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In a stock exchange filing, the firm said it has notified the government and the Directorate General of Hydrocarbons (DGH) of the discovery in exploratory well WM-Basal DD Fan-1 drilled in OALP Block RJ-ONHP-2017/1.
The discovery has been named 'Durga'.
The firm said the approval of the block oversight panel, called the Management Committee, has also been sought.
The block is one of the 41 areas that the company had won in the first round of the open acreage licensing policy (OALP) bid round in October 2018.
Cairn Oil & Gas, a unit of Mumbai-listed Vedanta Ltd, holds 100 per cent participating interest in the block.
"Durga-1 (earlier WM-Basal DD Fan-1) is the second well drilled in the Block RJ-ONHP-2017/1 to a depth of 2615 meters," the firm said.
This is the third hydrocarbon discovery notified by the company under the OALP portfolio.
"During the drilling of the well, four hydrocarbon zones were encountered in the Dharvi Dungar (DD) formation of Late Paleocene to Early Eocene age," it said.
The 542 square kilometre RJ-ONHP-2017/1 Block is located in Gudamalani and Chohtan Tehsil of Barmer district, Rajasthan.
The block lies in the vicinity of the prolific Rajasthan block which produces about 150,000 barrels per day of oil and gas.
Separately, the company said it is committed to achieving net-zero carbon emissions by 2050.
"The company is committed to investing USD 4 billion over 3-4 years to double its production, and the newly announced ESG (environmental, social, and corporate governance) roadmap will enable the company to achieve this vision sustainably," it said in a statement.
Vedanta founder and chairman Anil Agarwal said, "Our oil and gas business is today well-poised to meet India's energy needs and growth aspirations."
"Guided by the philosophy of 'zero harm, zero waste, zero discharge', we have formulated robust ESG targets for our operations which will help India's energy sector become more efficient and enable the country's journey towards aatmanirbharta," he added.
Cairn Oil & Gas deputy CEO Prachur Sah said, "ESG has always been a top priority for Cairn Oil & Gas. As we continue our sustainability journey, we are committed to our vision of ensuring holistic socio-economic development while achieving our goal of ensuring energy aatmanirbharta for India."
The ESG objectives will broadly focus on uplifting 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 statement said.
"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.
"Further, the company is driving a great workplace by promoting gender parity, diversity, and inclusivity, adhering to global business standards of corporate governance and remaining focused on the health & safety of employees and business partners," it said.
The company has been efficiently using associated natural gas for meeting its power and heating requirements.
Cairn has also planted 279 acres of mangroves along the coasts of the Bay of Bengal and the Arabian Sea. In Rajasthan's arid Thar, a floral biodiversity park hosting over 100 indigenous species now dots the landscape of Mangala Processing Terminal in Barmer, Rajasthan.
"Overall, 1,644 acres of area is developed as a greenbelt across Cairn's operational areas," it added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Mon, February 21 2022. 18:54 IST