Cairn India and its joint venture partners ONGC, Videocon Petroleum & Marubeni-controlled Ravva Oil propose to undertake a USD 44 million drilling campaign in the eastern offshore Ravva field of the Krishna-Godavari Basin from April 2011. The consortia have completed a 4D seismic campaign in the acreage and data interpretation is underway to identify bypassed oil zones. However, the quantum of oil or gas that can be further recovered were not known. The consortium also plans to drill two new ''infill'' wells and ''workover'' two old Ravva wells by March, 2012. The infill drilling campaign is aimed at augmenting production.
According Cairn, the average gross production from the 331.26-sq km Ravva field in Q3, FY2010-11, was 39,434 barrels of oil equivalent per day, comprising average oil production of 29,667 barrels per day and average gas production of 59 million standard cubic feet per day. Cairn India is the operator of the Ravva field with a 22.5 per cent stake, while Videocon holds 25 per cent, ONGC 40 per cent and Marubeni-owned Ravva Oil holds a 12.5 per cent participating interest.
Cairn's Bhagyam oil field, the second biggest oil field in the Rajasthan block, is set to commence production in second half of 2011, taking the total output to 1,75,000 barrel per day.
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