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Tuesday, December 07, 2021

To step up reserves, exploration, Cairn partners Halliburton

Cairn is set to invest $4 bn over 3-4 years to boost its production of crude to 50% of India’s total output.

By: ENS Economic Bureau | New Delhi |
November 17, 2021 1:35:07 am
Cairn, owned by Vedanta Ltd, is the largest private sector oil and gas producer in the country. Its portfolio of assets include the Rajasthan block, Lakshmi and Gauri gas fields in Cambay, Gujarat and the Ravva oil and gas field in Andhra Pradesh.

Cairn Oil and Gas on Tuesday announced a partnership with US-based Halliburton to target a 10-fold increase in its recoverable reserves at offshore assets to 300 million barrels of oil equivalent (mmboe).

Cairn is set to invest $4 billion over the next 3-4 years in an attempt to boost the company’s production of crude to 50 per cent of India’s total production. It will also seek to leverage the partnership with Halliburton to commence shale exploration targeting the Lower Barmer Hill (LBH) formation of western Rajasthan. Halliburton is one of the largest oil field services companies in the world, with operations across over 70 countries.

“To increase domestic production, India needs to encourage exploration of new fields, increase investment and technology for ageing fields, and also incentivise unconventional options like shale and gas,” said Cairn CEO Prachur Sah, adding the firm was aiming to increase production to 5,00,000 barrels of oil equivalent per day.

Cairn, owned by Vedanta Ltd, is the largest private sector oil and gas producer in the country. Its portfolio of assets include the Rajasthan block, Lakshmi and Gauri gas fields in Cambay, Gujarat and the Ravva oil and gas field in Andhra Pradesh.

“The partnership for offshore assets will evolve through three distinct stages of conceptual design, conceptual detailing, and execution,” according to a release by the company. Cairn and Halliburton will develop pilot drills to explore the potential of shale in the Barmer basin.

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