Barmer: Cairn India, a Vedanta Group Company, on Saturday said it would invest $2 billion in the next two years to develop its Barmer block in Rajasthan.
“In the next couple of years, we are looking at around $2 billion investment. In the next five years, we are looking to drill at least 500 wells a year. The resource base allows production of 300,000 barrels per day ,” said P. Elango, member of the board, Cairn India.
Cairn India, promoted by London-based billionaire Anil Agarwal, said the exit production rate for 2013-14 is expected to be 200,000-215,000 bpd. The block is jointly held by Cairn India, which has 70 per cent stake, and public sector explorer ONGC, which holds the remaining 30 per cent.
In the long-run, output from Barmer may go up to 500,000 bpd and to drill that much oil, nearly Rs 10,000 crore of investments may be poured in, said Anil Agarwal, Executive Chairman, Vedanta Resources.
Gas and crude sales
Cairn India and ONGC on Saturday also announced the commercial sale of natural gas. They said production has started from the Aishwariya field .
“Initial commercial volumes will be about 5 mmscf per day,” Cairn said in a statement. Elango said the Government would nominate buyers for natural gas from the Barmer block.
Veeraapa Moily, Petroleum Minister, said gas would be sold at $5/mBtu.
The block produces about 30 mmscf of gas a day from the Raageshwari deep gas field and the Mangala and Bhagyam fields. The gas produced along with crude oil is used to fire its 48 MW captive power station at its Mangala processing terminal.
At its peak, Aishwariya is expected to add 10,000 barrels of oil per day (bpd) to the current output of 175,000 barrels from the Mangala, Saraswati and Bhagyam fields in the block.
Oil output from the Rajasthan block contributes over 20 per cent to the nation’s oil production. India meets close to 80 per cent of its crude oil requirement through imports.
The block has contributed Rs 19,000 crore (cumulative) to the exchequer in the form of royalty and levies. The field, since it began production in August 2009, has replaced imports of about Rs 50,000 crore.
“Everyday, Cairn India pays a royalty of Rs 15 crore to Rajasthan,” Elango said.
Infrastructure
Elango said the explorer is in talks with the Government of Rajasthan to develop gas infrastructure in the State. “We have formally submitted our expression of interest. The State has a joint venture with GAIL. The new gas can push the project,” he added.
Success in my Habit
Showing posts with label Cairn India. Show all posts
Showing posts with label Cairn India. Show all posts
Tuesday, March 26, 2013
Thursday, October 25, 2012
Six Indian energy firms in Platts’ top 50 global rankings
New Delhi: Indian firms have pride of place at the 2012 Platts Top 250 Global Energy Company RankingsTM.
Of the 12 Indian companies represented in the 250, six are have also made to the list of top 50 fastest growing companies.
All eyes were on China, India and the wider Asia-Pacific region when it came to rapid financial growth and fast rising energy companies. A statement said that 70 companies from the region were in the spotlight when the 2012 Platts 250 Global Energy Companies Rankings were released in Singapore on Tuesday.
According to Platts, Cairn India took the top slot as the fastest-growing company not just in Asia but the world. With a 119.8 per cent three-year compounded growth rate (CGR), Cairn India was far ahead in the field.
The 2012 rankings reflect fiscal 2011 financial performance in four key areas: asset worth, revenues, profits and return on invested capital (ROIC).
Indian companies surged ahead in both the independent power producers (IPP) and gas utility categories, with NTPC Ltd and GAIL (India) topping their respective regional segments, Platts ranking showed.
A surprise entry at number two in ROIC rankings was Coal India Ltd with 35.3 per cent, it said. A new entrant to the rankings in 2010, when the company listed, Coal India has posted strong returns on invested capital in both years, an achievement given the challenges it faces, Platts said
China continues to grow in the energy business with 23 Chinese companies on the 2012 roster, giving it more companies in the Top 250 than any other country, except the US.
PetroChina Company Ltd took over the 9th position and China Petroleum & Chemical Corp acquired the 12th position in the global Top 250 list.
However, in an East-West comparison, Western majors still reign the rankings. Western companies took all top 10 spots on the 2012 list, except for one – ninth place – which went to PetroChina Co Ltd.
ExxonMobil retained the number one spot of the Top 250 roster for the eighth consecutive year. Anglo-Dutch major Royal Dutch Shell moved up from sixth position to second, displacing US major Chevron to third. ConocoPhillips dropped one place from seventh to eighth.
Of all the Indian companies in the top 250, Power Grid Corp improved its overall ranking, rising from 232 {+n} {+d} in 2010 to 172 {+n} {+d} in 2011. Other significant moves include a rise of 21 places for power producer NHPC Ltd to 195 {+t} {+h} {+.}
Among electric utilities, Reliance Infrastructure Ltd gained 17 places to 215 {+t} {+h}.
