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Cairn India to double its output to 0.42 mmscmd from Rajasthan fields

06 Oct 2014 Evaluate

Cairn India is planning to double its output to 0.42 mmscmd (million standard cubic metre a day) from its Rajasthan fields. In this regards, the company has approached the Ministry of Petroleum & Natural Gas for higher allocation of gas from Rajasthan fields.

The Rajasthan joint venture of Cairn India and ONGC has requested the Ministry for increasing the allocation to 0.42 mmscmd on firm basis and up to 0.6 mmscmd on fallback basis. The venture commenced sales from the RJ-ON-90/1 Block in April 2013. Currently, gas is being sold to one customer (Gujarat Narmada Valley Fertilizers & Chemicals Ltd) as allocated by the Government at close to $8 mmBtu. Cairn India’s Rajasthan oil block is now focussing on gas prospecting.

Cairn India is primarily engaged in the business of oil and gas exploration, production and transportation. In Q1FY15, the company’s net profit had declined 67.63% at Rs 643.81 crore as compared to Rs 1989.12 crore for the quarter ended June 30, 2013.

 

Peers
Company Name CMP
ONGC 283.95
Oil India 470.10
Jindal Drilling&Inds 540.15
Deep Industries 476.90
Asian Energy Service 306.05
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