To step up reserves, exploration, Cairn companions Halliburton

Cairn Oil and Gas on Tuesday introduced a partnership with US-based Halliburton to focus on a 10-fold improve in its recoverable reserves at offshore property to 300 million barrels of oil equal (mmboe).
Cairn is about to take a position $4 billion over the following 3-4 years in an try to spice up the corporate’s manufacturing of crude to 50 per cent of India’s complete manufacturing. It will even search to leverage the partnership with Halliburton to begin shale exploration focusing on the Lower Barmer Hill (LBH) formation of western Rajasthan. Halliburton is without doubt one of the largest oil discipline providers firms on the planet, with operations throughout over 70 nations.
“To increase domestic production, India needs to encourage exploration of new fields, increase investment and technology for ageing fields, and also incentivise unconventional options like shale and gas,” stated Cairn CEO Prachur Sah, including the agency was aiming to extend manufacturing to five,00,000 barrels of oil equal per day.
Cairn, owned by Vedanta Ltd, is the biggest personal sector oil and fuel producer within the nation. Its portfolio of property embody the Rajasthan block, Lakshmi and Gauri fuel fields in Cambay, Gujarat and the Ravva oil and fuel discipline in Andhra Pradesh.
“The partnership for offshore assets will evolve through three distinct stages of conceptual design, conceptual detailing, and execution,” in keeping with a launch by the corporate. Cairn and Halliburton will develop pilot drills to discover the potential of shale within the Barmer basin.