MUMBAI, India, Feb 9, 2017 /PRNewswire/ --
Vedanta Limited: The following release was issued today
by Vedanta Limited's subsidiary Cairn India Limited.
- Revenue at ₹ 2,149 crore; up 5%
QoQ
- EBITDA at ₹ 1,067 crore; up 3%
QoQ
- Net profit at ₹ 604 crore; down
22% QoQ primarily due to forex loss on rupee
depreciation
- Strong free cash flow of ₹ 1,469
crore in subdued oil price environment; solid Cash and Cash
Equivalents position of ₹ 25,975
crore
- Average gross oil and gas production across assets firm at 182
kboepd, in-line with expectation considering execution of the
planned maintenance shutdown at Rajasthan
- Mangala EOR continues excellent performance; additional
production from polymer injection increases further from ~52 kboepd
to ~55 kboepd
- RJ water-flood operating cost remains low at US$ 4.3/boe; blended operating cost also
competitive at US$ 6.3/boe
Development /
Exploration Highlights
|
- RDG - Phase-1: All 15 new wells are online; Phase-2: Tendering
for new terminal and rig on track
- Aishwariya EOR - FDP submitted to the JV partner, polymer
injectivity test planned in Q4 FY17, first polymer injection
expected in Q1 FY19
- Bhagyam EOR - Polymer injectivity test commenced in
October 2016, revised FDP to be
submitted in Q4 FY17, first polymer injection expected in Q4
FY19
- Aishwariya Barmer Hill - >25% reduction in capex to
US$ 220 million for EUR of 30 mmbbls;
Stage-1: Production from appraisal wells expected in Q1 FY18;
Stage-2: Project execution expected to begin in
FY18
- Palar-Pennar - Commencing exploratory drilling in
February
- Rajasthan - Completed processing of 3D seismic data for 'Air
Field South' and DP
Corporate and
Regulatory Developments
|
- The proposed merger of Vedanta Limited and Cairn India was
approved by all sets of shareholders in September 2016 and we expect the transaction to
complete in the first quarter of
CY2017.
- The PSC extension writ is sub judice in the Hon'ble High
Court of Delhi.
- With respect to the crude export writ, Cairn has filed an
appeal before the Division Bench of the High
Court.
- DGH has initiated consultation process to formulate National
Data Repository (NDR) policy for data sharing, accessibility and
dissemination. NDR will facilitate promotion and regulation of
hydrocarbon exploration and development activities in India.
Mr. Sudhir Mathur, Acting CEO
of Cairn India commented:
We have made use of the challenging oil price environment to
achieve competitive returns even at Brent US$ 40 per barrel for planned projects. We are in
active discussions with world class oil field services companies to
partner for the end to end outsourcing of certain projects. This
would help us further optimize costs, expedite project execution
through better vendor coordination, and act as a force multiplier,
allowing us to target a larger number of projects
simultaneously.
The alignment between OPEC members to address the global
supply glut would further enhance our project economics as we look
to aggressively scale up investments."
During Q3 FY17, Cairn had a gross production of 16.7 mmboe
across all the assets, of which working interest production was
10.7 mmboe. Gross Sales was 17.1 mmboe averaging at 185,339
boepd.
