Orange Basin, South Africa ‘Block 1’ (Operator: Cairn, Oil & Gas vertical of Vedanta Limited subsidiary, 60% participating interest)
Following Cairn, Oil & Gas vertical of Vedanta Limited strategy of building potentially significant international asset base, it further expanded its international footprint. It subsidiary completed a farm-in agreement with PetroSA in Block 1 in the Orange Basin, offshore South Africa in 16th August 2012.
Block 1 covers 19,922 sq km and currently, initial stages of exploration are underway there. The block has an existing gas discovery, as well as identified oil and gas leads and prospects. It is located in the Orange Basin, along the north-western maritime border between South Africa and Namibia.
A robust inventory of exploration prospects has been identified in the outboard portion of Block 1 with help of 3D seismic data. Geological risks have been evaluated and prospect maturation is ongoing jointly with the JV partner, PetroSA. Cairn continues to interpret the 3D and 2D seismic data across the block to add to the extensive prospect inventory. Discussions are ongoing with JV partners on the stability of fiscal terms.In its first deal since being acquired by Vedanta Resources, Cairn has entered into an important phase of development beyond the Indian subcontinent to leverage it’s capabilities in a rapidly emerging area. It is the operator in the block, while PetroSA, owned by the government of that country, would hold the remaining interest.
The map shows Cairn’s assets – one block in Rajasthan, two on the west coast and four on the east coast of India and one in South Africa.