Cairn India today said it will invest about USD two bn in the country over the next one and a half years for developing oil fields and building a pipeline which will deliver oil from Barmer in Rajasthan to the coastal areas of Gujarat.
"Out of the USD two billion investment, USD 1.8 bn will go in Rajasthan alone and the remaining will be used for other blocks in other parts of the country," Cairn India Chairman Sir Bill Gmmell said at the company's Annual General Meeting here.
Cairn India is developing three fields in Rajasthan -- Mangala, Bhagyam and Aishwariya. It also plans to start test drilling in the Ganga Valley block in Bihar by the end of the current year or early next year.
Gmmell said the company is confident of delivering first oil from Managala in the second half of 2009 followed by oil from Bhagyam and Aishwariya in 2010.
"Subject to regulatory approval, the estimated sustainable plateau rate of production from these fields has increased from 1,50,000 barrels per oil day to 1,75,000 bopd. If the use of Enhanced Oil Recovery techniques prove successful, there is a further resource potential of over 300 mn bopd," he said.
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