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Cairn India said its main MBA oil fields in the prolific Rajasthan block hold 2.19 billion barrels of inplace oil reserves at the end of 2012-13 fiscal, about five% more than a year ago.
Mangala, Bhagyam and Aishwariya, popularly known as MBA fields, held 2.090 billion barrels of inplace oil and gas reserves as on March 31, 2012 and despite the three fields producing at the rate of about 170,000 barrels per day for most part of the year, the fields are now estimated to hold 2.193 billion barrels of oil equivalent.
Cairn in a filing to the stock exchanges said recoverable reserves (Gross Proved and Probable Reserves and Resources) in MBA fields are 905 million barrels of oil equivalent.
Other fields in the Rajasthan block hold over 2 billion barrels of oil equivalent, of which 180 million barrels could be recoverable.
For all its properties in India and Sri Lanka, Cairn said 2P reserves would be 1.286 billion barrels of oil equivalent.
"DeGolyer and MacNaughton (D&M), the leading independent reserves auditors, in an independent review estimate it to be 1.296 billion barrels," it said.
Cairn said the MBA filds in Rajasthan block "have gross ultimate oil recovery of over 1 billion barrels from primary, secondary and Enhanced Oil Recovery (EOR) methods."
"Evaluation of the other discoveries in the Rajasthan block has made progress and development plans for the NI, NE and Barmer Hill oil pools have been submitted to our joint venture partner for review," it said.
Cairn holds is the operator of the Rajasthan block with 70% interest while the remaining 30% is with state-owned Oil and Natural Gas Corp (ONGC).
"Corporate budgets for bringing these fields to production have been approved, and contingent resources have been moved to reserves in anticipation of upcoming development activities," Cairn said without giving details.
"We believe that the Barmer Hill formation has significant potential, and Cairn India will be utilising state-of-the-art fracture stimulation and horizontal well completion technology to monetise this low permeability resource," it said.
Cairn said it will asset further upside in the basin where this formation is similar to the prolific unconventional plays that are being developed around the globe.
