Cairn India is looking at increasing output from the Rajasthan oilfields to 240,000 barrels a day from 150,000 barrels/day, at present.
This was stated by Mr Anil Agarwal, Chairman, Vedanta Group, after a meeting with the Petroleum Minister, Mr S. Jaipal Reddy,
Mr Agarwal's Group companies recently completed the acquisition of a majority stake in Cairn India. Stating that there were no plans to do away with the Cairn brand name, he said “We are looking at how we can grow further. We are also looking at capital investment prospects.”
Cairn's Mangala field in Rajasthan is consistently producing at 125,000 barrels of oil/ day since August 2010 and continues to pursue higher offtake of 150,000 barrels of oil/day.
The Bhagyam field in the block commenced production on January 19, 2012 and is producing between 18,000-20,000 barrels of oil/day. The approved plateau rate for Bhagyam is 40,000 barrels of oil/day.
Cairn is targeting to exit fiscal 2011-12 at 175,000 barrels of oil a day from Mangala and Bhagyam fields.