Average Daily
Production
|
Units
|
Q3
FY17
|
Q2
FY17
|
q-o-q
(%)
|
Q3
FY16
|
y-o-y
(%)
|
Total Gross
operated*
|
Boepd
|
191,230
|
206,230
|
(7%)
|
211,843
|
(10%)
|
Gross
operated
|
Boepd
|
181,818
|
196,399
|
(7%)
|
202,668
|
(10%)
|
Oil
|
Bopd
|
177,820
|
189,873
|
(6%)
|
196,135
|
(9%)
|
Gas
|
Mmscfd
|
24
|
39
|
(39%)
|
39
|
(39%)
|
Working
Interest
|
Boepd
|
115,829
|
125,575
|
(8%)
|
128,402
|
(10%)
|
|
Rajasthan (Block
RJ-ON-90/1)
|
Total Gross
operated*
|
Boepd
|
162,880
|
176,691
|
(8%)
|
178,679
|
(9%)
|
Gross
operated
|
Boepd
|
154,272
|
167,699
|
(8%)
|
170,444
|
(9%)
|
Oil
|
Bopd
|
153,621
|
164,833
|
(7%)
|
167,979
|
(9%)
|
Gas
|
Mmscfd
|
4
|
17
|
(77%)
|
15
|
(74%)
|
Gross DA 1
|
Boepd
|
141,176
|
151,880
|
(7%)
|
150,496
|
(6%)
|
Gross DA 2
|
Boepd
|
13,095
|
15,820
|
(17%)
|
19,948
|
(34%)
|
Gross DA 3
|
Boepd
|
-
|
-
|
-
|
-
|
-
|
Working
Interest
|
Boepd
|
107,990
|
117,390
|
(8%)
|
119,311
|
(9%)
|
|
Ravva (Block
PKGM-1)
|
Total Gross
operated*
|
Boepd
|
19,188
|
19,889
|
(4%)
|
22,975
|
(16%)
|
Gross
operated
|
Boepd
|
18,172
|
18,823
|
(3%)
|
21,703
|
(16%)
|
Oil
|
Bopd
|
16,389
|
16,736
|
(2%)
|
19,056
|
(14%)
|
Gas
|
Mmscfd
|
11
|
13
|
(15%)
|
16
|
(33%)
|
Working
Interest
|
Boepd
|
4,089
|
4,235
|
(3%)
|
4,883
|
(16%)
|
|
Cambay (Block
CB/OS-2)
|
Total Gross
operated*
|
Boepd
|
9,161
|
9,650
|
(5%)
|
10,189
|
(10%)
|
Gross
operated
|
Boepd
|
9,375
|
9,877
|
(5%)
|
10,521
|
(11%)
|
Oil
|
Bopd
|
7,811
|
8,304
|
(6%)
|
9,099
|
(14%)
|
Gas
|
Mmscfd
|
9
|
9
|
(1%)
|
9
|
10%
|
Working
Interest
|
Boepd
|
3,750
|
3,951
|
(5%)
|
4,208
|
(11%)
|
* Includes internal gas consumption
Operations
Rajasthan (Block RJ-ON-90/1)
Gross production from Rajasthan block was at an average rate of
154,272 boepd, supported by strong production volumes from Mangala
EOR. Total production for the quarter was 14.2 mmboe and the
cumulative production since inception was at 383 mmboe till the end
of December. Additional production from polymer injection in
Mangala increased from an average rate of 52 kboepd in Q2 FY17 to
55 kboepd in Q3 FY17. Continued reservoir management practices
including production optimization helped maintain firm production
from Bhagyam and Aishwariya. Satellite fields continue their steady
performance with production at 3.7 kbopd in Q3 FY17. Total oil
sales for the quarter were 14.3 mn barrels, at an average rate of
155,245 bopd.
Overall production from Rajasthan was lower for the quarter due
to the planned maintenance shutdown at Mangala Processing Terminal
in November 2016. The shutdown was
completed successfully and execution of the critical activities
will improve asset integrity and facility performance especially in
the polymer breakthrough phase.
Gas production from RDG declined from 33 mmscfd in Q2 FY17 to 21
mmscfd in Q3 FY17. Total gas sales were also down to 0.4 bcf at an
average rate of 4 mmscfd. Gas sales are temporarily suspended due
to a technical issue between the transporter and the buyers. The
company is closely engaged with the stakeholders to resolve the
issue and commence sales at the earliest.
The water-flood operating cost in Rajasthan was maintained at a
low of US$ 4.3/boe in Q3 FY17 through
continued improvement in crude processing and well maintenance
cost. The operating cost was marginally higher from US$ 3.9/boe in Q2 FY17 due to lower production
volumes and added expenses for planned shutdown activities. Blended
operating cost was also up from US$
5.8/boe to US$ 6.3/boe while
polymer injection was maintained at the target level of 400
kblpd.
Retaining a focus on safe operations and asset integrity, the
average facility uptime was over 99% in Q3 FY17. Lost Time Incident
(LTI) free man-hours for Rajasthan Projects crossed 31.1 million
since last LTI.
