Cairn India has reported a 10.29% fall in oil and gas production (Gross operated) for the third quarter of fiscal 2016-17 at 16.73 million barrels of oil equivalent as compared to 18.65 million barrels of oil equivalent in the same quarter last year. The company’s production for the 9M FY17 also declined 6.91% to 52.71 million barrels of oil equivalent as compared to 56.62 million barrels of oil equivalent in the previous fiscal.
For Q3 FY17, average gross production across assets was resilient at 181,818 barrels of oil equivalent per day (boepd). As expected, the production was lower primarily due to planned maintenance shutdown in Rajasthan and natural decline in offshore assets.
Cairn India is one of the largest independent oil and gas exploration and production companies in India with a market capitalisation of $10 billion.