Venezuelan national oil company Petroleos de Venezuela S A (PDVSA) will help Oil India Ltd exploit about $2 billion worth of heavy crude oil in Baghewala oil field in Rajasthan.
Indian Oil Corporation has started buying crude oil from Cairn India's Rajasthan oil fields, which have now crossed the 1,00,000 barrels per day mark in production.
Cairn India, the oil company 69 per cent owned by FTSE 100 listed Cairn Energy, is raising $625m from a private placement of shares to two investors, one of them Petronas, Malaysia's national oil company. The money will be used to invest in Cairn India, including the development of its large Rajasthan oil fields, for which cost estimates have been rising.
Cairn India, which is 69 per cent owned by London-listed Cairn Energy, is very close to securing the vital approval it needs to begin work on the pipeline to transport the oil from its vast Rajasthan oil fields, the Indian government has said.
Cairn Energy of UK has secured a $1 billion banking facility to fund its Rajasthan oil field development plan.
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.
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