The Telegraph
Since 1st March, 1999
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Cairn tastes success yet again

New Delhi, Feb. 4: Cairn Energy of the UK has made a second oil discovery in Rajasthan.

Petroleum minister Ram Naik said today that the crude found in the block RJ/on/90-1 is sweet and waxy. The initial reserves in place have been estimated at 20 million tonnes of oil.

About 200 barrels of crude and 7.3 million standard cubic feet of gas flowed out of the exploratory well. The earlier field in Rajasthan has in place reserves of 14.1 million tonnes.

Cairn Energy has struck oil and gas in 10 fields which have been named after Indian goddesses, including Saraswati, Parvati and Lakshmi.

Meanwhile, ONGC and Reliance Industries today signed the licence agreements for oil and gas blocks awarded to them by the government under the third round of offering of the new exploration licensing policy (NELP).

ONGC signed production-sharing contracts for 13 blocks while RIL, in consortium with Hardy Oil of the UK, inked agreements for nine blocks, including seven deepwater blocks.

The minister said the minimum committed investment in the first exploratory phase in 23 blocks would be around $ 415 million. The agreements for these blocks were signed today.

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