Cairn in race for two Lankan oil blocks

Cairn India has entered the race for acquiring two oil exploration blocks in Sri Lanka, by bidding for blocks 001 and 002 under the ongoing Sri Lankan licensing round. Back home, it has decided to undertake exploratory drilling in new areas in Rajasthan.

According to sources, Sri Lanka's block 001 is spread over 3,338 sq km, and block 002, 3,572 sq km. Block 001 is, in fact, closer to the Cauvery basin, where oil and gas has already been discovered, hence it is attracting bids from other international oil exploration companies as well.

The chances of striking oil here are higher as geological features of the blocks are similar. In India, Cairn Energy India (CEIL) -- the operator, on behalf of joint venture partners Cairn India and ONGC in contract area RJ-ON-90/1 in Rajasthan -- has decided to commence production activities and development drilling at the Mangala Field.

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