To step up reserves, exploration, Cairn partners Halliburton

Cairn Oil and Gas on Tuesday announced a partnership with US-based Halliburton to target a 10-fold increase in its recoverable reserves at offshore assets to 300 million barrels of oil equivalent (mmboe).

Cairn is set to invest $4 billion over the next 3-4 years in an attempt to boost the company’s production of crude to 50 per cent of India’s total production. It will also seek to leverage the partnership with Halliburton to commence shale exploration targeting the Lower Barmer Hill (LBH) formation of western Rajasthan. Halliburton is one of the largest oil field services companies in the world, with operations across over 70 countries.