Cairn India Ltd, which began crude oil production from its Rajasthan block in August, has found more hydrocarbon reserves in the block. This will add 37 per cent to its peak production from the Barmer basin, the company said on Tuesday.
The potential in-place resource for the Rajasthan block has increased to 6.5 billion barrels of oil equivalent from the earlier 4 billion barrels, and in-place discovered resource rose to 4 billion barrels of oil equivalent as against 3.7 billion barrels, Cairn said.
“The higher resource base provides a peak production of 240,000 barrels of oil per day from the current 175,000 barrels,” Cairn India Managing Director and Chief Executive Officer Rahul Dhir said.
Cairn is currently producing around 25,000 barrels of crude oil daily. The company is hoping to ramp up production to 125,000 barrels of oil per day in the second half of 2010.
“There is lot more oil to be found in Rajasthan,” Dhir said. Cairn holds 70 per cent operating interest in the RJ-ON-90/1 Block, while the remaining is held by state-owned Oil and Natural Gas Corp Ltd.