Cairn India is increasing output from its flagship Barmer oilfields in Rajasthan to over 200,000 bpd of oil and gas this fiscal. It expects increased production from two blocks — Bhagya and Aishwarya — in the region.
Its production comes from five fields in the region, the other three being Mangala, Ragheeswari and Saraswati.
Cairn’s current production from the Rajsthan block is about 178,000 bpd. Karunakaran Hari, Head-Commercial, said Barmer had the potential to produce 300,000 bpd of oil and gas. The company is awaiting clearances to ramp up production to this level.
Cairn India is increasing focus on exploration to build up reserves. “Our current reserve to production ratio is six years — that is, at current level of production and reserves, we can continue production for six years.
“Typically, oil companies look at a reserve to production ratio of 15 years,” he told Business Line on the sidelines of an event at Indian School of Business.
The company, which operates in India through a joint venture with ONGC (30 per cent stake), will spend $3 billion for exploration and production in the next three years. In Rajasthan alone, it will invest about Rs 13,000 crore during this period, with plans to drill 100 exploration and 350 developmental wells.