The contracts for the newly acquired blocks were formally signed today at a ceremony attended by the Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri.
The awarded new blocks comprise 4 onshore and 3 shallow water blocks located in the hydrocarbon basins of Cambay, Saurashtra, and Mumbai. With this addition, Cairn’s portfolio now expands to 69 blocks covering over 73,000 square kilometer across the country.
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Cairn is the largest private player, acquiring 7 out of the 28 blocks auctioned in OALP Round IX, strengthening its portfolio, in line with the vision to contribute 50% of domestic crude production in India.
Over the past years, Cairn has been actively participating in OALP auctions to secure more oil and gas blocks to expand its exploration and production capacity.
The company acquired 36 blocks in OALP Round I, 5 blocks in OALP Round II, and 3 in OALP Round III, in addition to its recent acquisition of 7 blocks in OALP–IX. The company holds 100% participatory interest in all OALP blocks. Additionally, Cairn holds legacy blocks awarded under NELP and pre-NELP regimes.
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The strategic addition of the 7 new blocks will enable Cairn to invest in increasing oil and gas exploration and production on the West Coast. Cairn already operates the Lakshmi and Gauri oil and gas fields in the offshore areas of the Cambay basin of the CB/0S-2 block located in Suvali, Surat, and the Jaya onshore field located in the Bharuch district of Gujarat.
Cairn is also firming up the plans for an appraisal and development exploration campaign in the Ambe shallow water block (DSF) located in the Gulf of Cambay.
Shares of Vedanta Ltd ended at ₹395.80, up by ₹15.50, or 4.08%, on the BSE.
