After announcing earnings results for the full year 2012-13, P Elango, CEO of Cairn India informed that the firm aims to invest $3 billion on oil and gas business in India over the next three years.
He further said that over 80 per cent of this investment would go into the firm’s prolific Barmer oil block in Rajasthan. The firm would meet the entire investment from internal resources.
The firm expects oil output from Barmer block to rise more than 26 per cent to 215,000 barrels per day from the current daily average of 170,000 barrels by March 2014.
During the second half of 2013-14, the firm plans to raise output from the Bhagyam field of the Barmer block. Besides, it is also looking at producing oil from two smaller fields at the Barmer hills during 2013-14.
In order to monetise new reserves at the Rajasthan block, the company has plans to drill 100 new oil wells, whose resource potential is 7.3 billion barrels of oil equivalent.
During 2012-13, the firm posted Rs 11,919.74 crore net profit and Rs 17,524.15 crore net sales. Profits earned by Cairn has also helped its parent firm Vedanta Resources to post 21 per cent growth in its core profits (EBITDA) at $4.8 billion for the year ended March, 2013 and 163 per cent growth in its net profit attributable to shareholders at $157.4 million.
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