Jaipur: Discovery of vast reserves of oil and natural gas in Barmer district, (located 350 km away from Jaipur) in Rajasthan, has put the state on the oil map of the world, says Rajasthan Chief Minister Vasundhara Raje.
Raje spoke at the loan contract function of Cairns Energy, a Scottish company that has taken $1 billion loan from the International Syndicate Bank Group for the development of oil areas in the state.
Union Petroleum Minister Murli Deora and Rajasthan Minister for Mines and Petroleum Laxmi Narain Dave were also present on the occasion.
Raje claimed that this was the biggest oil reserve found in the country after 22 years and was being counted among the first hundred oil reserve areas of the world.
"Cairns Energy has achieved this distinction by digging 125 wells in 17 oil areas in Barmer district in the last two and half years," the chief minister said.
"Over 3.5 billion barrel oil reserves are expected in Barmer and Cairns Energy would probably start production in two oil areas from October this year," Raje added.
She said that the petroleum sector would become an important source of revenue and also help the growth of the state in the coming years.
The chief minister expressed the hope that the Oil and Natural Gas Commission (ONGC) would soon set up oil refinery in Barmer, which would open avenues for investment in the area and industrial units based on petroleum.
Expressing gratitude to Cairns Energy for making arrangements of funds in a short period for the development of oil areas in the state and the union government for continuing exploration of oil wells further even after six years, Raje defined the function as an historic event.
She assured that the state government would always be ready to cooperate in every possible way with the Scottish company.
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