MUMBAI, Jan 19 - Energy explorer Cairn India (CAIL.BO), a unit of UK's Cairn Energy (CNE.L), said on Monday it had received government approval to develop more oil and gas discoveries in the western Indian state of Rajasthan.
The government has approved to commercially develop three oil and gas discoveries in Kameshwari West and a new development area of 822 square kilometres in the northern appraisal area of Rajasthan blocks, the company said.
"It will enable us to develop the discoveries and access the area for further exploitation of additional resources," Managing Director and CEO Rahul Dhir said in a statement.
The company's largest field, Mangala, also in Rajasthan is set to start production by the second half of 2009.
Shares in Cairn India, which aims to produce 175,000 barrels a day from some fields in Rajasthan by 2010, were trading up 1.3 percent at 157.50 rupees by 11:15 a.m. (0545 GMT) in a weak Mumbai market.
The government has approved to commercially develop three oil and gas discoveries in Kameshwari West and a new development area of 822 square kilometres in the northern appraisal area of Rajasthan blocks, the company said.
"It will enable us to develop the discoveries and access the area for further exploitation of additional resources," Managing Director and CEO Rahul Dhir said in a statement.
The company's largest field, Mangala, also in Rajasthan is set to start production by the second half of 2009.
Shares in Cairn India, which aims to produce 175,000 barrels a day from some fields in Rajasthan by 2010, were trading up 1.3 percent at 157.50 rupees by 11:15 a.m. (0545 GMT) in a weak Mumbai market.
