Union MoEF gave clearance to Cairn India to raise crude oil production in Rajasthan block
Union Ministry of Environment and Forests gave environment clearance to Cairn India to raise crude oil production in Rajasthan block.
Union Ministry of Environment and Forests (MoEF) on 11 August 2014 gave environment clearance to Cairn India to raise crude oil production in Rajasthan block. The clearance was given under the provisions of environmental impact assessment (EIA) notification. Cairn India is now allowed to increase its production by 50 percent to 3 lakh barrels per day.
The Union Ministry also gave environment clearance to Cairn to produce up to 165 million standard cubic feet per day of natural gas from the Barmer basin block.
However, Cairn India Limited will have to comply with specific emission norms like:
• The waste water would be treated and a green belt should be developed in at least 33 per cent of the plant area to mitigate the effects of fugitive emissions.
• Cairn will also have to set aside 300 crore rupees for the Enterprise Social Commitment based on local need.
About Cairn India Limited
• Cairn India is one of the largest independent oil and gas exploration and production companies in India with a market capitalization of 10 billion US dollars.
• Navin Agarwal is the present Chairman of Cairn India.
• Vedanta Resources tookover Indian branch of an independent Scottish oil company Cairn Energy making it Cairn India.
• Cairn India was rated as the fastest-growing energy company in the world, as per 2012 and 2013 Platts Top 250 Global Energy Company Rankings.
• Cairn India operates 30 per cent of India’s domestic crude oil production.
• Till date, Cairn India has opened 4 frontier basins with over 40 discoveries, 31 in Rajasthan alone.
• Cairn India is part of the Vedanta Group, a globally diversified natural resources group with wide ranging interests in aluminium, copper, zinc, lead, silver, iron ore, etc.
About Hydrocarbon Potential of Rajasthan
• The Union Ministry noted that the hydrocarbon resource potential of the Rajasthan block is estimated at 7.3 billion barrels of oil equivalent and the estimated cost of project is 16000 crore rupees
• Gas production is planned to reach 22 Million standard cubic feet per day (mmscfd) by end of the fiscal and the new investment in the field development would take it to 90 mmscfd by end of financial year 2016. Oil and Natural Gas Corp (ONGC) holds 30 per cent interest in the Rajasthan block where Cairn is the operator with 70 per cent stake.