ranks among the top 10 most sustainable companies in India.

For more information, please visit www.cairnindia.com / www.vedantalimited.com