India’s Cairn Oil & Gas, the largest private oil and gas exploration company, has reported a 19% year-on-year increase in its Reserves and Resources (R&R) portfolio, reaching 1.4 billion barrels of oil equivalent, bolstered by its expertise in resource evaluation and development planning. In addition to this robust portfolio, Cairn has a promising exploration portfolio that holds over 5 Bboe of prospective resources, to help drive India’s energy self-reliance. Cairn’s Gross Proved Plus Probable (2P) reserves reached 250 million barrels of oil equivalent.
Cairn’s Reserve and Resource additions have exceeded production, resulting in a 533% Resource Replacement Ratio, a five-fold increase from the previous fiscal year’s 108%. Cairn experienced a 33% year-on-year increase in Gross Contingent (2C) resources, reaching 1.126 Bboe.
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 for Aatmanirbhar Bharat. Commenting on the achievement, Dr. Steve Moore, Deputy CEO, Cairn Oil & Gas, said, “Our focus on responsible resource management, future-proofing our operations, and ensuring long-term value creation is at the heart of our strategy to deliver on our goal of contributing to 50% of India’s oil and gas production”.
