Oil and Gas
Vedanta Limited's Oil & Gas operations comprise the assets of Cairn contributing over 26% of India's annual production, as India's largest private sector crude oil producer.
Cairn Oil & Gas, Vedanta Limited, is the largest oil and gas exploration and production company in India. Cairn contributed ~24% to India's domestic crude oil production in financial year 2020-21 and has a vision to produce 50% of India's oil and gas.The Indian oil and gas market is characterised by very high dependence on imports. Over 80% and 45% of oil & gas demand is met by imports. Petroleum imports constitute 23% of India's total imports. Given India's high dependence on imports, the Hon'ble Prime Minister in 2015 announced a vision to increase the domestic production of oil and gas to reduce import dependence by 10% by the year 2022.
Cairn Oil & Gas is the largest private crude oil producer in India. It has been operating for over 2 decades and is well positioned to reduce the country's energy import burden. Cairn has been playing an active role in developing India's oil and gas resources.
Cairn has a world-class resource base, with a current interest in 58 blocks in India, including the 41 blocks under the Open Acreage Licensing Policy (OALP) auctions out of the 55 bids in the first round of bidding, and was further awarded 10 more blocks in subsequent rounds, taking the total to 51 blocks in the states of Andhra Pradesh, Assam, Tamil Nadu, Tripura, Rajasthan, Maharashtra, and Gujarat. With the addition of these new blocks, Cairn's portfolio now adds up to ~65,000 square kilometers, paving way for the next wave of hydrocarbon explorations in the country.
On 11 April 2017, Vedanta Limited announced the effectiveness of merger with Cairn India, 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.
Where We Operate
For more information about Oil & Gas visit: www.cairnindia.com