News Column

Cairn India Limited - Annual Financial Results for the period ended 31st March, 2014

April 25, 2014

ENP Newswire - 25 April 2014

Release date- 24042014 - Cairn India Limited, one of the fastest growing independent oil exploration and production companies in the world, today announces its annual financial results for the period ending 31st March, 2014.

Annual FY 14 Highlights


Record revenue of INR 18,762 crore (US$ 3.1 bn), up 7% YoY on account of enhanced volumes

EBITDA of INR 13,877 crore (US$ 2.3 bn) driven by low operational cost of US$ 3.9/bbl in onshore RJ block

Profit After Tax of INR 12,432 crore (US$ 2.1 bn), Diluted EPS of INR 64.95 up 3% YoY

Generated Cash Flow From Operations of INR 11,093 crore (US$ 1.8 bn), up 0.3% YoY

Record Gross capex INR 5,471 crore (US$ 0.9 bn) led by all-time high exploration activity

Achieved Reserve Replacement Ratio of 100%

Gross contribution of INR 24,299 crore (>US$ 4 bn) to the exchequer for the year



Drilled out 50% of gross risked prospective resources in the fiscal year as planned

Opened up 5 new play types and added oil in place resources of over 1 billion boe

Of the 17 wells drilled to date, 14 wells have found hydrocarbons

Established 6 discoveries (2 in the quarter and 1 in April 2014) since resumption of exploration in 2013

29th Discovery, Guda-South-7 well flowed oil at an initial rate of 92 bopd from two zones in the DDCS formation

1 discovery in the Barmer Hill formation- the company's 30th, NR-3-2100 well, flowed oil at an initial rate of 62 bopd

1 discovery was also established in April 2014; our 31st discovery, Kaameshwari West-8, flowed oil at 117 bopd from the Dharvi Dungar formation

KG Onshore

Extended flow test on Nagayalanka-1z-ST well completed with maximum flow rate of 850 bopd and further evaluation is in progress

High level of seismic activity across the portfolio especially in South Africa

Completed 2,378 square km of 3D seismic data acquisition, 42% of the plan

Completed 3,000 line km of 2D seismic data acquisition, 31% of the plan

Production and Development:

Achieved 6% yoy growth in average daily gross operated production

Highest ever crude oil production of 76 mmbbls (11 MMT) for the year, contributing to 30% domestic crude oil production

Achieved the targeted production rate of 200,000 boepd in the prolific Rajasthan block in March 2014, a sequential growth of 2% at 190,881 boepd in the quarter

Raag-S-1 well, 26th discovery in Rajasthan brought on test production within a year of discovery under IDP

Platts 2013 Global rankings, based on data from MoPNG, February 2014 Mr. Elango P, Interim CEO and Whole time Director, Cairn India said: 'Our performance over the last fiscal reflects of our unique position of delivering industry-leading production growth which has contributed to reduction in imports and has also benefited all stakeholders.

In Rajasthan, by combining a world-class asset with our proven technical expertise and disciplined approach to execution, we achieved a landmark cumulative oil production of 200 million barrels and a 200,000 boepd production milestone in March 2014.

We have also significantly added to our resource base by delivering a rapid exploration and appraisal drilling program with a success ratio of 50%, establishing 6 discoveries and adding over 1 billion barrels of oil and gas in-place.

Going forward, we continue to remain focused on executing multiple projects especially in Barmer Basin, by deploying talent and technology to achieve world class recovery and discovery rates.'

Corporate and Regulatory Developments


In line with our strategy to consistently reward the shareholders of the company, the Cairn India Board recommended a final dividend of INR 6.50 per Equity share, entailing an outflow of approximately INR 1,451 crore including dividend distribution tax. This is subject to approval of shareholders at the ensuing Annual General Meeting of the Company scheduled to be held on 23rd July, 2014. This along with the interim dividend paid in October 2013 cumulatively amounts to around 22.46% of our annual consolidated net profit according to our stated dividend policy.

On the backdrop of strong cash flows generated through our operational excellence and world class asset base, we have also opened the Equity Share Buyback programme as a shareholder reward mechanism, at a price not exceeding INR 335 per share. Till 31st March 2014, we have bought back 3,270,549 shares for a total consideration of approximately INR106 crore from the open market through stock exchanges.

