Cairn India gains as company begins gas sale from Rajasthan block
The company said the project will produce initial commercial volumes of about 5 million metric standard cubic feet (mmscf) per day.
Cairn India is trading higher by 2% at Rs 283 after the oil exploration and production firm said that it has commenced commercial sale of gas from its Barmer basin in Rajasthan.
“The Cairn-ONGC Joint Venture (JV) commenced commercial sale of gas from the Rajasthan Block (RJ-ON-90/1),” Cairn India said in a BSE filing. ONGC has a 30% stake in the project.
The project will produce initial commercial volumes of about 5 million metric standard cubic feet (mmscf) per day. The block, at present, produces about 30 mmscf of gas per day from the Raageshwari Deep Gas field and the Mangala and Bhagyam fields (as associated gas along with crude oil), it added.
Meanwhile, the company said that it will invest $2 billion (Rs 10,000 crore) over the next few years as part of efforts to raise output at its oil fields in India's northwestern state of Rajasthan by 71%, the newspaper report suggests.
The stock opened at Rs 281 and hit a high of Rs 286 on BSE. A combined 934,701 shares have changed hands on the counter so far on BSE and NSE.
“The Cairn-ONGC Joint Venture (JV) commenced commercial sale of gas from the Rajasthan Block (RJ-ON-90/1),” Cairn India said in a BSE filing. ONGC has a 30% stake in the project.
The project will produce initial commercial volumes of about 5 million metric standard cubic feet (mmscf) per day. The block, at present, produces about 30 mmscf of gas per day from the Raageshwari Deep Gas field and the Mangala and Bhagyam fields (as associated gas along with crude oil), it added.
Meanwhile, the company said that it will invest $2 billion (Rs 10,000 crore) over the next few years as part of efforts to raise output at its oil fields in India's northwestern state of Rajasthan by 71%, the newspaper report suggests.
The stock opened at Rs 281 and hit a high of Rs 286 on BSE. A combined 934,701 shares have changed hands on the counter so far on BSE and NSE.