Cairn Oil & Gas Partner Connect Program: a partnership opportunity to explore and monetize more than 5.5 Bboe resource potential
With the intention to reduce crude imports by 10% and increase
gas usage within the energy mix to 15% in the next few years, the
Indian Government is currently focused on increasing exploration
and production (E&P) activities within the country.
Cairn Oil & Gas, the upstream business arm of Vedanta Limited,
is the largest private oil and gas (E&P) company in India. It
currently contributes around 25% of the country's crude oil
production, with a vision to increase this to 50% of India's oil
and gas production in the near future.
Through its Partner Connect program, the company is looking for
partners in its 51 blocks, awarded under Open Acreage Licensing
Policy (OALP) bid rounds. Mr. Prachur Sah (Deputy CEO, Cairn Oil
& Gas) talks with Rahul Dev Chauhan (Sr. Research Analyst, IHS
Markit), about the company's E&P operations and discusses its
Partner Connect program.
These 51 OALP blocks cover an area of around 65,000 sq km and
have an estimated resource potential of more than 5.5 Bboe. The
company has recently announced two hydrocarbon discoveries under
its ongoing exploration drilling campaign in its OALP blocks and
has committed around USD 800 million in Capex for exploration
activities.
Cairn Oil & Gas presently has participating interests in 58
contract blocks in India, including one block under joint venture
partnership with Oil and Natural Gas Corporation Limited (ONGC).
Under its E&P portfolio, Cairn Oil & Gas is operating 51
OALP blocks and two Discovered Small Fields Policy (DSF) blocks,
under Revenue Sharing Contract with the Indian Government. The
remaining four blocks are being operated by the company under
Production Sharing Contract (PSC).
An exclusive follow-up interview is available to IHS Markit GEPS subscribers, where Mr. Prachur Sah elaborates further on the opportunities presented, the Cairn Oil & Gas roadmap, and what the future holds for India's energy mix.
Posted 12 October 2021
This article was published by S&P Global Commodity Insights and not by S&P Global Ratings, which is a separately managed division of S&P Global.