Cairn India was an Indian oil and gas exploration and production company, headquartered in Gurgaon, India. The company was merged with Vedanta Limited.
History
In early 1999, Cairn made the first Rajasthan discovery – Guda field, followed by Saraswati in 2001. Mangala was their biggest discovery in 2003, followed by Raageshwari, Bhagyam, Aishwariya, Kaameshwari and GR-F fields in Rajasthan. In 2003, Cairn acquired 100% of the exploration interest and took over as the operator of the block.
Ravva block in eastern coast of India was the first offshore oil and gas field to be developed, followed by the Lakshmi gas field in western India, which was discovered in 2000 and commenced production in 2002. In January 2004, Cairn India added the Mangala oil field in Rajasthan to its assets and this, along with, the other discoveries in Rajasthan.
In 2007, Cairn India was listed on the National Stock Exchanges and as on date has a market capitalisation of ~$14 billion and amongst the top 25 Indian company in the NIFTY 50 index. Top 250 Global Energy Company Rankings by Platts, ranked Cairn India for being the World's fastest-growing energy company in 2011. Now the Company plans to invest $3 billion in the next three years in finding more oil and raising output from Rajasthan oilfields.
The company was delisted from the NSE and the BSE on 25 April 2017 following its merger with its parent company Vedanta Limited.
Two of blocks are located onshore in the Barmer and Krishna-Godavari Basins, and the remaining seven blocks are all located offshore in the Krishna-Godavari Basin, the Palar-Pennar Basin, the Cambay Basin, and the Mumbai Offshore Basin in India, and the frontier Mannar Basin in Sri Lanka and the Orange Basin in South Africa.
Cairn – Vedanta deal
Vedanta Resources initially reached an agreement to acquire 58.8% of Cairn India from Cairn Energy for a total consideration of $8.67 billion in August 2010, with final shareholder approval in December.
Vedanta ownership
While waiting on government approval on its agreement with Cairn Energy, Vedanta acquired an additional 18.5% on the open market including a 10.4% stake from Petronas for $1.5 billion.
Operations
Andhra Pradesh
The Ravva oil and gas field in the Krishna- Godavari Basin was developed in partnership with Cairn India, ONGC, Videocon and Ravva Oil, under a production sharing contract (PSC) that runs until 2019. Currently, eight unmanned offshore platforms are being operated. A 225-acre onshore processing facility at Surasaniyanam processes natural gas and crude oil from the Ravva field. The Ravva onshore terminal operates to the internationally environmental standard – ISO 14001 – and has the capacity to handle of oil per day, per day at standard conditions of natural gas and per day of injection water. The terminal also has the capacity to store of crude oil onshore.
The Ravva field has produced more than of crude and sold of gas; about thrice the initial estimates. During the financial year, the plant uptime was 99.7% demonstrating superb operational efficiency. The asset recorded 1.61 million LTI free hours during the year. The offshore production platform at Ravva received the Oil Industry Safety Award for the year 2010–11.
Gujarat
In 2002, gas production commenced from the Lakshmi gas field, which is situated in Block CB/OS-2 in the Cambay Basin of the west coast of India in the Gulf of Khambhat. The Gauri offshore gas field was discovered in 2001 and came on-stream in 2004. CB-X, a marginal gas field in the transition zone of the CB/OS-2 block was in production between June 2007 and August 2009. The Lakshmi and Gauri fields commenced production of oil in addition to its gas production in 2005. The CB/OS-2 Block has completed 10 years of production and crossed a cumulative production of over of oil equivalent hydrocarbons. Safety and operational integrity have been a strong area of focus for the CB/OS-2 asset operations team. The asset team recorded 0.93 million Lost Time Incident (LTI) free hours and delivered facilities uptime of 99.9% during the financial year 2012–13. The block has recorded more than nine million safe work hours over the last seven years.
Rajasthan
The Mangala field in Rajasthan, which was discovered in January 2004, is the largest onshore oil discovery in India in more than 20 years. The Mangala, Bhagyam and Aishwariya (MBA) fields have gross recoverable oil reserves and resources of over one bn boe. This includes proven plus probable (2P) gross reserves and resources of 636 mm boe with a further 308 mm boe or more of EOR resource potential.