Cairn to work with Halliburton for boosting offshore recoverable reserves

Cairn Oil and Gas, a unit of Anil Agarwal-controlled Vedanta, announced on Tuesday that it has entered into a partnership with Halliburton. A statement from Cairn Oil and Gas said that under the alliance, Cairn will work with Halliburton to pursue the target of increasing its recoverable reserves from offshore assets to 300 million barrels of oil equivalent (mmboe). This is a 10-fold increase from the present cumulative of 30 mmboe.

The offshore assets include Ravva, off the coast of Andhra Pradesh, Cambay, on the western coast, and several newly acquired Open Acreage Licensing Policy (OALP) blocks.

“This partnership for offshore assets will evolve through three distinct stages of conceptual design, conceptual detailing, and execution.