Cairn Oil & Gas, Vedanta acquires 7 new blocks in OALP Round-IX

Cairn Oil & Gas, part of Vedanta Group and India's largest private oil and gas producer, has acquired 7 new blocks in the Open Acreage Licensing Policy (OALP) Round IX auction. The contract signing ceremony of the newly acquired exploration blocks was officiated here today in the presence of Shri Hardeep Singh Puri, Hon'ble Minister of Petroleum & Natural Gas.

The awarded new blocks comprise of 4 onshore and 3 shallow water blocks located in the hydrocarbon basins of Cambay, Saurashtra, and Mumbai. With these addition, Cairn's portfolio now expands to 69 blocks covering over 73,000 sq.km. area across the country.

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.

Commenting on the development, Anil Agarwal, Chairman, Vedanta Group, said, "I congratulate Minister Hardeep Singh Puri for a successful auction. Today, India's policies for the hydrocarbons sector are the most attractive in the world. They offer tremendous opportunity and returns on capital."

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, underscoring its continued commitment to unlocking India's hydrocarbon potential. The company holds 100% participatory interest in all OALP blocks. Additionally, Cairn holds legacy blocks awarded under NELP and pre-NELP regimes.

The strategic addition of the 7 new blocks will enable Cairn to invest in increasing oil and gas exploration and production in the West Coast. Cairn already operates 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 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 Limited was last trading in BSE at Rs. 395.80 as compared to the previous close of Rs. 380.30. The total number of shares traded during the day was 901871 in over 16117 trades.

The stock hit an intraday high of Rs. 397.30 and intraday low of 384.10. The net turnover during the day was Rs. 353008724.00.

Source : Equity Bulls

Keywords

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