Cairn India, a subsidiary of Vedanta Resources, is planning to commercialise gas production from its Barmer basin in Rajasthan. The basin under Cairn India, which comprises three main oil fields — Mangala, Bhagyam and Aishwarya and smaller oil and gas fields of Saraswati, Raageshwari, etc — currently produces 175,000 barrel of oil per day (bopd) commercially. The Raageshwari fields produce some marginal gas, which is being used for internal purposes. The firm plans to increase the quantum of this production to sell it commercially. "This year has been very exciting for Cairn India as we have discovered gas in the Rajasthan block and efforts will be made to bring that into production as quickly as possible. The high exploration potential of the block is evident from the fact that more than 100 prospects and leads have been identified, and we have pegged the total oil production potential to 3,00,000 bpd, for which we hope to get speedy approvals from the government," said Navin Agarwal, chairman, Cairn India. "We are producing small quantities of gas in Barmer, but that's largely used for our internal consumption. These new gas discoveries are over and above that," added P Elango, interim CEO, Cairn India. These officials were speaking on the sidelines of Cairn India's sixth annual general meeting in Mumbai .
At the AGM, the company said it plans to spend $2 billion over the next two years; of this, $600 million would be spent towards exploration in Rajasthan. "The resource base for the block is now estimated to be 7.3 billion barrels of oil equivalent in-place - an increase of over 11%," said Agarwal.
At the AGM, the company said it plans to spend $2 billion over the next two years; of this, $600 million would be spent towards exploration in Rajasthan. "The resource base for the block is now estimated to be 7.3 billion barrels of oil equivalent in-place - an increase of over 11%," said Agarwal.
0 comments:
Post a Comment