Cairn India to start shale oil exploration in Rajasthan by July 2022

Cairn India intends to start shale oil exploration by July 2022 at its crude oil assets in Rajasthan, namely, Mangala, Bhagyam and Aishwariya. It estimates that these three blocks have a shale potential of 3 billion barrels of oil equivalent per day (boepd), and plans to establish a reserve of 300 million boepd. It is targeting a production level of 500,000 boepd. Cairn India will invest around $700 million in 2022-23 in its exploration programme in Rajasthan, as well as in its other offshore assets, with the objective of boosting production. Cairn India owns around 55 exploration and production blocks and plans to invest around $5 billion in the next three years.