Cairn Oil & Gas Reserves & Resources (R&R) Grows 19% YoY to 1.4 BBOE
· Gross Proved Plus Probable (2P) Reserves1 at 250 million barrels of oil equivalent (Mboe); · Gross Contingent (2C) Resources1 at 1.126 billion (Bboe), a year-on-year growth of 33% underpinning the success of Cairn’s strategy to direct its resources towards exploration and appraising high-potential prospects; · Total Reserve plus Resource additions exceeded production during FY24, resulting in a Resource Replacement Ratio2 of 533% compared to 108% in the last fiscal year; · In addition to its sizable Reserve & Resource portfolio, Cairn has a promising exploration portfolio holding over 5 billion barrels of prospective resources; · Cairn has announced a strategic resource management plan that prioritizes long-term sustainability and value creation for investors with a focus on new discoveries in promising basins and optimizing production, to help achieve its vision of contributing 50% of India’s domestic production.
New Delhi : 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 total Reserve plus Resource additions have exceeded production, leading to a Resource Replacement Ratio (RRR) of 533%, a five-fold increase over the RRR of 108% in the previous fiscal year. Cairn has recorded a substantial increase in its Gross Contingent (2C) resources to 1.126 Bboe, a year-on-year growth of 33%. This signifies a larger pool of potentially recoverable oil and gas, fueling future production and cash flow generation for the company, and increased domestic production for Aatmanirbhar Bharat.
Commenting on the achievement, Dr. Steve Moore, Deputy CEO, Cairn Oil & Gas, said: “With our growing resource base, now at 1.4 Bboe, and world-class technology expertise, we are underlining our commitment to creating long-term value for our stakeholders. This is reflected in our strategic management plan, which ensures a sustainable future for our company to continue driving our vision of a self-reliant India for its energy requirements. By focusing on exploration success and resource conversion, we are building a robust reserve base for continued growth and shareholder value.”
“By prioritizing long-term sustainability and resource conversion, Cairn has positioned itself as a leader in responsible oil and gas exploration and production. 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,” he further added