Cairn India’s Topline up by 17%

Due to fabulous performance on the exploration the company has contributed Rs 6400 crore to government exchequer. Till date Rajasthan assets has produced 200 MMbbls since its inception. Cairn India is now working on expanding its production base and in this quest it has achieved over 50% success rate and opened up 3 new play types and added oil in place resources of 500-600 MMbbls in low permeability reservoir. Also it has submitted the Declaration of Commerciality (DoC) for Nagayalanka discovery in the KG basin to strengthen Eastern India portfolio. Company expects more than 10,000 boepd in 2017 from that asset. Commenting on the performance, Elango P, Whole time Director, Cairn India said, “Cairn remains committed to discover new resources and deliver accelerated value from its assets. Our focus on execution is yielding results. Production rose by over 5% compared with the previous quarter and we remain on track to meet the full year exit guidance of over 225,000 boepd.”

Important thing to note is that during the quarter company also announced buyback of shares not exceeding Rs 5725 crore at a price Rs 335 per share. Company has got approval from the shareholders and buyback has commenced from January 23. On the regulatory front as the government of India has announced NELP-X for the auction of new blocks, the company is seriously evaluating the options and will take part in the auction aggressively.