Cairn Oil & Gas reserves & resources grows by 19% in FY24

financialexpress.com:

Cairn Oil & Gas, one of the top private oil and gas exploration and production firms and an arm of Vedanta, aims to drill 20 exploration wells by 2025 targeting approximately 500 millions of barrels of oil equivalent (MMboe) gross unrisked prospective resources, the company said on Monday.

Additionally, the company’s reserves and resources (R&R) portfolio recorded an increase of 19% at 1.4 billion barrels of oil equivalent (Bboe) in the financial year 2023-24.“Cairn’s total reserve plus resource additions have exceeded production, leading to a resource replacement ratio (RRR) of 533%, a five-fold increase over the RRR of 108% in the previous fiscal year,” the company said.

The company presently holds over 5 Bboe of prospective resources and has recorded a substantial increase in its gross contingent resources to 1.126 Bboe, up 33% from the previous fiscal. “This signifies a larger pool of potentially recoverable oil and gas, fueling future production and cash flow generation for the company, and increased domestic production,” said the company.Cairn further plans to focus on maximising production from existing reserves to ensure consistent revenue streams, while exploring for possible oil and gas reserves. 

“With our growing resource base, now at 1.4 Bboe, and world-class technology expertise, we are underlining our commitment to creating long-term value for our stakeholders,” said Steve Moore, deputy CEO, Cairn Oil & Gas. “This is reflected in our strategic management plan, which ensures a sustainable future for our company to continue driving our vision of a self-reliant India for its energy requirements. By focusing on exploration success and resource conversion, we are building a robust reserve base for continued