Cairn India reduced its CEP by 40% for FY16
With headquarters based in Gurgaon- Haryana, Cairn India operates India’s largest onshore oil block and has catered the needs of numerous companies in Oil and Gas Industry by providing them the requisite quality resources on time. The company has just reduced its Capital Expenditure Programme (CEP) by 40% for the financial year 2016. Its onshore oil block is located at Barmer in Rajasthan.
In recent quarter, which ended on September 30, 2015, the Barmer based production unit records its per day production upto 159,000 barrels per day (bpd). Experts suggested that Cairn needs to utilise the techniques like polymer-injection, which are although expensive but they certainly makes the production more resourceful by pumping out more than average assets.
In a recent presentation, the company officials also clarified that Cairn India is proceeding in the right direction with $300 million investment, out of which 15% belongs to growth projects of Barmer Hill & gas and 23% investment in exploration along with 62%, which falls in core MBA (Mangala, Bhagyam and Aishwariya) fields.
The company’s stock closed at Rs 134.65 on November 18, 2015 on Bombay Stock Exchange. Cairn India is a subsidiary of Vedanta Resources and the former is listed on National Stock Exchange as well.
Cairn India has 9 blocks’ portfolio out of which 2 are located on West Coast of India, 1 in Rajasthan, 5 on the east coast of India and 1 in offshore, South Africa. The oil and gas giant produces gas and oil across 3 inland locations, including Ravva (Andhra Pradesh), CB-OS/2 (Gujarat) and RJON-90/1 (Rajasthan).
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