British energy firm Cairn Energy Plc on Tuesday said it has discovered gas in its Rajasthan block, where India's largest oil find in more than two decades was made last year.
"Cairn has made a new gas discovery with the Raageshwari-5 well, currently operating 75 km south of Mangala (oil field), in the southern part of Rajasthan basin," a company statement said in New Delhi.
The company's oil discoveries, Mangala and Aishwariya (formerly N-A field), are scheduled to bring oil production from the last quarter of 2007. Plateau rates are currently targeted at between 80,000 and 100,000 barrels per day.
India currently imports 2 million barrels of oil a day. It produces 650,000 barrels a day itself, of which 50,000 comes from the Cairn-operated Ravva field.
Cairn said an appraisal well will be required to determine the reservoir extent and size of the gas column before a volumetric assessment of the new Raageshwari discovery can be made.
"The initial evaluation of this Raageshwari Fatehgarh gas discovery is encouraging but further evaluation and appraisal will be required before understanding its full significance," company chief executive Bill Gammell said.
Cairn has also secured a further exploration area, as an extension to its existing onshore acreage in Rajasthan.
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