Cairn to work with Halliburton for boosting offshore recoverable reserves
Cairn Oil and Gas, a
unit of Anil Agarwal-controlled Vedanta, announced on Tuesday that it has
entered into a partnership with Halliburton. A statement from Cairn Oil and Gas
said that under the alliance, Cairn will work with Halliburton to pursue the
target of increasing its recoverable reserves from offshore assets to 300
million barrels of oil equivalent (mmboe). This is a 10-fold increase from the
present cumulative of 30 mmboe.
The offshore assets
include Ravva, off the coast of Andhra Pradesh, Cambay, on the western coast,
and several newly acquired Open Acreage Licensing Policy (OALP) blocks.
“This 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
reserves,” the statement said.
“This announcement
follows Cairn’s commitment of doubling its capacity, contributing 50 per cent
to India’s domestic crude production,” it added.
Commenting on the
development, Prachur Sah, CEO at Cairn Oil and Gas, said, “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.”
Sid Whyte, senior vice
president of Middle East North Africa and Asia Pacific region for Halliburton
said, “We believe our collaboration with Cairn and engineered solutions will
maximize their asset value and increase overall production growth for the
country.”
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