Cairn India has reported an 8% 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% 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% compared to the fourth quarter of fiscal 2014-15, mainly due to the natural decline and under-performance of the Bhagyam reservoir. 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% 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.
Cairn India is one of the largest independent oil and gas exploration and production companies in India with a market capitalisation of $10 billion.
| 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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