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Cairn Oil & Gas Reserves and Resources (R&R) portfolio has recorded a 19 per cent year-on-year increase reaching 1.4 billion barrels of oil equivalent (Bboe) in FY24, underpinning its expertise in resource evaluation and development planning.
Besides, the exploration & production (E&P) company has a promising exploration portfolio that holds over five Bboe of prospective resources, to help drive India’s energy self-reliance, the Vedanta group firm 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,” Cairn Oil & Gas, Deputy CEO, Steve Moore said.
Cairn’s total Reserve plus Resource additions have exceeded production, leading to a Resource Replacement Ratio (RRR) of 533 per cent in FY24, a five-fold increase over the RRR of 108 per cent in the previous fiscal year.
Cairn has recorded a substantial increase in its Gross Contingent (2C) resources to 1.126 Bboe in FY24, a year-on-year growth of 33 per cent. This signifies a larger pool of potentially recoverable oil and gas, fuelling future production, cash flow generation for the company and increased domestic production for Aatmanirbhar Bharat.
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.
The new plan will focus on maximising production from existing reserves to ensure consistent revenue streams, while exploration activities will lay the groundwork for future growth. There will be a renewed emphasis on new discoveries in promising basins that will expand Cairn’s resource base and position it for long-term production.
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, targetting around 500 Mboe gross unrisked prospective resources.
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