Cairn India expects glut of natural gas

Feb. 11, 2014 at 8:15 AM

NEW DELHI, Feb. 11 (UPI) -- Cairn India says it believes there might be more than 300 billion cubic feet of natural gas in parts of the Raageshwari natural gas field.

A high-ranking official from the company told Indian newspaper the Hindu reserves from the southern part of the field could be more than 300 billion cubic feet of natural gas. It's stepping up development efforts and the official said his company is "sure" there are more commercial prospects there.

"We hope to have the gas results out by the first quarter of 2015," the official was quoted as saying Tuesday on condition of anonymity. "It will be a real story."

Last month, the Indian government announced plans to review more than a dozen basins across the country to update its estimated oil and natural gas potential.

In early January, state-owned Oil and Natural Gas Corp. Ltd. said it expects to produce as much as 353 million cubic feet of natural gas from offshore reserves by 2018.

The U.S. Energy Information Administration said it estimates India had 5.5 billion barrels of proven oil reserves and 43.8 trillion cubic feet of proven natural gas reserves as of 2012.

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