Cairn IndiaBSE -1.08 % Limited along with its partners is set to invest Rs 3,240 crore in the Ravva Fields in the Krishna-Godavari Basin, to undertake 20 Developmental Wells and for setting up related infrastructure, as the oil and gas production is dwindling from the existing wells.
Cairn India Limited approached the Ministry of Environment Forest and Climate Change seeking necessary clearances for the proposed project. According to the minutes of the meeting by Expert Appraisal Committee under the Ministry, the proposal was given green signal as far as Coastal Regulation Zone (CRZ) is concerned.
“In order to enhance the hydrocarbon production within the already approved capacities, Cairn India Limited on behalf of Ravva JV proposes the following oil and gas developments to produce contingent hydrocarbon resources available in Ravva Field- Drilling of 20 developmental wells: 6 from new RI Platform and 14 from existing platforms… Drilling of 6 nos. of exploratory/appraisal wells to assess presence of hydrocarbons in identified pockets..“The cost of the above-proposed oil and gas development is estimated to be approximately Rs 3,240 crore,” the EAC said in the minutes of the meeting held last month.
According to the company’s annual report of FY 16, the Ravva Fields produced 18,602 Barrels of Oil Equivalent per Day (BOEPD) average daily gross operated production in 2016-17 against 23, 845 BOEPD in FY 16.
Cairn India officials did not respond to mail seeking additional information. The Ravva field located in the shallow offshore area of KG Basin has completed 21 years of operations with, Cairn India as the operator with 22.5 per cent participating Interest.
