Dedicates joint venture by Cairn Energy and ONGC to the nation
BARMER (RAJASTHAN): The Great Indian Desert, once discarded as wasteland until foreign tourists discovered its sand dunes by moonlight, achieved another economic milestone for the State of Rajasthan and the whole country when Prime Minister Manmohan Singh dedicated to the nation the Mangala oil field here, marking the start of commercial production of oil from the area.
Dr. Singh, who termed the occasion as the “beginning of a new era” for the desert State, said the success of the joint venture of Cairn Energy and the Oil and Natural Gas Corporation Limited (ONGC) was a signal to the world community to invest in India.
“Cairn Energy investing in India indicates the good investment climate here at present,” Dr. Singh said, choosing the occasion to invite investors from other parts of the world to India. Cairn Energy has invested Rs.10,000 crore in the area so far.
“Vision has no limits”
Sir Bill Gammell, chairman of Cairn India, corroborated the Prime Minister’s claim over India’s investment climate. “India provides both opportunity and cooperation for development,” Sir Gammell said.
“Our vision has no limits,” he said, promising further investment as well as carrying out all corporate responsibilities in and around the area.
Mangala is the largest of 25 discoveries made by Cairn in the Barmer Basin. Discovered in January 2004, it is said to be the largest onshore discovery in the country over two decades. The Mangala, Bhagyam, and Aisharya fields together have a recoverable oil reserve of one billion barrels.
The production at Mangala, situated some 35 km from Barmer district town, is expected to peak at 1,75,000 barrels a day in the next two years to account for 20 per cent of India’s domestic production.
“I can assure that the Indian government will work with them with all sincerity and extend them all cooperation,” Dr.Singh said..
The significance of the occasion was visible in the presence of as many as four Union Ministers — Murli Deora, C.P. Joshi, Sachin Pilot, and Jitin Prasad — along with Chief Minister Ashok Gehlot.