Ravva (Block PKGM-1)
Ravva continues to be an excellent example of good reservoir
management and has produced 281 mmbbls of crude and over 348 bcf of
gas since inception at an approximate recovery of 48%, far higher
than the initial resource estimates. In Q3 FY17, the production
declined by 3% QoQ to an average rate of 18,172 boepd, amounting to
1.7 mmboe. Incremental opportunities continue to be targeted to
sustain the production rates by offsetting natural decline. A well
intervention program including coil tubing and acid stimulation is
also planned in Q4 FY17 to enhance production rates. For Q3 FY17,
1.6 mmbbls of crude and 1.0 bcf of gas were sold, averaging 16,990
bopd of crude oil and 10.7 mmscfd of gas, respectively.
Keeping asset integrity at the core, Ravva recorded an uptime of
99.9% in Q3 FY17. Continuing with its high safety standards, Ravva
asset recorded over 5.7 million LTI free man-hours since last
LTI.
Cambay (Block CB/OS-2)
Cambay has been consistently delivering strong performance with
a cumulative production of over 27.3 mmbbls of crude and over 228.5
bcf of gas, marking an overall recovery of ~30% since inception in
2002. In Q3 FY17, the production was lower by 5% QoQ at an average
rate of 9,375 boepd, amounting to 0.9 mmboe. Continued production
optimization activities helped offset the natural decline in the
block. During the quarter, 0.8 mmbbls of crude and 0.9 bcf of gas
were sold, averaging 9,106 bopd of crude oil and 9.4 mmscfd of gas,
respectively.
The asset recorded an excellent uptime of ~99.8% in Q3 FY17 and
LTI free man-hours of 3.8 million.
Development
With a focus on developing the large resource base of over one
billion boe, the company is making continuous efforts to advance
key projects to the production stage. Major developments for the
quarter include award of contract, FDP submission, field testing
and cost reduction initiatives across projects.
Gas Development at RDG Field
Maintaining a technology focused approach, the team has achieved
higher initial well productivity resulting in increased recovery
estimates from 74 mmboe to 86 mmboe (including condensate) till
2030. Higher well productivity along with cost reduction has
improved the rate of return to 25-30% from the initial 20%.
The phased development of the project is progressing as per plan
to achieve a gradual ramp-up in production while ensuring prudence
in capital investment. As part of Phase-1, the remaining 7 wells
out of the 15 wells frac program have also been brought online and
will start adding to the production as per plan. Contract for low
cost augmentation of the existing facility was awarded in
October 2016. Contracts for
enhancement of existing pipeline capacity are being progressively
awarded. Completion of Phase-1 is expected to increase the gas
production to 40-45 mmscfd by end of Q2 FY18. For Phase-2,
tendering activity for new gas processing terminal and drilling rig
is continuing as per plan. Work on gas evacuation pipeline is also
progressing well with GSPL Gasnet Limited expected to award the
contracts in Q4 FY17. Completion of Phase-2 will increase the gas
production upwards of 100 mmscfd and condensate production to about
5,000 boepd.
Polymer flood in Bhagyam and Aishwariya
In-line with the objective of enhancing recovery from the core
fields, the polymer injection program in Bhagyam and Aishwariya is
progressing on track after the successful execution of EOR in
Mangala. Initial plan aims an incremental recovery of 45 mmbbls in
Bhagyam and 15 mmbbls in Aishwariya till 2030, targeting the
favourable regions to produce at low cost.
For Aishwariya EOR, the cost optimization activities have
improved returns to 20% at US$ 40/bbl
of Brent price from 10% at US$
45/bbl. The field development plan for polymer flood in
lower fatehgarh sands of Aishwariya field was submitted to the JV
partner in October 2016 and is
currently under technical discussion. A multi-well polymer
injectivity test is also planned for Aishwariya to demonstrate
modelled injection rates. The injectivity test is expected to be
conducted in Q4 FY17. First polymer injection is planned in Q1
FY19.
For Bhagyam EOR, the cost optimization efforts improved returns
to 15% at US$ 40/bbl of Brent price
from 10% at US$ 45/bbl. The planned
multi-well polymer injectivity test commenced in October 2016 and the initial results are in-line
with expectations. The field development plan updated with test
results will be submitted to the JV Partner in Q4 FY17. First
polymer injection is planned for Q4 FY19.
Barmer Hill
Given a large HIIP of 1.4 billion boe, Barmer Hill offers
significant growth opportunity. Presently, Aishwariya and Mangala
are being targeted for development of their Barmer Hill formation
to leverage the existing infrastructure.
