Higher production from the Barmer oilfields in Rajasthan helped Cairn India report an 18 per cent jump in net profit (consolidated results) to ₹3,035 crore in the fourth quarter of fiscal year 2014 from ₹2,564 crore in the same quarter of the previous fiscal year.

For the full year, the company posted a 3 per cent increase in net profit, at ₹12,432 crore, against ₹12,056 crore in the previous year. It paid a dividend of ₹6.50 a share for the fiscal year.

P Elango, CEO and Whole time Director, said: “In Rajasthan, we achieved a landmark cumulative oil production of 200 million barrels and a production milestone of 200,000 barrels of oil equivalent a day (oil and some gas) in March 2014.”

Business Line had reported on April 23 that the block has met its projected target of 200 million barrels since production started in August 29, 2009.

In a statement, Cairn said that it is considering more potential in the Rajasthan asset. The company said that it would continue to focus on key development projects to enhance recovery, with a planned overall net capex of $3 billion by fiscal year 2017.

Cairn aims to achieve a reserve replacement ratio of 150 per cent in the next three years, subject to the extension of the production sharing contract of the block till 2030.

Cairn’s revenues for the fourth quarter of 2014, after profit sharing with the Government and the royalty expense in the Rajasthan block, were ₹5,049 crore, up 1 per cent quarter-on-quarter.

During the quarter, the Government earned profit petroleum (its share of profit from the output) of ₹1,201 crore and royalty of ₹1,097 crore from the Rajasthan block, and profit petroleum of ₹107 crore from other blocks.

The average crude price realisation Cairn earned from the block during fiscal year 2014 was $95.2/barrel, at an 11.5 per cent discount to Brent.

The average price at which Indian refiners sourced crude from the international market during the last fiscal year was $105.52 a barrel.

“We have added to our resource base… establishing six discoveries and adding over one billion barrels of oil and gas in-place. We continue to remain focused on executing multiple projects, especially in the Barmer Basin,” Elango added.

On Wednesday, Cairn India shares closed at ₹352.30, down 3.27 per cent, on the BSE.

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