Cairn, Halliburton tie up to tap more reserves from offshore assets
NEW DELHI: Vedanta-led Cairn Oil & Gas on Tuesday said that it has entered into a partnership with US-based Halliburton Company to pursue the target of increasing its recoverable reserve from offshore assets to 300 mmboe (million barrels of oil equivalent), a 10-fold increase from the present cumulative of 30 mmboe. The step, Cairn claims, will double its capacity and contribute 50% to domestic crude production.
“To increase domestic production, India needs to encourage exploration of new fields, increase investment and technology for ageing fields, and incentivise unconventional options like shale and gas. This latest partnership is a continuation of our commitment to increase capacity to 500k boepd and double our contribution to domestic crude production,” said Prachur Sah, CEO, Cairn Oil & Gas.
