News Oil & Gas

Vedanta : Cairn Oil & Gas signs contract with Baker Hughes to help produce geothermal energy


New Delhi, June 24, 2022:Cairn Oil & Gas, India’s largest private oil and gas exploration and production company, has signed a contract with Baker Hughes, an energy technology company, to harness geothermal energy from its repurposed oil and gas wells. On successful execution, the contract will help Cairn Oil & Gas co-produce up to 2.4 MW of electricity along with oil and gas and offset 17,000 tons of greenhouse gas per annum. This contract follows Cairn Oil & Gas’s recently announced ESG roadmap where it committed to becoming a net-zero company by 2050.

Speaking on the development,Prachur Sah, Deputy CEO, Cairn Oil & Gassaid “At Cairn, we are firmly committed to fulfilling India’s domestic energy demand while also encouraging sustainability in practices. Our association with Baker Hughes brings the best of technology to contribute to India’s green energy basket. Across the world, there is a drive to promote geothermal energy production from dying oil fields and at Cairn, we are committed to bringing the best of global practices to India and aid our country’s journey towards energy aatmanirbharta.”

Neeraj Sethi, Country Director- India & Bangladesh, Baker Hughessaid “With Baker Hughes’ and Cairn Vedanta’s strong relationship, we are excited to work with Cairn on their journey towards net-zero by 2050. We will jointly conduct a feasibility study for re-purposing existing oil and gas wells drilled in high-temperature formations to generate geothermal energy. As India looks for cleaner and more sustainable energy sources, we are confident that Baker Hughes’ technology can play a significant role in supporting Cairn Oil & Gas to drive a more sustainable energy future.”

Based on preliminary studies, hydrocarbon wells in and around the Raageshwari Deep Gas field (Barmer Basin, Rajasthan) have been identified for the production of geothermal energy. The contract between Cairn Oil & Gas and Baker Hughes will be executed through phases that include studying the feasibility and potential for the generation of geothermal energy by repurposing producing or exploratory hydrocarbon (oil and gas) wells, designing the concept of the project, a pilot project to test the concept and, subsequently, execute the full-scale project. The first step of conducting the feasibility study of the project is set to be completed in four months from the start of the project. The feasibility study stage will include geoscience data integration and interpretation, the study of the geothermal potential of the area, mandatory field visits to assess surface facilities, the development of a thorough review report, etc.

This agreement for geothermal energy exploration with Baker Hughes follows the ESG roadmap announced by Cairn Oil & Gas in February this year. The ESG objectives of the company focus on uplifting the lives of people in operational areas through sustainable livelihood opportunities to 1 million people, educating ~9 million students by 2030 through digital education programs alongside uplifting 20 million women and children through education, nutrition, healthcare, and welfare. The company is innovating for a healthier planet by sustaining net water positive impact, use of renewable energy, planting 2 million trees by 2030, and protecting and enhancing biodiversity throughout the project lifecycle. Cairn Oil & Gas also recently announced the initiation of the process to convert its Mangala pipeline into a fully solar-operated pipeline. These innovations, among other initiatives, are helping the company venture deeper into the sphere of renewable energy and remain committed to the country’s net-zero targets.

About Cairn Oil & Gas

Cairn Oil & Gas, Vedanta Ltd., is the largest private oil and gas exploration and production company in India, accounting for more than a quarter of India’s domestic crude oil production. It has a world-class resource base, with a current interest in 58 blocks in India, including the 41 blocks under the Open Acreage Licensing Policy (OALP) Round I auction, five blocks each under Round II and Round III, and two awarded under the Discovered Small Fields (DSF) Round-II. In 2004, Cairn made the largest onshore discovery in more than two decades in India at Mangala, Rajasthan. In its operations of 20 years, Cairn has opened four frontier basins with numerous discoveries, 38 in Rajasthan alone. Cairn Oil & Gas has recently reiterated that it is a separate entity with no connection to Cairn Energy PLC, the Scottish oil and gas exploration company. The brand name ‘Cairn’ is now exclusively owned by Vedanta Limited, and all others will discontinue the use of the brand name ‘Cairn’.

Vedanta Limited, a subsidiary of Vedanta Resources Limited, is one of the world’s leading Oil & Gas and Metals companies with significant operations in Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Steel, and Aluminium & Power across India, South Africa and Namibia. For two decades, Vedanta has been contributing significantly to nation-building. Governance and sustainable development are at the core of Vedanta’s strategy, with a strong focus on health, safety, and the environment. Vedanta has put in place a comprehensive framework to be the ESG leader in the natural resources sector. Vedanta is committed to reducing carbon emissions to zero by 2050 or sooner and has pledged $5 billion over the next 10 years to accelerate the transition to net-zero operations. Giving back is in the DNA of Vedanta, which is focused on enhancing the lives of local communities. The company’s flagship social impact program, Nand Ghars, has been set up as model anganwadis focused on eradicating child malnutrition, providing education, healthcare, and empowering women with skill development. Under the aegis of the Anil Agarwal Foundation, the umbrella entity for Vedanta’s social initiatives, the Vedanta group has pledged Rs 5000 crore over the next five years on social impact programmes with a thrust on nutrition, women & child development, healthcare, animal welfare, and grass-root level sports. Vedanta and the group companies company have been featured in Dow Jones Sustainability Index 2020, and was conferred Frost & Sullivan Sustainability Awards 2020, CII Environmental Best Practices Award 2020, CSR Health Impact Award 2020, CII National Award 2020 for Excellence in Water Management, CII Digital Transformation Award 2020, ICSI National Award 2020 for excellence in Corporate Governance, People First HR Excellence Award 2020, ‘Company with Great Managers 2020’ by People Business and certified as a Great Place to Work 2021. Vedanta’s flagship Nand Ghar Project was identified as the best CSR project by the Government of Rajasthan. Vedanta Limited is listed on the Bombay Stock Exchange and the National Stock Exchange.

For more information, please visitcairnindia.com

Connect with Cairn Oil & Gas onFacebook,Linkedin,TwitterandYouTube

For further information please contact:

• Ms Rashika Kaul
Chief Communication Officer
Cairn Oil & Gas, Vedanta Ltd
Rashika.Kaul@cairnindia.com

• Mr Ayodhya Prasad Gaur
General Manager
Cairn Oil & Gas, Vedanta Ltd
Ayodhya.Prasad@cairnindia.com





Source link

Leave a Comment