Rajasthan celebrations: for Cairn
Cairn names Rajasthan date
Cairn India will start oil production from its Rajasthan fields in northern India on 29 August , chief executive Rahul Dhir said today.
Reuters quoted him as saying in a conference call that the Mangala oilfield is expected to produce a peak rate of 125,000 barrels per day in first half of next year.
"It's 29 August. Saturday, when the Prime Minister of India will come and he will switch it on," Dhir said.
The company has already invested $2 billion to date on developing the Rajasthan fields and will invest another $1.1 billion to $1.3 billion over the next two years to ramp up production, Dhir added.
Cairn India holds a 70% stake in the RJ-ON-90/1 block in western India, while state-run explorer Oil & Natural Gas Corp holds the balance.