Barmer (Rajasthan), Aug. 29 : Petroleum and Natural Gas Minister Murli Deora on Saturday described the activation of the Mangala Processing Terminal ( MPT) as a historic achievement, as the crude oil production from this block will meet about 20 percent of the nation''s current crude oil production.

He said this will enable the country to save seven percent of the crude oil import bill and reduce import dependence.

Deora was speaking at the inaugural function of the first oil frm Mangala Oil Field in Barmer developed by the consortium of Cairns Energy India and ONGC.

Emphasising the need for stabilising crude oil prices for ensuring the sustained economic growth of the country, Deora said the MPT find is a significant step towards achieving this goal.

Cairn has invested about Rs. 10000 crores in the area.

The total investment in this project will be more than Rs. 20000 crores. The government will get Rs. 46000 crores as profit petroleum revenue over the life of the project and will provide job opportunities for more than 6000 people.

According to company sources, the supply terminal to the Mangala field, the second largest oil discovery in the country in two decades, will be a giant step towards curtailing the country''s oil import bill.

With an initial 30,000 barrels capacity per day (bpd), Cairn India plans to add another 1,00,000 bpd over the next 18 months.

Mangala oil field officials are confident of reaching the target of producing 1,75,000 bpd in the next 20 months.

The project would contribute more than 20 per cent of India''s domestic crude oil production by 2011, the company sources said. (ANI)