DGH asks Cairn Energy to submit details on reserves

Mumbai, Mar 18 (UNI) Directorate General of Hydrocarbons (DGH) has directed UK-based Cairn Energy to submit details on the estimated reserves in the Rajasthan block, the largest oil find in India, in the last two decades, said industry sources.

Earlier, Cairn Energy had estimated in-place reserves of 1.16 billion barrels on the basis of its development plan but has now upgraded recoverable reserves from Mangala, Bhagyan, Aishwariya, three of its 12 discoveries in the Rajasthan block, by 20 per cent to 606-795 million barrels.

The company has now estimated that the Rajasthan block has in-place reserves over 3.5 billion barrels.

Besides this, Cairn Energy also has stake in the Ravva oil field and Cambay basin.

Meanwhile, the company plans to offer 25-80 per cent of its equity stake in its Indian operations through an initial public offering.

UNI SN KU AG1641