Vedanta acquires 7 new blocks in OALP Round-IX, gears up for rapid expansion

Cairn Oil & Gas, part of Vedanta Group and India’s largest private oil and gas producer, has acquired 7 new blocks in the Open Acreage Licensing Policy (OALP) Round IX auction. The contract signing ceremony of the newly acquired exploration blocks was officiated here today in the presence of Shri Hardeep Singh Puri, Hon’ble Minister of Petroleum & Natural Gas.

The awarded new blocks comprise 4 onshore and 3 shallow water blocks located in the hydrocarbon basins of Cambay, Saurashtra, and Mumbai. With these additions, Cairn’s portfolio now expands to 69 blocks covering over 73,000 sq km. area across the country.

Cairn is the largest private player, acquiring 7 out of the 28 blocks auctioned in OALP Round IX, strengthening its portfolio, in line with the vision to contribute 50% of domestic crude production in India.

Anil Agarwal, Chairman, Vedanta Group, said, “I congratulate Minister Hardeep Singh Puri for a successful auction. Today, India’s policies for the hydrocarbons sector are the most attractive in the world. They offer tremendous opportunity and returns on capital.”

The strategic addition of the 7 new blocks will enable Cairn to invest in increasing oil and gas exploration and production on the West Coast. Cairn already operates the Lakshmi and Gauri oil and gas fields in the offshore areas of the Cambay basin of the CB/0S-2 block located in Suvali, Surat, and the Jaya onshore field located in the Bharuch district of Gujarat. Cairn is also firming up the plans for an appraisal and development exploration campaign in the Ambe shallow water block (DSF) located in the Gulf of Cambay.