Cairn India is set to temporarily shut down the Mangala processing terminal for 10 days next month. This could impact the daily gross average production rate for Q2 FY15 of the company. The Mangala Processing Terminal (MPT) spread over an area of 1.6 sq km is located 40 km from the nearest town, Barmer. The MPT processes crude oil extracted from the Rajasthan fields.
Moreover, the company would be utilizing this opportunity to tie-in new facility enhancements related to the development projects. The Rajasthan Block produced 16.7 million metric barrels of oil equivalent in the quarter.
Recently, Cairn India extended a loan of $1.25 billion (around Rs 7,500 crore) to its parent company -- Vedanta -- for a two-year period as a part of the former’s treasury operations. The company had already given Vedanta $800 million of the total loan committed while the balance would be disbursed in the coming quarters.
| Company Name | CMP |
|---|---|
| ONGC | 279.25 |
| Oil India | 454.40 |
| Jindal Drilling&Inds | 535.85 |
| Deep Industries | 457.70 |
| Asian Energy Service | 297.85 |
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