Cairn Oil & Gas, India’s largest private oil and gas exploration and production company, has entered a partnership with Halliburton.
FOR IMMEDIATE RELEASE - Abu Dhabi - November 15, 2021 -Cairn Oil & Gas, India’s largest private oil and gas exploration and production company, has signed a Memorandum of Understanding (MoU) with Halliburton Company at the ongoing ADIPEC 2021 being held at Abu Dhabi. Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With the MoU, Halliburton will work with Cairn in its target of increasing its recoverable reserve from offshore assets to 300 mmboe – a 10-fold increase from the present cumulative of 30 mmboe. This announcement follows Cairn’s commitment of doubling its capacity, contributing 50% to India’s domestic crude production and assisting the country in its goal of achieving energy autonomy (aatmanirbharta).
Speaking on the development, Prachur Sah, CEO, Cairn Oil & Gas, said, “To increase domestic production, India needs to encourage exploration of new fields, increase investment and technology for ageing fields, and also incentivize alternate options like shale and gas. At Cairn, we have focused on a technology-led production augmentation strategy which has set an industry benchmark. This latest alliance is a continuation of our commitment to increase production capacity to 500 kboepd and double our contribution to domestic crude production.”
“We are excited about this next phase of our relationship with Cairn and will continue to deliver our best-in-class service delivery in the India market,” said Sid Whyte, senior vice president of Middle East North Africa and Asia Pacific region for Halliburton. “We believe our collaboration with Cairn and engineered solutions will maximize their asset value and increase overall production growth for the country.”
The alliance for offshore assets will evolve through three distinct stages of conceptual design, conceptual detailing, and execution. This will include geological and seismic studies, welldesigning and engineering, and drilling to determine recoverable reserve. The offshore assets include Ravva, off the coast of Andhra Pradesh, Cambay, on the western coast, and several newly acquired OALP blocks. Halliburton is in the process of implementing a collaborative team of experts to collectively assess, plan and ultimately execute the project. The company will drive the use of innovative methodology that stems from its rich global experience.
Cairn has been a pioneer in implementing latest technology in its fields across the country. The Mangala field in Rajasthan is home to a full-field Enhanced Oil Recovery (EOR) polymer project that is among the largest of its kind in the world, Also, a large Alkaline Surfactant Polymer (ASP) project is currently under design to be executed in the next few years. The field also marks the starting point of the Mangala pipeline – the world’s longest continuously heated and insulated pipeline that carries crude from the fields of Rajasthan to the refineries of Gujarat. The Ravva field, one of India’s largest offshore assets, is an example of excellent reservoir management and adoption of state-of-the-art technologies which has resulted in achieving recovery factor of more than 50%. This new partnership is another step in Cairn’s endeavor to achieve energy autonomy for India.
About Cairn Oil & Gas, Vedanta Ltd.
Cairn Oil & Gas, Vedanta Ltd., is the largest private oil and gas exploration and production company 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 58 blocks in India, including the 41 blocks under the Open Acreage Licensing Policy (OALP) Round I auction, five blocks each under Round II and Round III, 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 India at Mangala, Rajasthan. In its operations of 20 years, Cairn has opened four frontier basins with numerous discoveries, 38 in Rajasthan alone.
Vedanta Limited, a subsidiary of Vedanta Resources Limited, is one of the world’s leading Oil & Gas and Metals company with significant operations in Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Steel, and Aluminium & Power across India, South Africa, Namibia, and Australia. For two decades, Vedanta has been contributing to India’s growth story, currently contributing 1 percent of India’s GDP. The company is among the top private sector contributors to the exchequer with the highest ever contribution of INR 42,560 Crore in FY 2019. 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 CII-ITC Sustainability Award, the FICCI CSR Award, Dun & Bradstreet Awards in Metals & Mining, and certified as a Great Place to Work. Vedanta Limited is listed on the Bombay Stock Exchange and the National Stock Exchange in India and has ADRs listed on the New York Stock Exchange.
For more information, please visit www.cairnindia.com/www.vedantalimited.com.
About Halliburton
Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With approximately 40,000 employees, representing 130 nationalities in more than 70 countries, the company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.