Cairn India which dose oil exploration business in India having its main focus on Rajasthan, India has stuck more oil and gas.
The company which has the production sharing contract with ONGC for this oil field in which the cairn hold 70%
The companies share price has trading between 130-170 in recent times, the market analyst feel the stock is good long term buy.
Though the fall crude oil price may act as dampener in the share price movement and the analyst feel the stock can touch 300-320 levels in long term.
Investor with the long term can buy the stock for handsome returns
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Reliance Industries will be ready to sell gas from its Krishna Godavari offshore basin from the January-March quarter next year.Commercial production of gas from the D6 block in the KG basin would start from January-March quarter, said Mr Mukesh Ambani, Chairman, RIL, at a news conference on Sunday called to announce the commencement of oil production from the block.
Mr Ambani said the crude, which started flowing on September 17, is now stabilised at 5,000 barrels a day, and would be scaled up to 5.5 lakh barrels of oil equivalent a day over the next four to six quarters. This would account for 40 per cent of domestic output. Gas would account for 90 per cent of production from the D6 block, and crude the rest.
The gas from the D6 block is currently being injected back. By fiscal 2010, oil and gas would contribute 25 per cent of the RIL’s profits, against 2 per cent currently.
Source: Business line dated: 22-09-08
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