Cairn India | Oil and Gas Discovery In Krishna And Godavari Basin | Real Fact Behind Cairn India

Cairn India, a subsidiary of UK-based Cairn Energy PLC, has made an oil and gas discovery in an onland KG basin block, according to some media reports. The company made this discovery in the second well drilled in the block KG-ONN-2003/1 in Krishna Godavari basin.

Though the company had informed the oil regulator, Directorate General of Hydrocarbons (DGH), about the discovery, it has not put any number to the potential reserves the find may hold. The company won this block in the fifth round of bidding of New Exploration Licensing Round (NELP).

Currently, the company is on the brink of being acquired by mining firm Vedanta Resources. Cairn Energy Plc, which holds 62.36% stake in Cairn India, is likely to offload around 12% of its stake in the Indian arm to London Stock Exchange listed Vedanta Resources Plc.

Cairn India is one of the biggest private sector exploration and production companies in India.

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