Vedanta-led Cairn Oil & Gas, has entered into a partnership with Halliburton Company to pursue the target of increasing its recoverable reserve from offshore assets to 300 mmboe (million barrels of oil equivalent) — a 10-fold increase from the present cumulative of 30 mmboe.
This announcement follows Cairn’s commitment of doubling its capacity, contributing 50% to India’s domestic crude production and assisting the country in its goal of achieving energy autonomy.
Prachur Sah, chief executive officer, Cairn Oil & Gas, said, “To increase domestic production, India needs to encourage exploration of new fields, increase investment and technology for ageing fields, and also incentivize unconventional options such as shale and gas. At Cairn, we have focused on a technology-led production augmentation strategy which has set an industry benchmark. This latest partnership is a continuation of our commitment to increase capacity to 500 kboepd (thousand barrels of oil equivalent per day) and double our contribution to domestic crude production."
The partnership for offshore assets will evolve through three distinct stages of conceptual design, conceptual detailing, and execution. This will include geological and seismic studies, well-designing and engineering, and drilling to determine recoverable reserve. The offshore assets include Ravva, off the coast of Andhra Pradesh, Cambay, on the western coast, and several newly acquired OALP blocks. Halliburton is in the process of implementing a collaborative team of experts to collectively assess, plan and ultimately execute the project. The company will drive the use of innovative methodology that stems from its rich global experience.
“We are excited about this next phase of our relationship with Cairn and will continue to deliver our best-in-class service delivery in the India market," said Sid Whyte, senior vice president of Middle East North Africa and Asia Pacific region for Halliburton. “We believe our collaboration with Cairn and engineered solutions will maximize their asset value and increase overall production growth for the country."
