Cairn Oil & Gas was rated as the fastest-growing energy company in the world, as per 2012 & 2013 Platts Top 250 Global Energy Company Rankings.
The Indian oil and gas market is characterized by very high dependence on oil & gas imports, importing over 75% of its domestic requirements. Petroleum imports constitute more than 35% of India's total gross imports, leading the Government of India to drive for increased domestic production to reduce the energy import burden of the country by at least 10% per annum, until 2022. Cairn Oil & Gas is one of the largest independent oil and gas exploration and production companies in India, been operating for close to 20 years and is well positioned to reduce the country's energy import burden. Cairn Oil & Gas has been playing an active role in developing India's oil and gas resources. To date, Cairn has opened 4 frontier basins with numerous discoveries, 38 in Rajasthan alone. The Mangala field in Rajasthan, discovered in January 2004, is the largest onshore oil discovery in India in more than two decades. Mangala, Bhagyam and Aishwariya fields – major discoveries in the Rajasthan block have gross ultimate oil recovery of over 1 billion barrels.
On 11 April 2017, Vedanta Limited announced the effectiveness of merger with Cairn India Limited, unanimously recommended by the independent directors, at both Vedanta Limited and Cairn India. The merger marks a significant step towards achieving our long-term vision of a simplified group structure and creation of long-term sustainable value. Consolidating our portfolio of Tier-I assets which, combined with strong management, will deliver superior returns for all shareholders and the combined entity is uniquely positioned to help unlock India’s wealth of world-class energy and mineral resources.
Orange Basin, South Africa ‘Block 1’ (Operator: Cairn, Oil & Gas vertical of Vedanta Limited subsidiary, 60% participating interest)
Following Cairn, Oil & Gas vertical of Vedanta Limited strategy of building potentially significant international asset base, it further expanded its international footprint. It subsidiary completed a farm-in agreement with PetroSA in Block 1 in the Orange Basin, offshore South Africa in 16th August 2012.
Block 1 covers 19,922 sq km and currently, initial stages of exploration are underway there. The block has an existing gas discovery, as well as identified oil and gas leads and prospects. It is located in the Orange Basin, along the north-western maritime border between South Africa and Namibia.
A robust inventory of exploration prospects has been identified in the outboard portion of Block 1 with help of 3D seismic data. Geological risks have been evaluated and prospect maturation is ongoing jointly with the JV partner, PetroSA. Cairn continues to interpret the 3D and 2D seismic data across the block to add to the extensive prospect inventory. Discussions are ongoing with JV partners on the stability of fiscal terms.In its first deal since being acquired by Vedanta Resources, Cairn has entered into an important phase of development beyond the Indian subcontinent to leverage it’s capabilities in a rapidly emerging area. It is the operator in the block, while PetroSA, owned by the government of that country, would hold the remaining interest.
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