Oil explorer Cairn India, the Indian unit of Britain’s Cairn Energy, said it had received approval from the government to deliver its crude oil to Salaya.
Cairn, which struck oil in Mangala, Rajasthan — its biggest field — in 2004, will start production from here in the second half of 2009, it said in a statement to the stock market on Thursday.
Cairn India CEO Rahul Dhir said on Tuesday that the company had received government approval to start production from Bhagyam, its second-biggest field, in the first half of 2010. Edinburgh-based Cairn Energy was transformed by the discovery of billions of barrels of oil in its Rajasthan block, propelling it from obscurity into the FTSE 100 index.
Dhir also said the company was still waiting for government approval on recovering construction costs of about $800 million for a pipeline to transport crude from the Rajasthan fields, by reducing the government’s share of future oil sales.
Cairn, which struck oil in Mangala, Rajasthan — its biggest field — in 2004, will start production from here in the second half of 2009, it said in a statement to the stock market on Thursday.
Cairn India CEO Rahul Dhir said on Tuesday that the company had received government approval to start production from Bhagyam, its second-biggest field, in the first half of 2010. Edinburgh-based Cairn Energy was transformed by the discovery of billions of barrels of oil in its Rajasthan block, propelling it from obscurity into the FTSE 100 index.
Dhir also said the company was still waiting for government approval on recovering construction costs of about $800 million for a pipeline to transport crude from the Rajasthan fields, by reducing the government’s share of future oil sales.
Source: Reuters
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