Cairn Oil & Gas Reserves & Resources Grows 19 Percent YoY to 1.4 BBOE
Cairn has announced a strategic resource management plan that prioritises 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 percent of India’s domestic production.
May 14, 2024. By Anurima Mondal
Cairn’s total Reserve plus Resource additions have exceeded production, leading to a Resource Replacement Ratio (RRR) of 533 percent, a five-fold increase over the RRR of 108 percent 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 percent. 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 prioritising 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 percent of India’s oil and gas production,” he further added.
Building on its track record of optimising production and exploring new reserves, Cairn has also announced a strategic resource management plan that prioritises long-term sustainability and value creation for investors.
Cairn has a portfolio of 62 blocks covering an acreage of more than 60,000 sq kms in India. The company plans to drill up to 20 exploration wells by 2025 targeting approximately 500 MMboe gross unrisked prospective resources.
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