For Aishwariya Barmer Hill, full field development capital cost
has been reduced by over 25% to US$ 220
million through reduction in both well cost and surface
facility cost for a EUR of about 30 mmbbls till 2030. Stage-1
production from appraisal wells is expected to begin in Q1 FY18.
Execution activities for full field development under Stage-2 are
planned to begin in FY18.
For Mangala Barmer Hill and other
tight oil fields, internal studies and field pilots are ongoing to
prepare development plans as per the test results.
Satellite Field
Aiming to monetize the resources in Satellite Field, the company
is progressing well on preparing field development plans for key
areas after improving their economics through cost reduction. Guda
stage-1 is expected to start production in Q1 FY18. In line with
the continued focus on cost reduction, a pipeline between NI and
Bhagyam has been successfully commissioned, which has resulted into
substantial saving on trucking cost and also enabled an increase in
the production.
Exploration
Rajasthan (Block RJ-ON-90/1): Exploration activities
continue to focus on enhancing the current portfolio. Efforts are
focused on integration of all available data for identification of
high impact new plays. Prospects are being firmed up for
exploration drilling in FY18. Processing of 3D seismic data has
been completed for 'Air Field South' area and DP. Reprocessing of
3D seismic data is ongoing for NL and adjoining area.
Palar-Pennar (Block PR-OSN-2004/1): The program for
exploratory drilling is commencing in February. The drilling
campaign is aimed at evaluation of the hydrocarbon potential in the
frontier Palar basin. Three different play types are being
targeted and these plays have been successful in the contiguous
Krishna-Godavari and Cauvery basins. The drilling programme is
planned to be completed in April
2017.
KG Offshore (Block KG-OSN-2009/3): Initial exploration
period in the block was up to 8th March 2016. Cairn continues to engage with the
MoPNG for an extension of the initial exploration period and pursue
clearance from Ministry of Defence for drilling exploration wells.
Environmental clearance process is progressing on track.
Interpretation of the new seismic volumes has resulted in
identification of four prospects and a number of leads over
different play types. Drilling preparation is ongoing.
KG Onshore (Block KG-ONN-2003/1): ONGC, the development
operator, has submitted the Field Development Plan to the
Management Committee for review.
South Africa (Block 1):
The prospect inventory for the block has been finalised. Assessment
of exploration potential of inboard plays is ongoing to provide
other drilling options. A decision on the proposed legislative
changes to the Mineral and Petroleum Resources Development Act 2002
and the consequent applicable fiscal regime for progressing into
the second exploration license phase is awaited.
₹
Crore
|
Q3
FY17
|
Q2
FY17
|
q-o-q
(%)
|
Q3
FY16
|
y-o-y
(%)
|
Net
Revenue
|
2,149
|
2,039
|
5%
|
2,039
|
5%
|
EBITDA
|
1,067
|
1,040
|
3%
|
706
|
51%
|
Margin
(%)
|
50%
|
51%
|
|
35%
|
|
Reported
PAT
|
604
|
779
|
(22%)
|
41
|
1376%
|
Margin
(%)
|
28%
|
38%
|
|
2%
|
|
EPS (₹) –
Diluted
|
3.21
|
4.14
|
(22%)
|
0.22
|
1377%
|
Cash EPS
(₹)
|
7.58
|
7.86
|
(3%)
|
6.00
|
26%
|
Note: Numbers for Q3 FY16 have been restated as per IndAS
requirement. EBITDA includes forex gain/(loss) on operating
activities
Average Price
Realization
|
Units
|
Q3
FY17
|
Q2
FY17
|
q-o-q
(%)
|
Q3
FY16
|
y-o-y
(%)
|
Cairn
India
|
US$/boe
|
46.0
|
41.8
|
10%
|
35.2
|
31%
|
Oil
|
US$/bbl
|
46.2
|
41.7
|
11%
|
35.0
|
32%
|
Gas
|
US$/mscf
|
5.9
|
7.5
|
(21%)
|
7.2
|
(18%)
|
Revenue for the quarter was up 5% QoQ to ₹ 2,149 crore, driven by increase in Brent prices
and improved discount to Brent for Rajasthan crude. Average Brent
price increased 8% QoQ to US$
49.3/bbl. Rajasthan crude discount to Brent also lowered
from US$ 4.3/bbl to US$ 3.4/bbl, implying a reduction from 9.3% to
6.9%. While Naphtha and Gasoil cracks strengthened slightly in the
third quarter compared to the second quarter, Fuel Oil cracks
improved significantly over the same period on account of an uptick
in regional demand. These factors contributed to the reduction in
the Rajasthan crude discount to Brent. Overall realization advanced
10% QoQ to US$ 46.0/boe as
realization for Rajasthan crude was up 10% to US$ 45.9/bbl. In line with higher revenue, net
profit petroleum was also up by 3% to ₹ 798
crore including ₹ 677 crore
for Rajasthan block. Net royalty was ₹ 436
crore with Rajasthan share of ₹ 430
crore.
