The consolidated net profit of Cairn India rose 48 per cent to Rs 3,344.9 crore in the October-December 2012 quarter from the year-ago period.
The company announced a 38 per cent growth in consolidated revenue to Rs 4,277.6 crore during this period. The revenue for the quarter is post-profit sharing with the government and the Rajasthan block royalty expense, P Elango, Interim Chief Executive Officer of the firm said.
Elango said the company was focused on exploration across its asset portfolio, both in India and core areas internationally.
The company produced over 200,000 barrels of oil equivalent (oil and gas both) on a gross basis daily during Oct-Dec 2012 from its three assets — Barmer (Rajasthan), Ravva (East Coast), and Cambay fields.
This level of production helped India reduce its import dependence for crude oil by almost $1.7 billion and has contributed almost $0.9 billion to the national exchequer, Elango said.
With the recent government decision to allow exploration activity within an area that has been delineated after discoveries of hydrocarbons for production, the management committee of Cairn’s Rajasthan block (RJ-ON-90/1) has requested the joint venture – ONGC and Cairn – to submit an exploration work programme.
The target is to drill the first exploration well by end of 2012-13, Elango said. The Rajasthan block is producing 175,000 barrels of oil per day (bopd).
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