Cairn India is reportedly planning to spend $3 billion in the next three years, in order to increase its oil and gas production in the country. It has decided to invest more than 80% of the total capex on Cairn's prolific Barmer oil block in Rajasthan. By the end of the current fiscal year, company aims to increase oil production from Barmer block more than 26% to 2,15,000 barrels per day from the current daily average of 1,70,000 barrels.
The state run firm also has plans to increase the production from the Bhagyam field of the Barmer block during the second half of the current fiscal year. Other than that, the company has plans to drill 100 new oil wells to monetise new reserves at the Rajasthan block, whose resource potential is 7.3 billion barrels of oil equivalent.
