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Old January 25th, 2014, 06:36 PM   #41
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Cairn discovers two new oil fields in Barmer

Jaisalmer: Cairn India, operating the Barmer oil fields in Rajasthan and the largest revenue contributor to the state exchequer, has provided yet another reason to cheer. The company has announced two more oil well discoveries in Rajasthan, taking the total oil fields in the Barmer district block to 28. The finds may add an estimated 500-600 million barrels of oil in the existing resources.

Announcing its quarterly results, Cairn India reported a record revenue from the highest ever production from its fields. Cairn's Rajasthan fields produced 184,982 barrels of oil per day (bpd) in the quarter and the output may rise to 200,000 bpd at the end of the financial year as it puts satellite fields on production. Also, the government's share of profit from the fields went up to 30% from 20%.

"Since resumption of exploration in March 2013, nine explorations and appraisal wells have been drilled until Q3 FY14 and the initial results have been encouraging with these discoveries and a success ratio of over 50%," a statement of the company said, adding that the finds will add an estimated 500-600 million barrels of oil resources to the existing resources.

Cairn said it contributed Rs 6,400 crore to the Central and state governments in taxes and royalties in Q3 and Rs 18,800 crore in the first nine months of the current financial year. Rajasthan block contributed over 200 MMbbls since inception catering to country's energy needs.

"Cairn remains committed to discovering new resources and delivering accelerated value from its assets. Our focus on execution is yielding results," Cairn India CEO P Elango said. The renewed exploration and appraisal programme during 2013 resulted in the discoveries in Rajasthan, he said.

"Our strategy of active exploration across the portfolio opens up potential for resource accretion in the near term. We are keen on evaluating the blocks in NELP-X announced by the oil ministry recently, to build on our exploration-led growth in India," he added.

Cairn successfully tested Aishwariya Barmer Hill at 450 bopd, and recognized it as the 27th discovery. It discovered V2Y channel, the 28th discovery, opened up multiple pay zones in low permeability Barmer Hill formation. The zones together have demonstrated a flow potential of about 450 bopd.

During the quarter, approval has been received for the Mangala field Polymer Flood Enhanced Oil Recovery (EOR) programme, which would be one of the largest in the world. The programme is expected to enhance recovery and support production rates from the field in the longer term.

The Aishwariya field performed better than expected, with sequential increase in production during the period supported by additional drilling. Approvals are also in place for enhancing its daily production rate in excess of 20,000 boepd.

Plans are in place to put some of the other satellite fields into production in the next financial year and in parallel, development plans for others are in preparation. Cairn plans to upgrade the fluid handling capacity at the Mangala Processing Terminal in order to meet the anticipated additional requirements from the increasing water cut as the fields mature.

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