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BW Businessworld

Cairn India Discovers New Oil Fields In Rajasthan

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Cairn India Ltd said on Wednesday (17 September) it had made three new oil discoveries in its exploration block in Rajasthan, taking its total oil discoveries in the block to 36.

One of the wells is in close proximity to the company's Mangala field and it is planning fast track appraisal to commercialise the discovery, Cairn India, part of London-listed Vedanta Resources Plc, said in a statement on Wednesday.

The company is spending $3 billion over three years to boost oil production and natural gas output from its Rajasthan block, which had an output of 66.3 million barrels of oil equivalent in the year ended March 31.

Cairn India has a portfolio of nine blocks, one in Rajasthan which contains multiple assets, two on the west coastand four on the east coast of India, and one each in Sri Lanka and South Africa.

The company's shares were up 2 percent in afternoon trade on Wednesday, while the Mumbai share markets were trading broadly flat.