Reliance, Essar, IOC Will Buy Cairn Crude Oil this Fiscal
OREANDA-NEWS. April 18, 2011. Cairn
Brent average for the last fortnight has been approximately USD
IOC will be purchasing about 25,000-30,000 barrels a day of Rajasthan crude oil. Reliance is estimated to buy close to 60,000-70,000 barrels a day, while Essar will take about 30,000 barrels daily. Though the current approved production level of the Rajasthan field is 125,000 barrels of oil per day, the field can produce 150,000 barrels. At present, sales arrangements are in place for 143,000 barrels a day with public sector and private refiners.
“Discussions are on with the Government for further increasing the volume from the Rajasthan block,” a source said adding that, “the Government may review nominating Hindustan Petroleum Corporation once the offshore loading facility is completed in Bhogat,
The Government is likely to nominate Mangalore Refinery and Petrochemicals for lifting the Barmer crude oil in 2012-13 once the refinery's coker unit is completed, the source added. Cairn sells all its crude oil through the pipeline network.
On crude oil pricing, an industry source pointed out that, “The buoyant crude oil prices and the widening spread between the heavy and the light crude could potentially drive the discount levels to the higher end of the discount range.” Since the start of crude oil production from Rajasthan, revenues for the stakeholders has clocked over USD 2 billion.
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