Cairn upgrades reserve estimates of Rajasthan oil fields

[Choppers]

Cairn upgrades reserve estimates of Rajasthan oil fields​

PTI
NEW DELHI, March 23, 2010

Rahul Dhir, CEO, Cairn India addresses a press conference, in New Delhi on Tuesday. Photo: Ramesh Sharma

In a significant development, Cairn India on Tuesday raised its estimates for the reserves in its Rajasthan oilfields and said it can produce 37 per cent more oil than previously thought, a move that could help reduce the nation’s import dependence.

Peak output envisages from the Thar desert fields is now estimated at 2,40,000 barrels per day, equalling production from State-run Oil and Natural Gas Corp’s prime Mumbai High fields in the western offshore. Mumbai High is the nation’s largest oilfield.

Cairn India CEO Rahul Dhir said the company has raised estimates of oil and gas in place in Barmer fields to four billion barrels of oil equivalent from 3.7 billion boe previously. Further, there could be another 2.5 billion boe yet to be discovered.

“We estimate that the fields have a potential to produce 240,000 barrels of oil per day (12 million tonnes per annum),” he told reporters. The company had earlier projected a peak output of 175,000 bpd.

Petroleum Minister Murli Deora congratulated Cairn for the achievement and said the increase in reserves augurs well for energy security of the country. “I am told that peak output from Rajasthan is now estimated at 240,000 bpd and this increased output will help reduce nation’s reliance on imported crude oil to meet its energy needs,” he said.

The Hindu : Business / Companies : Cairn upgrades reserve estimates of Rajasthan oil fields

 

[Justin Joseph]

PM to launch Cairn’s Mangala production Saturday
August 26th, 2009 - 9:00 pm ICT by IANS

New Delhi, Aug 26 (IANS) In a major boost to India’s quest for energy security, Prime Minister Manmohan Singh will Saturday kick off Cairn India’s oil production from Rajasthan’s Mangala fields, the site of the country’s largest oil discovery in two decades.
According to Cairn India, the peak output from the wells at Mangala will amount to 125,000 barrels per day (bpd). Along with the production at Bhagyam and Aishwarya fields (also in Rajasthan), the aggregate peak production will be 175,000 bpd or 20 percent of India’s domestic production - enough to power 3.4 million cars daily or fill up 4.5 million cooking gas cylinders a month.

The country imports over 70 percent of its crude oil needs. “We estimate that it (the 175,000 bpd) will alleviate imports by 8 percent,” said company chief executive and managing director Rahul Dhir in a conference call Wednesday.

The three fields are expected to save the country $1.5 billion annually as import outgo over the next 10 years. It would also earn the government $30 billion across the life of the field by way of taxes, royalties and profit petroleum.

“We will gradually ramp up production in Mangala from a few thousand to 30,000 barrels per day (bpd),” Dhir added.

Mangala’s peak production of 125,000 bpd will be reached in the first half of 2010.

Having already invested $2 billion till date, Cairn India plans to invest another $1.2 billion to $1.3 billion in Mangala fields, in which ONGC has a 30 percent stake.

More at : PM to launch Cairn’s Mangala production Saturday PM to launch Cairn’s Mangala production Saturday

^^^

This was last year when they have announced this discovery and as they have revised their estimate and production we will save more dollars and get out own oil this is indeed a very good news.