Sustained efforts for cost reduction helped maintain the
water-flood operating cost for Rajasthan at a low of US$ 4.3/boe. The cost was slightly up from
US$ 3.9/boe in Q2 FY17 due to lower
production volumes and expenses for the shutdown activities.
Blended operating cost for RJ was also up from US$ 5.8/boe in Q2 FY17 to US$ 6.3/boe in Q3 FY17 while the polymer
injection in Mangala was maintained at the target rate of 400
kbpld.
EBITDA for the quarter increased by 3% QoQ to ₹ 1,067 crore as margin remained firm at 50%,
mainly on account of higher revenue. DD&A charges accounted on
unit of production basis were lower by 7% QoQ to ₹ 726 crore due to lower production on account of
planned maintenance shut down. Other income remained firm at ₹
524 crore positively impacted by
further softening of interest rate. Forex loss was at ₹
79 crore due to 1.9% depreciation in
Rupee versus US Dollar on closing basis.
Net profit after tax was 22% lower QoQ at ₹ 604 crore due to forex loss and higher effective
tax rate which was partially offset by higher EBITDA and lower
depreciation. Earnings per share was at ₹ 3.2 for Q3 FY17. Cash EPS
was largely stable at ₹ 7.6 aided by higher EBITDA.
Free cash flow for Q3 FY17 remained firm at ₹ 1,469 crore. Net capital investment was ₹
18 crore with 40% on exploration
activities and 60% spent on development work. Sustained free cash
generation further strengthened the cash and cash equivalent
position to ₹ 25,975 crore
(US$ 3.8 billion), of which 66% is
invested in rupee funds and 34% in dollar funds.
Health, Safety,
Environment, Quality and Sustainability
|
Cairn India's unwavering focus
on health, safety, environment, quality and sustainability has
ensured an excellent HSEQS performance over the years. Cairn
India won the International Fire
Security Exhibition and Conference (IFSEC) Award towards its
efforts in leveraging technology to protect the assets across
locations. While the quarter was LTI free, the Rigless well service
and Satellite Fields have clocked LTI free operations for 2 years
and 1 year, respectively.
Corporate Social
Responsibility
|
Cairn India is committed to
empower local communities in its areas of operation and support
them for their sustainable and inclusive growth. This commitment is
fundamental to our long-term success and we are focused on creating
shared value and making a difference through our CSR initiatives.
During the quarter Cairn India received the prestigious award for
Sustainability and Corporate Social Responsibility (Corporate) in
the Special Technical Award category during Petrotech 2016. The
award was presented by the Minister for Petroleum and Natural Gas
for the safe drinking water project 'Jeevan Amrit' in the presence
of the Finance Minister at Vigyan Bhavan, New Delhi. Under the Swachh Bharat Mission,
Cairn India has now established almost 10,000 household toilets in
the Barmer district for the benefit of the community. Showcasing
the quality of the company's training centre for skill development,
one of the students from the Cairn Centre of Excellence (CCOE) was
presented with the 'Skill Icon of the Month' award by the Rajasthan
Chief Minister, at a function in Bikaner.
Media Relations
Arun
Arora, Chief Communication Officer
+91-124-4593039; +91-8826999270;
cilmedia@cairnindia.com
Cairn India Limited Fact Sheet
On 9 January, 2007, Cairn India
Limited was listed on the Bombay Stock Exchange and the National
Stock Exchange of India. Cairn
India is a subsidiary of Vedanta
Limited; part of the Vedanta Group, a globally diversified natural
resources group.
Cairn India is headquartered in
Gurgaon in the National Capital Region. The Company has operational
offices in Andhra Pradesh, Gujarat, Rajasthan and Tamil Nadu.
