Cairn Oil and Gas close to awarding project management service contract for 41 blocks

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Cairn Oil and Gas close to awarding project management service contract for 41 blocks

New Delhi: Vedanta’s upstream arm, Cairn Oil and Gas, is at an advanced stage of awarding integrated project management service contract for all 41 blocks it won under India’s Open AcreageLicensing Policy (OALP), Ajay Kumar Dixit, new chief executive officer (CEO) of Cairn Oil and Gas, told ETEnergyworld.
The company plans to spend $500 million to carry out exploration work for the 41 blocks it won under OALP-I. It has already approached the Environment Ministry for grant of environment clearances for these blocks. The company’s acreage increased to 55,000 square kilometre from 5,000 square kilometre after bagging 41 blocks under OALP-I  According to Dixit, the firm has received interest from more than 10 global exploration and production servicing firms for end-to-end integrated project management and expects to award 75 per cent of contracts within the next six weeks. Cairn Oil and Gas has in total won 53 blocks under OALP-I, OALP-II and in the second round of Discovered Small Field.  According to Dixit, the company has firm plans to invest close to $3 billion to increase the firm’s total production to about 270,000 barrels of oil equivalent by the end of fourth quarter from close to 180,000 barrels of oil equivalent currently.

https://energy.economictimes.indiatimes.com/news/oil-and-gas/cairn-oil-and-gas-close-to-awarding-project-management-service-contract-for-41-blocks-ajay-kumar-dixit-ceo/69841607

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