Cairn India shares advanced as much as 3 per cent on Monday despite the company reported a 4.34 per cent fall in oil and gas production (Gross operated) for the second quarter ended September 2016 at 18.07 million barrels of oil equivalent as compared to 18.89 barrels of oil equivalent in the same quarter a year ago. The company’s production for the H1FY17 also declined 5.27 per cent to 35.98 million barrels of oil equivalent as compared to 37.98 million barrels of oil equivalent in the previous fiscal. On a quarter-on-quarter basis, oil and gas production (Gross operated) of the company increased by 0.89 per cent.
At 12.53 pm, shares of Cairn India were trading 1.70 per cent up at Rs 227. The scrip opened the day at Rs 223.20 and had touched a high and low of Rs 229.70 and Rs 223.20, respectively, in trade so far. Later, the scrip settled 1.88 per cent up at Rs 227.40.
Gross production from Rajasthan was marginally higher by 0.45 per cent quarter-on-quarter at 1,67,699 barrels of oil equivalent per day (boepd). A strong performance by Mangala EOR aided maintain production from Rajasthan. Continued reservoir management practices and targeting incremental opportunities helped in sustaining production rates at Ravva and Cambay.
Gross production from Development Area DA1 and DA2 averaged at 151,880 boepd and 15,820 boepd, respectively.
Gas production from RDG field also increased to 33 mmscfd in Q2 FY16 from 28 mmscfd in Q1 FY17, aided by superior initial well productivity results obtained from the hydro-frac campaign.