Cairn India is one of the
largest independent oil and gas exploration and production
companies in India. Together with
its JV partners, Cairn India accounted for ~27% of India's domestic crude oil production for
FY16. Average gross operated production was 203,703 boepd for FY16.
The Company sells its oil and gas to major PSU and private buyers
in India.
The Company has a world-class resource base, with interest in
seven blocks in India and one in
South Africa. Cairn India's resource base is located in four
strategically focused areas namely one block in Rajasthan, two on
the west coast of India, four on
the east coast of India and one in
South Africa.
The blocks are located in the Barmer Basin, Krishna-Godavari
Basin, the Palar-Pennar Basin, the Cambay Basin, the Mumbai
Offshore Basin and Orange Basin.
Cairn India's focus on
India has resulted in a
significant number of oil and gas discoveries. Cairn India made a major oil discovery (Mangala) in
Rajasthan in the north west of India at the beginning of 2004. To date,
thirty eight discoveries have been made in the Rajasthan block
RJ-ON-90/1
In Rajasthan, Cairn India operates Block RJ-ON-90/1 under a PSC
signed on 15 May, 1995 comprising of
three development areas. The main Development Area (DA-1; 1,859
km2), which includes discoveries namely Mangala, Aishwariya,
Raageshwari and Saraswati is shared between Cairn India and ONGC.
Further Development Areas (DA-2; 430 km2), including the Bhagyam,
NI and NE fields and (DA-3; 822 km2) comprising of the Kaameshwari
West Development Area, is shared between Cairn India and ONGC, with
Cairn India holding 70% and ONGC having exercised their back in
right for 30%.
In Andhra Pradesh and Gujarat, Cairn India on behalf of its JV
partners operates two processing plants, with a production of over
34,000 boepd for FY16.
The farm-in agreement was signed with PetroSA on 16th
August, 2012 in the 'Block-1' located in Orange basin,
South Africa. The block covers an
area of 19,898 sq km. The assignment of 60% interest and
operatorship has been granted by the South African regulatory
authorities.
For further information on Cairn India Limited, kindly visit
www.cairnindia.com
Corporate
Glossary
|
|
|
Cairn
India
|
Cairn India Limited
and/or its subsidiaries as appropriate
|
Company
|
Cairn India
Limited
|
Cairn
Lanka
|
Refers to Cairn Lanka
(Pvt) Ltd, a wholly owned subsidiary of Cairn India
|
Cash EPS
|
PAT adjusted for
DD&A, impact of forex fluctuation, MAT credit and deferred
tax
|
CFO
|
Cash Flow from
Operations includes PAT (excluding other income and exceptional
item) prior to non-cash expenses and exploration costs.
|
CPT
|
Central Processing
Terminal
|
CY
|
Calendar
Year
|
DoC
|
Declaration of
Commerciality
|
E&P
|
Exploration and
Production
|
EBITDA
|
Earnings before
Interest, Taxes, Depreciation and Amortisation includes forex
gain/loss earned as part of operations
|
EPS
|
Earnings Per
Share
|
FY
|
Financial
Year
|
GBA
|
Gas Balancing
Agreement
|
GoI
|
Government of
India
|
GoR
|
Government of
Rajasthan
|
Group
|
The Company and its
subsidiaries
|
JV
|
Joint
Venture
|
MC
|
Management
Committee
|
MoPNG
|
Ministry of Petroleum
and Natural Gas
|
NELP
|
New Exploration
Licensing Policy
|
Normalized net
profit
|
Net profit before
exceptional items
|
NRM
|
National Rural
Mission
|
ONGC
|
Oil and Natural Gas
Corporation Limited
|
OC
|
Operating
Committee
|
PPAC
|
Petroleum Planning
& Analysis Cell
|
Qoq
|
Quarter on
Quarter
|
Vedanta
Group
|
Vedanta Resources plc
and/or its subsidiaries from time to time
|
Yoy
|
Year on
Year
|
Technical
Glossary
|
|
|
2P
|
Proven plus
probable
|
3P
|
Proven plus probable
and possible
|
2D/3D/4D
|
Two dimensional/three
dimensional/ time lapse
|
Blpd
|
Barrel(s) of
(polymerized) liquid per day
|
Boe
|
Barrel(s) of oil
equivalent
|
Boepd
|
Barrels of oil
equivalent per day
|
Bopd
|
Barrels of oil per
day
|
Bcf
|
Billion standard
cubic feet of gas
|
Tcf
|
Trillion standard
cubic feet of gas
|
EOR
|
Enhanced Oil
Recovery
|
FDP
