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Cairn Ramping Production at Rajasthan May Depend On CCEA--------- PLEASE CHECK

  • In an exclusive report, CNBC-TV18 has learnt that Cairn India ramping up production at Rajasthan now hinges upon a CCEA approval. The oil ministry has decided that it is best to first get the CCEA’s formal approval on the Cairn-Vedanta deal before giving Cairn a go-ahead to increase its Rajasthan output.

  • The oil ministry has already floated a cabinet note and hopes the matter will be taken up next week.Cairn India, for several months now, has been seeking the government’s approval for hiking its production.  These approvals seemed like a mere formality once Cairn and Vedanta had closed their USD 8.8 billion deal in December after agreeing to all of government’s pre-conditions.Nonetheless, getting this approval is necessary for Cairn to meet its FY12 production guidance of 175,000 bpd.

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