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Cairn India had written to the petroleum ministry about its plans for the block, said a person close to the development.
Reliance Industries and Essar Oil are keen on buying crude oil from Cairn India's Rajasthan fields even as the petroleum ministry struggles to find takers of the nation's most prolific oil discovery among public sector firms.
Cairn India, a unit of UK-based Carin Energy, will have the potential to account for 20 per cent of India's oil production in the next decade once oil starts flowing from its three fields in Rajasthan.
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The investment will be fully funded from the firm's cash resources and will target adding 530 million barrels of oil to its reserves.
Putting aside the plan for setting up a greenfield refinery in the state, Cairn Energy India, in a joint venture with ONGC, is planning to build a 500-km pipeline to evacuate crude oil from the Mangala, Bhagyam, and Aishwarya fields.
UK-based Cairn Energy raised its estimates of oil at its three key Rajasthan fields, and said total potential production was now over 1,50,000 barrels per day.
Cairn Energy has received an 18-month extension for further appraisal of the over 2,884 square km acreage of the Rajasthan block, which preliminary estimates suggested would yield between 35-70 million barrels of oil.
Cairn Energy of UK on Monday said its oilfield in Rajasthan contains more than 2.5 billion barrels of oil reserves.
Cairn Energy of UK has said its Rajasthan oilfield can produce up to 150,000 barrels per day by 2007-end, 50 per cent more than the previously estimated 100,000 barrels per day.
The company is looking to invest more than $3 bn over the next three years.
Cairn's contractual term for exploring and producing oil from the Rajasthan Block RJ-ON-90/2 expires in 2020 and the area is to return to the block licensee, ONGC.
Mayank Ashar, managing director and chief executive officer, Cair India, says the reform momentum should continue and the industry should do its part too.
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