Statement re Cairn India Ltd
Cairn Energy PLC
30 April 2008
FOR IMMEDIATE RELEASE
30 April 2008
CAIRN ENERGY PLC ('Cairn')
Crude evacuation from RJ-ON-90/1 contract area
The attached release was issued today by Cairn India Limited ('Cairn India') to
the Bombay Stock Exchange and the National Stock Exchange of India.
Enquiries to: Tel: 0131 475 3115
Cairn Energy PLC
Sir Bill Gammell, Chief Executive
Jann Brown, Finance Director
David Nisbet
Brunswick Group LLP: Tel: 0207 404 5959
Patrick Handley
Notes to Editors:
1. Cairn Energy PLC ('Cairn') is an Edinburgh-based oil and gas exploration
and production company listed on the London Stock Exchange.
2. 'Cairn', where referred to in this release, means Cairn Energy PLC and/
or its subsidiaries (including Cairn India), as appropriate.
3. 'Cairn India', where referred to in the release, means Cairn India
Limited and/or its subsidiaries, as appropriate.
For Immediate Release
April 30 2008
Cairn India
Crude evacuation from RJ-ON-90/1 contract area
The Ministry of Petroleum and Natural Gas of the Government of India (GoI), has
conveyed its agreement to shift the delivery point with respect to the contract
area under the RJ-ON-90/1 Production Sharing Contract to Salaya at the Gujarat
coast.
Oil field development work in Rajasthan has already started. The integrated
upstream and midstream development is on course to produce first oil from
Mangala in the second half of 2009. All major civil and construction contracts
have been awarded and long lead time items have been procured.
The Chief Executive Officer of Cairn India, Rahul Dhir said,
'This is a very positive development for the project. Along with our joint
venture partner ONGC we have already invested more than $1 billion in Rajasthan
and plan to invest an additional $2.6 billion in the development over the next
two years.
This is a project of national importance and a landmark project for Rajasthan,
generating very significant royalties for the State and creating more than
10,000 jobs in Barmer during the construction phase.'
Enquiries to:
Analysts/Investors
Anurag Mantri, Investor Relations Manager +919810301321
Media
David Nisbet, Director, Corporate Communications +91 9910694336
About Cairn India Limited
O 'Cairn India' where referred to in the release means Cairn India Limited
and/or its subsidiaries, as appropriate.
O 'Cairn' where referred to in this release means Cairn Energy PLC and/or
its subsidiaries (including Cairn India), as appropriate.
O Cairn India is headquartered in Gurgaon on the outskirts of Delhi, with
operational offices in Chennai, Gujarat, Andhra Pradesh and Rajasthan.
O On 9 January 2007, Cairn successfully concluded the flotation of its
Indian business with the commencement of trading of Cairn India Limited on
the Bombay Stock Exchange and the National Stock Exchange of India. Cairn
Energy PLC currently holds a 65% shareholding in Cairn India Limited.
O Cairn India is currently focused on exploration and production in India
where it has a working interest in 14 blocks, two of which are producing
hydrocarbons. The company holds material exploration and production
positions in west India and east India along with new exploration rights
elsewhere in India.
O This focus on India has already resulted in a significant number of oil
and gas discoveries. In particular, Cairn made a major oil discovery
(Mangala) in Rajasthan in the north west of India at the beginning of 2004.
More than 20 discoveries have been made in Rajasthan block RJ-ON-90/1.
O In Rajasthan, Cairn India operates Block RJ-ON-90/1 under a Production
Sharing Contract (PSC) signed on 15 May 1995. The main Development Area
(1,858 km2), which includes Mangala, Aishwariya, Saraswati and Raageshwari;
is shared between Cairn India and ONGC, with Cairn India holding 70% and
ONGC having exercised their back in right for 30%. A further Development
Area (430 km2), including the Bhagyam and Shakti fields, is also shared
between Cairn India and ONGC in the same proportion.
O The Operating Committee for Block RJ-ON-90/1 consists of Cairn India and
ONGC.
O India currently imports approximately 2,000,000 barrels of oil per day
(bopd). It produces approximately 700,000 bopd itself of which
approximately 50,000 bopd comes from the Cairn India operated Ravva field on
the east coast of India.
O For further information on Cairn India Limited see www.cairnindia.com
This information is provided by RNS
The company news service from the London Stock Exchange
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