Cairn Oil & Gas, a subsidiary of Vedanta Resources owned by billionaire Anil Agarwal, has announced that its reserves and resources portfolio in India has surpassed 1 billion barrels of oil equivalent (boe), media reports suggested.
This milestone comes as the largest private oil and gas company in India has identified 20 new development projects to bring a significant portion of its resources into production within the country, according to a report by India’s Economic Times newspaper.
It is estimated total gross proven-plus-probable reserves, along with the best estimate of gross contingent resources, amount to 1.156 billion boe, with oil accounting for 85% of this figure, the report said quoting a statement from un-named company official.
The company revealed that the combined gross hydrocarbons in place across all its assets stand at approximately 6.7 billion boe, out of which 1.18 billion boe has been produced to date. However, Cairn did not disclose its previous reserves or resources, nor did it specify the volume of reserves added to its portfolio.
Cairn primarily operates in India’s NorthWestern state of Rajasthan onshore block, which contributes the majority of its production in India.
The company expressed its intention to develop up to 20 potential new projects, targeting a substantial portion of the 846 million barrels of oil equivalent in gross best estimate gross contingent resources, through this block, the report said.
In the fiscal year ending on March 31, 2023, Cairn reported that its total reserve plus resource additions exceeded production, largely driven by the acquisition of eight Discovered Small Field (DSF) licenses. This resulted in a resource replacement ratio of 108%, as highlighted by the company.