NEW DELHI: Vedanta-led Cairn Oil & Gas on Tuesday said that it has entered into a partnership with US-based 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. The step, Cairn claims, will double its capacity and contribute 50% to domestic crude production.
“To increase domestic production, India needs to encourage exploration of new fields, increase investment and technology for ageing fields, and incentivise unconventional options like shale and gas. This latest partnership is a continuation of our commitment to increase capacity to 500k boepd and double our contribution to domestic crude production,” said Prachur Sah, CEO, Cairn Oil & Gas.
As per Cairn, the partnership for offshore assets will evolve through three distinct stages of conceptual design, conceptual detailing, and execution. The offshore assets include Ravva, off the coast of Andhra Pradesh, Cambay, on the western coast, and several newly acquired OALP (open acreage licensing policy) blocks.
“We believe our collaboration with Cairn and engineered solutions will maximize their asset value and increase overall production growth for the country,” said Sid Whyte, senior vice-president of Middle East North Africa and Asia Pacific region for Halliburton. Cairn has also entered into an agreement with Halliburton for shale exploration targeting the Lower Barmer Hill (LBH) formation of western Rajasthan.
Founded in 1919 Halliburton is one of the world’s largest providers of products and services to the energy industry.
Three stages
As per Cairn, the partnership for offshore assets will evolve through three distinct stages of conceptual design, conceptual detailing, and execution. The offshore assets include Ravva, Cambay, and several newly acquired OALP