Mar. 23 – Sources from India’s Ministry of Petroleum and Natural Gas indicated that Cairn India has discovered massive new oil reserves in Rajasthan that could increase India’s domestic oil production by about 23 percent next year reports The Economic Times.
The company is expected to make an official announcement shortly. Cairn India extracts oil from the Barmer region of Rajasthan and has launched seismic surveys in a number of its other blocks. It has undertaken 4D seismic survey at Ravva. Cairn India also launched 3D seismic surveys in Palar basin and in Sri Lanka, and specializes in surveying and extraction from smaller and less accessible fields.
Cairn began their Indian output from the nation’s largest inland oil find, Mangala, last year and is currently producing about 20,000 barrels a day. The company reported a 23 percent increase in net profit in the third quarter of 2009.
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