Cairn India has completed the 590 km pipeline from Rajasthan to Gujarat and started supplying crude to Reliance Industries Ltd (RIL).
The company which posted a 23% jump in Q3 profits to Rs 2910 million has faced delays in completing the pipeline work, threatening its aim of increasing production from 20,000 barrels per day to 125,000 barrels.
Cairn said it is now confident of meeting the target of increasing production to the planned level by the middle of this year. Exploration continues in Rajasthan, where it has already estimated over a billion barrels of recoverable crude oil. Cairn is preparing for drilling at least two exploration wells this year.
|
|