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Cairn Energy Discovered Oil In India

British oil explorer Cairn Energy is pleased to announce that it had discovered...

British oil explorer Cairn Energy is pleased to announce that it had discovered an oil deposit in north-west India and said these resources could yield around 500 million pounds a year.

Cairn?s chief executive, Bill Gammell, said its is possible to have around $1 billion from 2008 there, if based on a $40 oil price, taking account of production costs and the Indian government's 30% share in the fields. The biggest field, Mangala, is due to start production at the end of 2007.