Cairn India Gets Permission to Begin Production at Bhagyam

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NEW DELHI (Dow Jones) India's oil ministry has approved a proposal from Cairn India to start production at the Bhagyam field in the northwestern state of Rajasthan, a senior oil ministry official said Wednesday. 

Cairn will initially produce about 25,000 barrels of crude oil a day at Bhagyam, the official, who didn't wish to be named, told reporters. 
 
Cairn, majority controlled by Vedanta Group, is producing 125,000 barrels a day crude from the Mangala field in the Rajasthan block. The potential of the Rajasthan basin is estimated at 240,000 barrels a day. 
 
Cairn holds 70 percent and state-run Oil & Natural Gas Corp. holds the remaining 30 percent stake in the Rajasthan block. 
 
A Cairn India spokesman couldn't be immediately reached for comment.
 
Copyright (c) 2012 Dow Jones & Company, Inc.
 
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