Cairn Oil & Gas recently won eight oil blocks and one coal-bed methane block under the DSF Round III bids, which now makes the company’s total assets in the country to 62.
November 5, 2022
Cairn Oil & Gas, a Vedanta Ltd. unit, has won consent from the government to extend the Production Sharing Contract (PSC) for its Rajasthan block for ten years until May 2030. As published in a news daily – this contract extension will further boost CAPEX investment and encourage private players to enter the sector, the firm said.
“This extension will be a key determinant in our goal of doubling production, and help India achieve energy atmanirbharta. Home to prolific fields, the bloc demands extensive investment in technologies to enhance recovery. The field also carries potential for new explorations,” Mr. Prachur Sah, Deputy CEO, Cairn Oil & Gas said.
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Cairn Oil & Gas recently won eight oil blocks and one coal bed methane (CBM) block under the DSF Round III bids, taking the company’s total assets in the country to 62. Being the largest oil and gas exploration and production company in India, Cairn is already contributing 25 percent of India’s domestic crude production, with a vision to take it to 50 percent.