Mar 22, 2013, 10.32 PM | Source: CNBC-TV18
Cairn India has committed to the oil ministry an upfront investment of USD 1.8-2.3 billion for increasing production at its Rajasthan Barmer field, reports Nayantara Rai of CNBC-TV18.
Nayantara Rai (more)
Reporter, CNBC-TV18 |
Cairn India will take petroleum minister Veerappa Moily to Rajasthan to inaugurate its gas business as well as the first oil from the Aishwarya field in Rajasthan on Saturday.
Our of the USD 2 billion investment, around USD 1.2-1.8 billion will be used for construction of new wells and USD 250 million each for pipeline augmentation and for one of its production facilities and around USD 150 million for its gas business.
In addition, Cairn India has also told the oil ministry that it will end FY14 with a production of 220 thousand barrels a day, which is 25 percent higher FY13 production.
The Expert Appraisal Committee (EAC) while accordi
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