In a significant development, Cairn India today raised its estimates for the reserves in its Rajasthan oilfields and said it can produce 37 per cent more oil than previously thought, a move that help reduce nation's import dependence.
Peak output envisages from the Thar dessert fields is now estimated at 2,40,000 barrels per day, equallying production from state-run Oil and Natural Gas Corp's (ONGC) prime Mumbai High fields in the western offshore.
Mumbai High is the nation's largest oilfield.
Cairn India CEO Rahul Dhir said the company has raised estimates of oil and gas in place in Barmer fields to 4 billion barrels of oil (boe) equivalent from 3.7 billion boe previously. Further, there could be another 2.5 billion boe yet to be discovered.
"We estimate that the fields have a potential to produce 240,000 barrels of oil per day (12 million tonnes per annum)," he told reporters. The company had earlier projected a peak output of 175,000 bpd.
Petroleum Minister Murli Deora congratulated Cairn for the achievement and said the increase in reserves augurs well for energy security of the country.
"I am told that peak output from Rajasthan is now estimated at 240,000 bpd and this increased output will help reduce nation's reliance on imported crude oil to meet its energy needs," he said.