Cairn India to invest up to $750mn on KG-Basin Block over 5yrs.

Buoyed by discoveries of huge quantities of oil and gas, Cairn India has urged the Director General of Hydrocarbons to declare one of the wells in its onshore KG-ONN-2003/1 block at Nagayalanka on East coast as 'Commercial Discovery', sources close to the development said.

Once the DGH approval comes, the JV will invest $700-750 million over 3-5 years on the Block. The investment includes creation of necessary infrastructure and production, sources said.

BS