Cairn likely to produce 2.4 lakh/bpd output in FY14
The Vedanata Group company, Cairn India has sought government's approval to increase production from its prolific Rajasthan block by 20 percent to 200,000 barrels a day, from 175,000 barrels a day currently in mid March, reports CNBC-TV18's Nayantara Rai quoting sources.
June 21, 2013 / 22:58 IST
Cairn India is expecting its total output to go upto 2.25-2.40 lakh barrel per day by March next year, reports CNBC-TV18 quoting Cogencis. This development will help it reduce continued dependence on imports significantly.
In FY13, Cairn India's FY13 total oil- equivalent output stood at two lakh bpd. The firm is likely to drill over 450 wells in Rajasthan block in next three years and Barmer Hill production is also expected to start this fiscal.Cairn India is the operator with 70 percent participating interest in Rajasthan block along with ONGC which has a 30 percent share. Also, its Mangala, Bhagyam and Aishwariya (MBA) fields, among others, constitute Cairn India's key assets in Rajasthan. The MBA are the three largest finds in Rajasthan. The Mangala field -- considered to be the largest onshore hydrocarbon find in India in last two decades -- was discovered in January 2004. This was followed by discoveries at the Bhagyam and Aishwariya fields.To date, 25 discoveries have been made in the Rajasthan block. Studies indicate that it has further potential for growth. The Production Sharing Contract (PSC) for the project was signed on 15 May, 1995.And in 1997, Cairn acquired an interest in the block. In 2002, Cairn acquired 100 percent of the exploration interest and assumed the role of operator. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
