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"It (production start-up) is eminent. We are completely ready and it can happen any day," Cairn India CEO Rahul Dhir told PTI here.
Cairn has drilled 18 wells on the Mangala oilfield in the Rajasthan blocks, of which four have been completed and are ready to start production.
The company is probably waiting for the new Petroleum Minister to takeover and will in consultations with the government announce a schedule for production start-up.
Dhir said the first processing train of 30,000 barrels per day capacity was ready and the second unit would be ready by the fourth quarter of 2009.
He, however, did not put a number to the initial planned production.
Rajasthan is the largest onland oilfield discovered in over two decades and will at peak output of 8.75 million tonnes contribute one-fifth of the nation's current oil production.
Three rigs have been deployed in the Rajasthan block, he said.
Cairn India reported a 84 per cent dip in its January- March quarter profit to Rs 18.68 crore from Rs 116.43 crore in the same period of the previous year. For the 2008-09 fiscal, Cairn earned Rs 803.45 crore net profit against a loss of Rs 24.54 crore in the previous year.
Later at a conference call with reporters, Dhir said Cairn would be spending USD 1.5-1.8 billion in 2010 and 2011.
"Cairn India has achieved a major milestone and is ready to produce oil from train one at the Mangala Processing Terminal. This is a significant event for both Rajasthan and India as the country's biggest onshore oil discovery for more than two decades is brought on production," he added.
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