Vedanta's Oil & Gas operations comprise the assets of Cairn India in India, Sri Lanka and South Africa.
Cairn India was rated as the fastest-growing energy company in the world, as per 2012 & 2013 Platts Top 250 Global Energy Company Rankings. The average gross production of Cairn India Limited for FY 2014-15 was 211,671 barrels of oil equivalent per day(boepd).
Cairn India is one of the largest independent oil and gas exploration and production companies in India, been operating for close to 20 years and is well positioned to reduce the country's energy import burden. Cairn India has been playing an active role in developing India's oil and gas resources. To date, Cairn India has opened 4 frontier basins with numerous discoveries, 37 in Rajasthan alone. The Mangala field in Rajasthan, discovered in January 2004, is the largest onshore oil discovery in India in more than two decades. Mangala, Bhagyam and Aishwariya fields – major discoveries in the Rajasthan block have gross ultimate oil recovery of over 1 billion barrels.
On 14 June 2015, Vedanta Limited (formerly known as Sesa Sterlite Ltd/Sesa Goa Ltd) announced its proposed merger with Cairn India Limited unanimously recommended by the independent directors, at both Vedanta Limited and Cairn India. The merger marks a significant step towards achieving our long-term vision of a simplified group structure and creation of long-term sustainable value. Consolidating our portfolio of Tier-I assets which, combined with strong management, will deliver superior returns for all shareholders and the combined entity is uniquely positioned to help unlock India’s wealth of world-class energy and mineral resources.
The process for merger is on track with transaction expected to be completed by Q4 FY16.
For further information please click on the below link:
Vedanta Limited-Oil and Gas