The Sri Lankan oil exploration process undertaken by Cairn Lanka is one of the most successful operations in recent times in the region. Sri Lanka's dream of its own hydrocarbon reserves became true after the back to back discovery of natural gas in two wells in the Mannar basin by Cairn Lanka.
Cairn Lanka is a 100 percent subsidiary of Asia's fastest growing E&P Company. Cairn India, has notified the Sri Lankan government of its intention to enter the second phase of exploration.
The Indian company had invested $78 million for the process in 2011. Further investments are expected from Cairn Lanka, as the company plans to enter the second phase of exploration.
This announcement was made following the successful completion of the first phase of exploration, analysts said.
Cairn India is responsible for the delivery of significant domestic crude production from its operated assets across India.
With more than 40 discoveries to its credit date, the company has brought substantial benefits to India and to the states of Rajasthan, Andhra Pradesh and Gujarat.
Three out of seven landmark discoveries in India in the last decade have been attributed to Cairn India.
Cairn India's 100 percent subsidiary Cairn Lanka is exploring in the Mannar basin. Cairn Lanka's successful drilling program, the first in Sri Lanka in 30 years - has established a working petroleum system in the frontier Mannar Basin. It has put Sri Lanka on the world hydrocarbon map.
Cairn Lanka (Private) Limited, a wholly owned subsidiary of Cairn India?Limited, has successfully completed the first phase of the exploration campaign in Sri Lanka Block SL-2007-01-001. The exploration program?involved the acquisition, processing and interpretation of 677 square miles (1,753 square kilometers) of 3D seismic data and a three well deep water drilling program.
The state-of-the-art fifth generation drillship 'Chikyu', from Japan was mobilized for the exploratory drilling campaign in the SL 2007-01-001 block that commenced in August 2011. Prior to initiating the drilling campaign, Cairn Lanka had appointed CGG Veritas AS for collating the seismic data with the help of seismic vessel SR/V Viking II.
Cairn Lanka has completed the seismic program which exceeded the phase I commitment by about 20 percent and in the drilling program the company exceeded the drilling depth commitment by 50 percent.
The operations were conducted safely, in accordance with the highest global standards, within schedule, budget and in compliance with Sri Lankan regulations.
The support of the government and an effective partnership with the Sri Lanka authorities in Sri Lankan, were instrumental in ensuring the successful completion of the first phase exploration program.
Cairn India Limited, the parent company of Cairn Lanka, is listed on the Bombay Stock Exchange and the National Stock Exchange of India since 2007.
Cairn India is headquartered in Gurgaon in the National Capital Region, with operational offices in Tamil Nadu, Gujarat, Andhra Pradesh, Rajasthan and Sri Lanka.
According to Platts, Cairn India is Asia's fastest growing and world's fourth fastest growing hydrocarbon exploration and production company. The average daily gross operated production was 149,103 boe in FY2011. The company sells its oil to major refineries in India and its gas to both PSU and private buyers.
The company has a world-class resource base, with interest in nine blocks in India and one in Sri Lanka.
Cairn India's resource base is located in three strategically focused areas, namely, one block in Rajasthan, three on the west coast of India and six on the east coast of India, including one in Sri Lanka.?
Copyright 2011 The Associated Newspapers of Ceylon Ltd. All Rights Reserved.
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