|
Field Development
Plan
|
HIIP
|
Hydrocarbons
Initially In Place
|
LTI
|
Lost Time
Incident
|
MDT
|
Modular Dynamic
Tester
|
Mmboe
|
million barrels of
oil equivalent
|
Mmscfd
|
million standard
cubic feet of gas per day
|
Mmt
|
Million Metric
Tonne
|
PSU
|
Public Sector
Utilities
|
SPM
|
Single Point
Mooring
|
PSC
|
Production Sharing
Contract
|
|
|
Field Glossary
Barmer Hill
Formation
|
Lower permeability
reservoir which overlies the Fatehgarh
|
Dharvi
Dungar
|
Secondary reservoirs
in the Guda field and is the reservoir rock encountered in the
recent Kaameshwari West discoveries
|
Fatehgarh
|
Name given to the
primary reservoir rock of the Northern Rajasthan fields of Mangala,
Aishwariya and Bhagyam
|
MBARS
|
Mangala, Bhagyam,
Aishwariya, Raageshwari, Saraswati
|
Thumbli
|
Youngest reservoirs
encountered in the basin. The Thumbli is the primary reservoir for
the Raageshwari field
|
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
For further information, please contact:
Communications
Roma
Balwani
President – Group
Communications, Sustainability& CSR
|
Tel: +91 22 6646
1000
gc@vedanta.co.in
|
|
|
Investor
Relations
Ashwin
Bajaj
Director – Investor
Relations
|
Tel: +91 22 6646
1531
vedantaltd.ir@vedanta.co.in
|
Vishesh
Pachnanda
Manager – Investor
Relations
Sunila Martis
Associate General Manager – – Investor Relations
About Vedanta Limited (Formerly SesaSterlite Ltd.)
Vedanta Limited is a diversified natural resources company,
whose business primarily involves producing oil & gas, zinc -
lead - silver, copper, iron ore, aluminium and commercial power.
The company has a presence across India, South
Africa, Namibia,
Australia and Ireland.
Vedanta Limited is the Indian subsidiary of Vedanta Resources
Plc, a London-listed company.
Governance and Sustainable Development are at the core of Vedanta's
strategy, with a strong focus on health, safety and environment and
on enhancing the lives of local communities. The company is
conferred with the Confederation of Indian Industry (CII)
'Sustainable Plus Platinum label', ranking among the top 10 most
sustainable companies in India. To
access the Vedanta Sustainable Development Report 2016, please
visit
http://sustainabledevelopment.vedantaresources.com/content/dam/vedanta/corporate/documents/Otherdocuments/SDreport2015-16/Vedanta%20SDR%20FY%2015-16.pdf
Vedanta Limited is listed on the Bombay Stock Exchange and the
National Stock Exchange in India
and has ADRs listed on the New York Stock Exchange.
For more information please visit www.vedantalimited.com
Vedanta Limited
(Formerly known as SesaSterlite
Limited)
Vedanta, 75, Nehru Road,
Vile Parle (East), Mumbai - 400
099
www.vedantalimited.com
Registered Office:
SesaGhor, 20 EDC Complex,
Patto, Panaji (Goa) - 403 001
CIN: L13209GA1965PLC000044
Disclaimer
This press release contains "forward-looking statements" – that
is, statements related to future, not past, events. In this
context, forward-looking statements often address our expected
future business and financial performance, and often contain words
such as "expects," "anticipates," "intends," "plans," "believes,"
"seeks," "should" or "will." Forward–looking statements by their
nature address matters that are, to different degrees, uncertain.
For us, uncertainties arise from the behaviour of financial and
metals markets including the London Metal Exchange, fluctuations in
interest and or exchange rates and metal prices; from future
integration of acquired businesses; and from numerous other matters
of national, regional and global scale, including those of a
political, economic, business, competitive or regulatory nature.
These uncertainties may cause our actual future results to be
materially different that those expressed in our forward-looking
statements. We do not undertake to update our forward-looking
statements.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cairn-india-limited-ebitda-at--1067-crore-is-the-highest-in-past-6-quarters-300405132.html
SOURCE Vedanta Limited