CAIRN IN­DIA CRUDE OIL & GAS PRO­DUC­TION FALLS 8% IN Q4

Resource Digest - - CONTENT -

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

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