CAIRN INDIA LIMITED For Immediate Release 11th April, 2016
Q4 | Q3 | Full Year | |||||
Particulars | FY2016 | FY2015 | % change YoY | FY2016 | FY2016 | FY2015 | % change YoY |
OIL AND GAS (boepd) | |||||||
Average Daily Total Gross Operated Production* | 206,170 | 224,294 | -8% | 211,843 | 212,552 | 220,876 | -4% |
Average Daily Gross Operated Production (boepd) | 197,039 | 215,553 | -9% | 202,668 | 203,703 | 211,671 | -4% |
Rajasthan | 167,650 | 174,206 | -4% | 170,444 | 169,609 | 175,144 | -3% |
Ravva | 19,058 | 31,738 | -40% | 21,703 | 23,845 | 25,989 | -8% |
Cambay | 10,331 | 9,609 | 8% | 10,521 | 10,249 | 10,538 | -3% |
Average Daily Gross Working Interest Production (boepd) | 125,775 | 132,929 | -5% | 128,402 | 128,191 | 132,663 | -3% |
Rajasthan | 117,355 | 121,944 | -4% | 119,311 | 118,726 | 122,601 | -3% |
Ravva | 4,288 | 7,141 | -40% | 4,883 | 5,365 | 5,847 | -8% |
Cambay | 4,132 | 3,844 | 8% | 4,208 | 4,100 | 4,215 | -3% |
Total Production (million boe) | |||||||
Oil & Gas- Gross Operated | 17.93 | 19.40 | -8% | 18.65 | 74.56 | 77.26 | -4% |
Oil & Gas-Working Interest | 11.45 | 11.96 | -4% | 11.81 | 46.92 | 48.42 | -3% |
*Includes Internal Gas Consumption
Average gross production for Q4 FY2016 was 197,039 barrels of oil equivalent per day (boepd), 9% lower than Q4 FY2015, primarily due to lower volumes from Ravva on account of its natural decline. A strong volume in Q4 FY2015 in Ravva was due to bringing in additional wells online through infill program.
Gross production from Rajasthan declined by 4% compared to Q4 FY2015, mainly due to natural decline and under-performance of the Bhagyam reservoir. Lower volumes at Rajasthan were partly offset by infill wells in Aishwariya, better reservoir management initiatives across the field and a ramp up of production from successful EOR project execution. Gross production from Development Area DA1 and DA2 averaged at 150,918 boepd and 16,732 boepd, respectively.
Cambay block production increased by 8% compared to Q4 FY2015 driven by commissioning of an artificial gas lift system and better reservoir performance in 4Q16.
Financial Year 2016 vs. Financial Year 2015Average gross production in FY2016 was 203,703 boepd, 4% lower than FY2015 on account of lower production from Rajasthan and offshore assets. Rajasthan production declined 3% 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. Our Mangala EOR project is on track and producing the result as expected. Prudent reservoir management practices helped us reduce the impact of natural decline in our offshore assets.
Gas production from the RDG field increased to an average rate of 27 mmscfd from 16 mmscfd in FY2015, surpassing our guidance of 25 mmscfd for FY2016.
Contact
Arun Arora, Chief Communication Officer
+91 124 4593039; +91 8826999270; cilmedia@cairnindia.com; spokesperson@cairnindia.com
Dheeraj Agarwal
+91 124 4593409; +91 9769732150; cilir@cairnindia.com
Disclaimer
This material contains forward-looking statements regarding Cairn India and its affiliates, our corporate plans, future financial condition, future results of operations, future business plans and strategies. All such forward- looking statements are based on our management's assumptions and beliefs in the light of information available to them at this time. These forward-looking statements are by their nature subject to significant risks and uncertainties; and actual results, performance and achievements may be materially different from those expressed in such statements. Factors that may cause actual results, performance or achievements to differ from expectations include, but are not limited to, regulatory changes, future levels of industry product supply, demand and pricing, weather and weather related impacts, wars and acts of terrorism, development and use of technology, acts of competitors and other changes to business conditions. Cairn India undertakes no obligation to revise any such forward-looking statements to reflect any changes in Cairn India's expectations with regard thereto or any change in circumstances or events after the date hereof. Unless otherwise stated the reserves and resource numbers within this document represent the views of Cairn India and do not represent the views of any other party, including the Government of India, the Directorate General of Hydrocarbons or any of Cairn India's joint venture partner.
Cairn India Limited issued this content on 11 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 11 April 2016 09:45:24 UTC
Original Document: https://www.cairnindia.com/sites/default/files/press_releases/Cairn-India-Ltd-Production-Update-for-Q4FY16-and-FY16.pdf
