“The government has nominated Indian Oil Corporation and Mangalore Refinery & Petrochemicals Ltd, a unit of explorer Oil & Natural Gas Corporation, for purchasing the company’s crude oil,” according to a company source.
Cairn India has also found oil reserves of 3.7 billion barrels, of which 2 billion barrels are in the three main fields comprising of Mangala, Bhagyam and Aishwarya in Rajasthan.
Cairn India is also planning to execute fresh studies at the Ravva oil and gas field in Andhra Pradesh.
Cairn India has a 22.5%participating interest in the Ravva field, while Oil and Natural Gas Corporation Limited and Videocon have 40% and 25% respectively. Marubeni-owned Ravva Oil (Singapore) owns a further 12.5% interest in the project.
