April, 30, 2014
Cairn India, the company engaged in Sri Lanka’s maiden off-shore natural gas discovery in the Mannar Basin has urged the government for a holistic view over the discovery to maximise its benefits.
In its fourth quarterly report Cairn India has stated that the company is continuing discussions with the Sri Lankan government regarding the commercial terms necessary to exploit the discovered gas resources in the Mannar Basin. It has concluded its appraisals and commercial studies to determine the next steps for the gas discoveries made on the block in 2013.
The annual report also states that in November 2013, the company had participated in Sri Lanka’s offshore bidding round for the M-5 block located south of its current block in the Mannar Basin.
Cairn India’s fourth quarter revenues stand at US $ 3.1 billion, which is an increase of 7 percent year-on-year on account of enhanced volumes.
Cairn is also engaged in land and off-shore oil exploration in India and hydrocarbon exploration in South Africa among others.