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On Tuesday, addressing the shareholders of Cairn India in Mumbai, chairman Sir Bill Gammell said: "By 2011, Cairn and its joint venture partner will invest up to $4 billion on the development of Mangla, Bhagyam and Aishwarya fileds." The investment will be shared between Cairn India and ONGC in the ratio of 70:30 in line with their equity holding in the oil fields. "We will commence crude oil production from Barmer shortly. We believe there is potential to extend and enhance peak plateau production from Rajasthan fields above the level of 1,75,000 bopd," he added. Cairn, the main operator of the blocks, had earlier revised the production target from 1.50-lakh bopd to 1.75-lakh bopd. The commercial production at the Mangla filed in the Barmer basin is expected to begin by this month with an initial capacity of 30,000 bopd. The production will be increased by a further 100,000 barrels per day in the first half of next year. An analyst with an international firm said the proposed investment was anticipated. "Cairn is setting up a processing capacity of 2.05-lakh bopd for the Mangla processing terminal. This suggests that Cairn's peak production will be beyond 1.75-lakh bopd," he explained. However, he said there should be more clarity on the pricing and offtake of the Cairn's crude from Rajasthan fields. Cairn intends to transport the oil through an insulated pipeline from Rajasthan to the Gujarat coast. But before the completion of the pipeline, expected by December, it will have to transport oil in trucks to Gujarat for shipping to Indian Oil and MRPL. To see more of The Economic Times, or to subscribe to the newspaper, go to http://economictimes.indiatimes.com Copyright (c) 2009, The Economic Times, India Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. For full details for CRNCF click here.
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