The Hindu : Business : Cairn India to tap first oil from Mangala field in Rajasthan by mid-2009

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Cairn India to tap first oil from Mangala field in Rajasthan by mid-2009

Special Correspondent

Reports manifold increase in third quarter profit

NEW DELHI: Cairn India on Wednesday reported a manifold increase in its third quarter (July-September) net profit at Rs. 293.30 crore against Rs. 23.20 crore in the same quarter in the previous year on the back of high crude oil prices.

The company got $116.3 a barrel for the oil it produced mostly from the Ravva field in eastern offshore. It had earned $77.2 a barrel in July-September 2007.

Its consolidated revenue for the third quarter was Rs. 320.60 crore against Rs. 265.81 crore.

Development of the Mangala field in Rajasthan is on track with adequate liquidity in place to deliver first oil in the second half of 2009, the company said in a statement.

Cairn India Chief Executive Officer Rahul Dhir said the company would take efforts on driving forward the Rajasthan upstream and midstream developments and remain on track with adequate financial liquidity to deliver first oil from Mangala in the second quarter of 2009.

The company is laying a heated-pipeline from the Barmer district in Rajasthan to the Gujarat coast to transport the crude oil to refineries. Cairn India said the revised Mangala field development plan (FDP) had been submitted with a 30-per cent increase in reserves and an increase in peak output to 1.25 lakh barrels a day.

Mangala is now assessed to hold 1,293 million barrels.

Together with Bhagyam and Aishwariya fields, Cairn will produce 1.75 lakh bpd of peak oil from Rajasthan, the statement added.

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