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Cairn to invest $3.8 bn in Rajasthan

Cairn India will invest $3.8 billion in three blocks out of its 25 discoveries in Rajasthan, more than double the previously approved cost of $1.5 billion.

business Updated: Feb 04, 2009 16:04 IST
PTI

Cairn India will invest $3.8 billion in three blocks out of its 25 discoveries in Rajasthan, more than double the previously approved cost of $1.5 billion.

The development cost of the Mangala, Bhagyam and Aishwariya fields is proposed at $2.9 billion, against previously approved $1.5 billion.

Another $940 million would be invested in laying a heated pipeline from Barmer to the Gujarat coast, said an official of ONGC, which has a 30 per cent stake in the Rajsthan fields.

When the $1.5 billion cost was approved in 2005, the peak production was estimated at 1,25,000 barrels a day, which in the revised figure has gone up to 1,75,000 barrels per day, he said, adding there has been an increase in the cost of equipment, facility, drilling and manpower.

First Published: Feb 04, 2009 16:03 IST