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Cairn India crude oil & gas production falls 8% in Q4
Cairn India reported an 8 per cent fall in oil and gas production for the fourth quarter of fiscal 2015-16 at 17.93 million barrels of oil equivalent as compared to 19.4 barrels of oil equivalent in the same quarter last year. The company’s production for the full 2015-16 fiscal also fell 4 per cent to 74.56 million barrels of oil equivalent as compared to 77.26 million barrels of oil equivalent in the previous fiscal.
“Gross production from Rajasthan declined by 4 per cent compared to the fourth quarter of fiscal 2014-15, mainly due to the natural decline and under-performance 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 other discoveries are in DA2.For the full 2015-16 fiscal, average daily gross production was 203,703 barrels of oil equivalent per day, 4 per cent lower than the previous fiscal due to lower production from Rajasthan and offshore assets. “Rajasthan production declined 3 per cent due to reservoir underperformance at Bhagyam. However, an excellent performance by Mangala EOR and contribution from Aishwariya infill program partly made-up for the decline,” Cairn said. <
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