Cairn India Bets on Gas

After producing 1,75,000 barrels of oil per day (bpd) from its prolific Barmer block in Rajasthan, the country's biggest private oil producer Cairn India is now betting big on gas discoveries in the same block.

Economic Times has said that the company feels gas discoveries were commercially significant. However, Cairn has not share initial reserve estimates.

"This year has been very exciting for Cairn India as we have discovered gas in the Rajasthan block and efforts will be made to bring that into production as quickly as possible. The high exploration potential of the block is evident from the fact that more than 100 prospects and leads have been identified, and we have pegged the total oil production potential to 3,00,000 bpd, for which we hope to get speedy approvals from the government," said Navin Agarwal, chairman, Cairn India was reported by newspaper as saying.

The company also plans to invest $2 billion over the next two years; of this, $600 million would be spent towards exploration in Rajasthan.