Cairn’s vision is to be a responsible oil and gas exploration and production leader to continue to play an active role in supporting India in its energy-independence journey. We have set ourselves an ambitious target of increasing our contribution to the crude oil production in India from 25% to 50% in the years to come.
On October 1, 2018, Cairn was formally awarded 41 out of all 55 blocks it bid for, under Round I of the new Open Acreage Licensing Policy (OALP) auction.
From owning five onshore blocks with proven and probable reserves and resources of about 1.3 bboe, Cairn expands its reach in India with 17% offshore and unconventional presence and close to 5.5 bboe target reserves and resources in the states of Andhra Pradesh, Assam, Tamil Nadu, Tripura, Rajasthan, Maharashtra and Gujarat.
With the addition of 41 new blocks, Cairn's acreage is now ~50,000 sq km, catapulting its position to be one of the largest exploration startups globally. This is the largest win in the history of India’s oil and gas sector. Cairn aims to simultaneously expedite exploration and production from the new blocks and achieve its mission to take its overall production to 500 kboped.
Cairn Oil & Gas is at the cusp of exponential growth, with a vision to contribute 50% of India’s total domestic crude production. The company is set to invest 15% of the $40 billion that India will pump into the upstream oil and gas sector over the next five years.