Cairn Oil & Gas, a vertical of Vedanta Limited, contributed ~25 per cent to India's domestic crude oil production in FY 2017-18.
The Indian oil and gas market is characterised by very high dependence on imports. Over 80% and 45% of oil & gas demand is met by imports. Petroleum imports constitute 23% of India’s total imports. Given India’s high dependence on imports, the Hon’ble Prime Minister in 2015 announced a vision to increase the domestic production of Oil and Gas to reduce import dependence by 10% by the year 2022.
Cairn Oil & Gas is the largest private crude oil producer in India. It has been operating for over 2 decades and is well positioned to reduce the country's energy import burden. Cairn has been playing an active role in developing India's oil and gas resources…
With a portfolio of 6 blocks, of which 5 blocks are in India and one in South Africa, Cairn has made over 50 hydrocarbon discoveries in the last decade and operates the largest producing oil field in the Indian private sector. The Mangala field in Rajasthan, discovered in January 2004, is the largest onshore oil discovery in India in more than a decade. Mangala, Bhagyam and Aishwariya fields, the three major discoveries in the Rajasthan block, together have gross hydrocarbons in place of about 2.2 billion barrels of oil equivalent. Oil and gas are currently being produced from Rajasthan, Ravva in Andhra Pradesh and Cambay in Gujarat.
On 11 April 2017, Vedanta Limited announced the effectiveness of 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.