Cairn India, which operates the Mannar oil exploration facility through its subsidiary Cairn Lanka (Pvt) Ltd, said this week that ‘exploration’ drilling for oil off the Mannar coast will commence in August.
The company has acquired 1,750 km2 3D seismic data in the frontier Mannar Basin in the December 2009 to January 2010 period.
“The programme fulfills the minimum work commitment of 1,450 km2 of 3D seismic data acquisition. The Mannar Basin is an under-explored frontier basin. Based on the 3D seismic interpretation, several prospects and leads have been identified and technical work to understand the petroleum system in this basin is ongoing,” the company said in its annual review of financial results for the 2010-11 year, adding that that a drill-ship has been contracted and the final preparations for the exploration drilling are underway.
Rahul Dhir, Managing Director and Chief Executive Officer, Cairn India said in a statement that Cairn India's continued focus on safe and efficient operations has helped the company to quickly ramp up the Mangala production to 125,000 bopd and deliver almost 40 mmbbls of crude oil to Indian refineries.
He said the successful delivery of the large scale Rajasthan project, the continued focus on life cycle planning and low cost operations in Rajasthan, Ravva and CB/OS-2 along with the application of innovative technologies has created a strong foundation for our future growth.
“We are therefore, well placed for the exploration drilling campaign in the frontier Mannar Basin in Sri Lanka later this year,” he added.
Consolidated revenues of the company for 2010-11 was US$ 2,255 million compared to US$ 342 million in 2009-10. Consolidated profit after tax was US$ 1,390 million compared to US$ 222 million in the same comparable years.
Cairn India said it has a total of 10 blocks in its portfolio in three strategically focussed areas namely one block in Rajasthan, three on the west coast of India and five on the east coast of India and one in Sri Lanka. Exploration activities are ongoing at different stages in the exploration blocks. |
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