“India’s enormous growth in energy demand has led to its rise as the emerging energy leader on the global front,” said Vandana Hari, Asia Editorial Director, Platts. “Although these represent the bright spots for financial performance in 2011, 2012 may prove more challenging for India’s power generators,” she added. richa.mishra
Of the 12 Indian companies represented in the 250, six are have also made to the list of top 50 fastest growing companies.
All eyes were on China, India and the wider Asia-Pacific region when it came to rapid financial growth and fast rising energy companies. A statement said that 70 companies from the region were in the spotlight when the 2012 Platts 250 Global Energy Companies Rankings were released in Singapore on Tuesday.
According to Platts, Cairn India took the top slot as the fastest-growing company not just in Asia but the world. With a 119.8 per cent three-year compounded growth rate (CGR), Cairn India was far ahead in the field.
The 2012 rankings reflect fiscal 2011 financial performance in four key areas: asset worth, revenues, profits and return on invested capital (ROIC).
Indian companies surged ahead in both the independent power producers (IPP) and gas utility categories, with NTPC Ltd and GAIL (India) topping their respective regional segments, Platts ranking showed.
A surprise entry at number two in ROIC rankings was Coal India Ltd with 35.3 per cent, it said. A new entrant to the rankings in 2010, when the company listed, Coal India has posted strong returns on invested capital in both years, an achievement given the challenges it faces, Platts said
China continues to grow in the energy business with 23 Chinese companies on the 2012 roster, giving it more companies in the Top 250 than any other country, except the US.
PetroChina Company Ltd took over the 9th position and China Petroleum & Chemical Corp acquired the 12th position in the global Top 250 list.
However, in an East-West comparison, Western majors still reign the rankings. Western companies took all top 10 spots on the 2012 list, except for one – ninth place – which went to PetroChina Co Ltd.
ExxonMobil retained the number one spot of the Top 250 roster for the eighth consecutive year. Anglo-Dutch major Royal Dutch Shell moved up from sixth position to second, displacing US major Chevron to third. ConocoPhillips dropped one place from seventh to eighth.
Of all the Indian companies in the top 250, Power Grid Corp improved its overall ranking, rising from 232 {+n} {+d} in 2010 to 172 {+n} {+d} in 2011. Other significant moves include a rise of 21 places for power producer NHPC Ltd to 195 {+t} {+h} {+.}
Among electric utilities, Reliance Infrastructure Ltd gained 17 places to 215 {+t} {+h}.
“India’s enormous growth in energy demand has led to its rise as the emerging energy leader on the global front,” said Vandana Hari, Asia Editorial Director, Platts. “Although these represent the bright spots for financial performance in 2011, 2012 may prove more challenging for India’s power generators,” she added. richa.mishra
Thursday, April 5, 2012
Cairn India made oil discovery in Krishna-Godavari basin block
New Delhi: KG basin Cairn India, a Vedanta group company, has announced an oil discovery in its onshore block in the Krishna-Godavari basin where it had made a gas discovery about a year ago said.
The company has informed about the discovery to the block's management committee (MC) and awaiting its approval, a company spokesman said. The committee, which is chaired by the director general of hydrocarbons and represented by an oil ministry official, regulates affairs of the block.
Nagayalanka SE-1 is an oil discovery whereas Nagayalanka SE is predominantly a gas discovery, the spokesman said. The company has found about 57 meters oil bearing hydrocarbon column and experienced flow of oil at an average rate of 70 barrels per day and 0.6 million standard cubic feet per day gas from the discoveries.
"Further testing is ongoing," it said in a statement. Company could not disclose details of oil and gas reserves pending appraisal of discoveries.
"Further appraisal will be required to establish the commerciality of the Nagayalanka-SE discovery," the statement said. The block, KG-ONN-2003/1 is currently in the second phase of exploration, where the company has completed the committed minimum work programme. Cairn is the operator of the block with 49% stake while state-run ONGC holds balance 51%.
The company has informed about the discovery to the block's management committee (MC) and awaiting its approval, a company spokesman said. The committee, which is chaired by the director general of hydrocarbons and represented by an oil ministry official, regulates affairs of the block.
Nagayalanka SE-1 is an oil discovery whereas Nagayalanka SE is predominantly a gas discovery, the spokesman said. The company has found about 57 meters oil bearing hydrocarbon column and experienced flow of oil at an average rate of 70 barrels per day and 0.6 million standard cubic feet per day gas from the discoveries.
"Further testing is ongoing," it said in a statement. Company could not disclose details of oil and gas reserves pending appraisal of discoveries.
"Further appraisal will be required to establish the commerciality of the Nagayalanka-SE discovery," the statement said. The block, KG-ONN-2003/1 is currently in the second phase of exploration, where the company has completed the committed minimum work programme. Cairn is the operator of the block with 49% stake while state-run ONGC holds balance 51%.
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