Cairn India and its partner ONGC have restarted exploration activity in the discovered Krishna Godavari basin onshore block. Cairn had discovered oil and gas in its East Coast block in August 2010. The initial discovery in one well had shown a flow of 75 barrels a day of oil and 0.27 million cubic feet a day of gas. It is light crude oil, according to sources. Light crude oil flows freely at room temperature and receives a higher price on the commodity markets because it can yield a higher percentage of petrol and diesel.
Cairn India's exploration campaigns had taken a backseat in India as it got involved with the proposed stake sale of the parent, Cairn Energy to Vedanta Resources. However, now with the deal inching closer to reality, the company has overcome uncertainty.
Drilling one onshore well costs around $35-40 million. Cairn India has a participating interest of 49 per cent, and is the operator. ONGC holds the balance 51 per cent. The initial discovery has opened up a new play in the southern part of KG basin, which is one of the most established basins, sources said, adding that the basin has seen significant success in both shallow and deep waters,
| Company Name | CMP |
|---|---|
| ONGC | 279.25 |
| Oil India | 454.40 |
| Jindal Drilling&Inds | 535.85 |
| Deep Industries | 457.70 |
| Asian Energy Service | 297.85 |
| View more.. | |
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: