Cairn shortlists Lloyd’s Register for oil and gas hunt in OALP-1 blocks

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New Delhi | Published: June 21, 2019 2:15:11 AM

Cairn Oil & Gas has selected London-headquartered Lloyd’s Register for integrated project management of the 41 blocks it was awarded under round I of the Open Acreage Licence Policy (OALP).

Cairn had applied for petroleum exploration licenses (PELs) for the 41 blocks and is in the process of obtaining environmental clearances.

Cairn Oil & Gas has selected London-headquartered Lloyd’s Register for integrated project management of the 41 blocks it was awarded under round I of the Open Acreage Licence Policy (OALP).

“The shortlisting has followed a rigorous bidding process that saw participation from top global players,” Cairn Oil & Gas, a vertical of Vedanta, said in a statement on Thursday. The company was awarded 41 of the 55 blocks offered under OALP I auction process, contracts for which were signed in October 2018. It has also won 10 blocks in total under OALP rounds II and III.

Lloyd’s Register has a presence in 75 countries and provides engineering and technology services.

“Cairn is aggressively driving towards exploration in the new blocks and the shortlisting for integrated project management is a significant step in this direction. This will enable speedy exploration management across the 41 blocks simultaneously with an end-to-end plan under stipulated timelines,” said the statement.

Cairn had applied for petroleum exploration licenses (PELs) for the 41 blocks and is in the process of obtaining environmental clearances. The company has already received PELs for 11 blocks.

“At Cairn, we are planning for a success case scenario and looking ahead for how production management can be adopted at the very nascent stage prior to initiating the exploration activities. This approach, while capital-intensive, is the best way forward to fast-track production and deliver on our vision to contribute to India’s energy security,” Ajay Kumar Dixit, CEO of Cairn Oil & Gas, was quoted in the statement.

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