Cairn India to invest $2 bn in energy sectorJune 25th, 2008 - 9:05 pm ICT by IANS
New Delhi, June 25 (IANS) Cairn India, the Indian arm of British hydrocarbons exploration major Cairn, will invest about $2 billion in India over 18 months for developing oil fields and building a pipeline in the country, the company announced Wednesday. “A major chunk of the project will go to Rajasthan and to coastal Gujarat. The company will be investing $850 million for the Rajasthan project,” Cairn India chairman Bill Gmmell said at the company’s annual general meeting here.
Cairn India is developing three oil fields in Rajasthan - Mangala, Bhagyam and Aishwariya. It also plans to start test-drilling in the Ganga Valley block in Bihar by the end of the current year or early next year.
Gmmell said the company was confident of starting crude oil supply from Managala in the second half of 2009 followed supplies from Bhagyam and Aishwariya in 2010.
“Subject to regulatory approval, the estimated production capacity of these fields has increased from 150,000 barrels oil a day to 175,000 barrels. If the use of enhanced oil recovery techniques prove successful, there will be a further resource potential of over 300 million barrels a day,” he said.
The company Tuesday started work on the 600-km pipeline to transport crude oil and gas from Barmer district in Rajasthan to the coastal district of Jamnagar in Gujarat.
Gmmell added that this would be a significant achievement for a company which started operations in the country 13 years ago.
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- Cairn sees cost for Rajasthan crude prod at $5/bbl - Aug 20, 2009
- Cairn India to sell crude to Reliance Industries - Nov 04, 2009
- Government assures refiners for Cairn's crude - Aug 29, 2009
- Cairn India starts crude sales through pipeline - Jun 15, 2010
- First parcel of Mangala crude reaches Mangalore Refinery - Oct 09, 2009
- Work begins on Cairn's 600-km pipeline - Jun 24, 2008
- Vedanta meets all conditions for stake buy out: Cairn - Dec 07, 2011
- PM to launch Cairn's Mangala production Saturday - Aug 26, 2009
- Mangala oil processing terminal activation a historic achievement: Deora - Aug 29, 2009
- ONGC approves Cairn-Vedanta deal - Sep 28, 2011
- Manmohan Singh to inaugurate Mangala oil field in Rajasthan today - Aug 29, 2009
- Vedanta buys out Cairn's India subsidiary - Dec 08, 2011
- Vedanta enters oil prospecting with $8.5-$9.6 bn Cairn deal (Roundup) - Aug 16, 2010
- Cairn to begin oil production from Rajasthan this month - Aug 02, 2009
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