Cairn to begin oil production from Rajasthan this month
August 2nd, 2009 - 5:23 pm ICT by IANSNew Delhi, Aug 2 (IANS) Cairn India, part of the British oil explorer Cairn Energy, will start crude oil production from its Mangla oil fields in Barmer, Rajasthan, from the second week this month, a top official said Sunday.
“The company has reached pricing agreements with principal buyers Indian Oil Corp (IOC) and Mangalore Refinery and Petrochemicals (MRPL),” said Rahul Dhir, chief executive of Cairn India.
Rajasthan, which has the largest onland oilfields in the country, will have a peak output of 8.75 million tonnes crude per annum, contributing one-fifth of the nation’s total output, Dhir said.
“It will save around $6.8 billion foreign exchange per annum which is around 7 percent of the total oil import bill of the country.”
The Barmer oil field has a total production capacity of 205,000 barrel crude oil per day.
Cairn has drilled 28 wells on the Mangala oil field of which 16 have been completed and are ready for production.
The peak output from the field is expected to be 9.5 million tonnes a year (190,000 barrels per day) as against the initial expectation of 175,000 barrels a day.
Dhir said around 10,000 job opportunities have been created in various sectors of the project.
Cairn India reported a net profit of Rs.45.44 crore in the quarter ended June 30 as against Rs.138.58 crore in the like period last fiscal.
- ONGC approves Cairn-Vedanta deal - Sep 28, 2011
- Vedanta meets all conditions for stake buy out: Cairn - Dec 07, 2011
- Cairn starts oil production in Rajasthan - Aug 29, 2009
- India's crude oil production continues to rise - Jun 29, 2010
- Government assures refiners for Cairn's crude - Aug 29, 2009
- Vedanta buys out Cairn's India subsidiary - Dec 08, 2011
- PM to launch Cairn's Mangala production Saturday - Aug 26, 2009
- Cairn India starts crude sales through pipeline - Jun 15, 2010
- First parcel of Mangala crude reaches Mangalore Refinery - Oct 09, 2009
- Cairn Energy tells Indian arm to accept government terms - Aug 23, 2011
- Cairn sees cost for Rajasthan crude prod at $5/bbl - Aug 20, 2009
- Cairn revises Barmer oil field upwards to 6.5 bn barrels - Mar 23, 2010
- Vedanta to pick up majority stake in Cairn India (Lead) - Aug 16, 2010
- Manmohan Singh to inaugurate Mangala oil field in Rajasthan today - Aug 29, 2009
- Vedanta enters oil prospecting with $8.5-$9.6 bn Cairn deal (Roundup) - Aug 16, 2010
Tags: annum, aug 2, british oil, cairn india, crore, crude oil production, foreign exchange, india rajasthan, indian oil, ioc, job opportunities, net profit, oil field, oil fields, oil import bill, oilfields, peak output, petrochemicals, quarter ended june, refinery