In June 2013 Cairn India, which owns 70% of the fields, submitted a draft enhanced oil recovery (EOR) plan for the Mangala oilfield.
Prior to approving the plan, ONGC, which owns the remaining 30% interest in the block, conducted studies.
Funds will be used for drilling additional wells and other works and the project cost will be shared between Cairn India and ONGC in a ratio of 70:30.
The joint venture, Cairn-ONGC is set to drill 48 infill wells in the current fiscal year ending 31 March 2014, which will also be used for EOR later on.
By the turn of next fiscal, Cairn is targeting 215,000 bpd output in the block where it produces over 175,000 barrels of oil per day from Mangala, Bhagyam and Aishwariya fields.
In a bid to monetize new reserves at the block with a resource potential of 7.3 billion barrels of oil equivalent, Cairn further plans to drill 100 new oil wells.
