Cairn India is likely to spend $3 billion in order to find more oil over the next three years. With this initiative, the state run firm aims to raise output from its showpiece Rajasthan oilfields by as much as 23% to 215,000 barrels per day by March 2014. At present, the Rajasthan block’s current production is at around 175,000 bpd.
The entity generates the current production from five fields - Mangala, Bhagyam, Aishwariya, Raageshwari and Saraswati. Bhagyam, the second biggest oilfield behind Mangala, is also expected to increase production up to the approved rate of 40,000 bpd by the second half of current fiscal.
