Vedanta Oil and Gas to begin trading on NSE, BSE on June 15
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Standalone listing of Cairn-branded producer offers investors direct play on India’s energy security push and rising domestic crude output ambitions
Vedanta Oil and Gas Ltd
Vedanta Oil and Gas Ltd will begin trading on the National Stock Exchange (NSE) and the BSE on June 15 under the ticker symbol 'VOGL', following the demerger of Vedanta Ltd's businesses. The company has received the necessary approvals from both exchanges for the listing and trading of its equity shares.
The listing gives investors direct exposure to Vedanta's oil and gas business, which operates under the Cairn brand. India imports 88% of its crude oil requirements, and demand is expected to rise over the coming decades, making domestic production a key part of the country's energy security plans.
"The listing marks a significant milestone in the evolution of one of India's most strategically important energy businesses and provides investors with direct exposure to a company that plays a critical role in supporting the nation's energy aspirations," the statement read.
Targets 150 kboepd production by FY29
Built on the former Cairn India assets, Vedanta Oil and Gas is targeting production of more than 150,000 barrels of oil equivalent per day (kboepd) by FY29 through exploration, enhanced oil recovery, deep gas development, offshore projects and technology-led initiatives.
The company operates 44 blocks across more than 47,000 sq. km and has proven reserves and resources of 1.321 billion barrels of oil equivalent, along with a resource potential of 2.9 billion barrels of oil equivalent.
"Vedanta Oil & Gas, operating under brand name 'Cairn', has emerged as a key contributor to this agenda, through sustained investments in exploration, production, and technology-led resource development," the company said.
The company said it plans to continue investing across exploration, enhanced oil recovery, deep gas development, offshore projects and production enhancement initiatives. It aims to contribute more than 50% of India's oil production over the long term.
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"The company has outlined an investment roadmap to unlock future growth opportunities across its portfolio through exploration, enhanced oil recovery, deep gas development, offshore projects, and technology-led production enhancement initiatives," the statement noted.
The standalone listing follows the demerger of Vedanta's businesses into sector-focused entities. According to the company, the move is intended to create an independent platform for the oil and gas business as it pursues future growth opportunities.