• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources

Group Sites

• The Hindu
• Business Line
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

New Delhi , May 30

Cairn Energy today said that the management committee comprising the Directorate General - Hydrocarbons, ONGC and Cairn, has given its nod to the field development plans (FDPs) for the Mangala, Aishwariya, Saraswati and Raageshwari fields in Rajasthan.

In an official communiqué, the company said, "The FDPs for the four fields in Block RJ-ON-90/1, Rajasthan, have now been approved by the Management Committee. This final approval follows the earlier agreement on the FDPs reached at the joint venture operating committee between Cairn and ONGC."

In order to finance its share of the northern fields development project, the company is in the process of finalising a $1-billion bank facility, which it intends signing before June end this year, Cairn said. Cairn, which focuses its activities on the geographic region of South Asia, holds material exploration and production positions in western and eastern parts of the country and Bangladesh along with new exploration rights in both India and Nepal.

South Asia focus

This focus on South Asia has already resulted in a significant number of oil and gas discoveries, the company said, adding that it has made a major oil discovery (Mangala) in Rajasthan at the beginning of 2004. Cairn has now made 18 discoveries in Rajasthan.

In Block RJ-ON-90/1, Cairn operates under a production-sharing contract (PSC) signed on May 15, 1995. The development area (1,858 km2), which includes Mangala, Aishawariya, Saraswati and Raageshwari is 70 per cent Cairn's with ONGC having exercised their back in right for 30 per cent.

India currently imports approximately 2,000,000 barrels of oil per day (bopd). It produces approximately 650,000 bopd itself of which 50,000 bopd comes from the Cairn operated Ravva field on the east coast.

More Stories on : Petroleum

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Films on climate change

Copyright © 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line