Capricorn Energy has been listed on the London Stock Exchange for over 30 years and is an experienced oil and gas explorer, developer and producer that has operated in a variety of locations around the world.
Historically, the company focused on South Asia where we created significant value for shareholders and stakeholders, particularly through the discovery, development and production of oil in Rajasthan, India. This was the largest onshore discovery in India for more than 25 years with the potential to provide more than 30% of India’s daily crude oil production and generate many billions of US dollars in revenue for the Government of India.
In 2006 the Indian business, Cairn India Limited (CIL), was listed on the Indian stock exchanges and in 2012, the majority stake in CIL was sold and the cash returned to shareholders as part of our business model to create, add and realise value for shareholders. Between 2006 and 2012, we returned US$4.5 billion to shareholders.
Having created a legacy asset for India, we then focused on rebuilding the business to create, add and realise value once again through exploration, development and production. We made the largest global offshore discovery of 2014 in Senegal, and participated in the development of two of the largest projects in the UK North Sea, Catcher and Kraken, which began production in 2017 and our interests were subsequently sold in November 2021.
We have a flexible exploration portfolio with a balance of near infrastructure, short cycle time opportunities with high value while remaining exposed to large, more frontier opportunities.
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Case Study
Tradewater Partnership
We have invested in the development of greenhouse gas emissions avoidance projects in partnership with Tradewater – a US-based company focused on finding, collecting, and destroying the most potent greenhouse gases, such as chlorofluorocarbon (CFC) and hydrochlorofluorocarbon (HCFC) refrigerants.
Our investment will help develop identification and collection networks for these gases in developing countries around the world and will yield 250,000 tonnes of high-quality carbon offset credits over the next five years from the destruction of old refrigerants.
Our carbon offset strategy is aligned with the International Carbon Reduction and Offset Alliance (ICROA) and Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) principles and is focused on the acquisition of high-quality carbon credits, verified by Verra or Gold Standard. Carbon credits are not older than 2016 and can be either portfolio or project-based. We will aim to retire the oldest carbon credits first. It is important that carbon offset projects demonstrate strong co-benefits, supporting socioeconomic development, health, protecting water quality or biodiversity. We aim to align our carbon offset strategy with the UNSDG goals and Capricorn’s Code of Ethics.
In addition to our investment with Tradewater, we have also acquired portfoliobased carbon offsets, which include REDD+ (Reduction of Deforestation and Forest Degradation) projects in Guatemala and Cambodia, as well as landfill gas extraction projects in Brazil and Turkey.