CAIRN INDIA CRUDE OIL & GAS PRODUCTION FALLS 8% IN Q4
Cairn India has reported an 8 per cent fall in oil and gas production for the fourth quarter of 2015-16 to 17.93 million barrels of oil equivalent, from 19.4 million barrels in the same quarter last year.
The company’s production for the full fiscal also fell 4 per cent to 74.56 million barrels of oil equivalent from 77.26 million barrels of oil equivalent the previous fiscal.
“Gross production from Rajasthan declined 4 per cent compared with the fourth quarter of 2014-15, mainly due to the natural decline and underperformance of the Bhagyam reservoir,” the company said in an official statement.
Bhagyam is one of Cairn’s largest discoveries in Rajasthan. The Mangala reservoir is its largest discovery in the State.
The company’s average gross production on a daily basis was 9 per cent during the fourth quarter at 197,039 barrels of oil equivalent per day. Average daily gross production from Rajasthan was 4 per cent lower at 167,650 barrels of oil equivalent per day. The company said in a statement that lower volumes from Bhagyam were partly offset by ‘infill wells’ in Aishwariya, better reservoir management initiatives across the field and a ramp up of production.
“Gross production from the Development Area DA1 and DA2 averaged at 150,918 barrels of oil equivalent per day and 16,732 barrels of oil equivalent per day, respectively,” Cairn said.
DA1 comprises Mangala, Bhagyam and Aishwariya oilfields in Rajasthan, while the other discoveries are in DA2.
For the full fiscal, average daily gross production was 203,703 barrels of oil equivalent per day, four per cent lower than in 2014-15 due to lower production from Rajasthan and offshore assets.
BHAGYAM IS ONE OF CAIRN’S LARGEST DISCOVERIES IN RAJASTHAN. THE MANGALA RESERVOIR IS ITS LARGEST DISCOVERY IN THE STATE