Cairn Energy raises Rajasthan oil reserve estimates
21 Sep 2005
London:
Cairn Energy, the independent oil exploration group,
has raised estimates of the oil reserves in its key
fields in Rajasthan.
Cairn
said that the Mangala, Bhagyam and Aishwariya fields
in the north of Rajasthan were now independently certified
to contain 1.7 billion barrels of proven and probable
reserves, compared with a previous estimate of just
over 1.6 billion barrels.
It
also raised its forecast of recoverable reserves from
just under 500 million barrels to 514 million barrels
- and potentially as much as 685 million barrels - using
enhanced oil recovery techniques.
Cairn
has said that production from its 12 discoveries in
the Rajasthan region would reach 150,000 barrels a day.
According to the company, Mangala, the biggest oilfield
to be discovered in India for 22 years, could produce
120,000 barrels on its own.
Production is scheduled to begin in mid-2007. Total investment to