We received a show cause notice from the Income Tax Department for an alleged failure to deduct withholding tax on alleged capital gains in 2006-07, arising in the hands of Cairn UK Holdings Limited, erstwhile parent company. We have responded appropriately to the said notice and the matter is under consideration. Cairn India has always been fully compliant with all Indian income tax laws.


During the year, we continued to engage effectively with all Government stakeholders for an informed policy discourse. FY 14 saw increased engagement between Ministry of Petroleum & Natural Gas and industry associations to improvise regulatory and operational environment.

To help India in energy security, the Government undertook initiatives such as Integrated Development Policy, introduced policy guidelines for exploration and exploitation of shale gas under the nomination regime, and constituting a Standing Committee on Petroleum Industry Practices, among others.

Industry is looking forward to PSC extension policy, fiscal model for the next round of NELP auctions and shale gas policy for Pre-NELP and NELP blocks.

Revenue reported for Q4 FY14, post profit sharing with the Government of India and the royalty expense in the Rajasthan block, was INR 5,049 crore up 1% QoQ driven by higher entitlement revenue. During the quarter, profit petroleum of INR 1,201 crore (US$ 194 million) and the royalty of INR 1,097 crore (US$ 178 million) was for Rajasthan block and profit petroleum of INR107 crore (US$ 17 million) for other blocks.

The operating expense during Q4 FY14 was higher at INR 345 crore due to maintenance activities carried out; Expenditure on Cess is lower at INR 683 crore on account of reversal of levy of Education Cess and SHE cess of 3% on Oil Cess following the order of Central Bureau of Excise & Customs. Consequently, Earnings before Interest, Tax, Depreciation and Amortisation for the quarter was INR 3,654 crore (US$ 592 million), up 3% QoQ.

Profit After Tax in Q4 FY14 was INR 3,035 crore, up by 5% QoQ primarily due to increase in investment income consequent to realisation of gains on maturity of investible funds and one time charge of ESOP policy change accounted in previous quarter. The cash earnings per share was INR 17.75. Overall capex incurred was higher at US$ 362 million (gross) and US$ 237 million (net).

Revenue reported for FY 14, post profit sharing with the GoI and the royalty expense in the Rajasthan block, was INR 18,762 crore up 7% YoY driven by increase in working interest volume to 137.1 kboepd (PY - 127.8 kboepd) and benefit from rupee depreciation.

This increase has been partly offset by higher profit sharing with GoI in DA1 consequent to tranche change. During the year, profit petroleum for Rajasthan block was INR 4,770 crore (US$ 788 million) and the royalty for the Rajasthan block was INR 4,180 crore (US$ 689 million) and profit petroleum of INR825 crore (US$ 137 million) for other blocks.

FY 14 Earnings before Interest, Tax, Depreciation and Amortisation was INR 13,877 crore, up 7% compared to the previous year. The operating expenses for the year increased to INR 1,174 crore primarily due to increase in production from Rajasthan block and increased maintenance and operation activities.

Employee benefit expense for the year was higher at INR 274 crore primarily due to change in measurement of outstanding stock option liabilities using the Fair value method (Black-Scholes) as against the previously followed Intrinsic value method. Forex gain for the year was higher at INR 739 crore on account of over 10% rupee depreciation against the dollar.

Profit After Tax for the year was INR 12,432 crore, up by 3% YoY. The cash earnings per share for the year were up 9% at INR 64.11. The company wide capex incurred was US$ 899 million(gross) and US$ 601 million (net) in the year of which 41% pertains to exploration and balance to development. Cumulative Capex in RJ at the end of FY14 stands at US$ 4.3 bn of which US$ 3.8 Bn pertains to DA1 and US$ 0.5 Bn to DA2.

Cash and Cash equivalents as at period end were INR 13,707 crore in rupee funds and US$ 1,530 million in dollar funds, part of which is expected to be used for share buy-back and dividends.

Operational Activity across the Portfolio

Cairn India is the Operator in all the blocks with varying participating interests.

During the year, we made significant achievements in our exploration activities paving the way for exploration led future growth opportunities.

Rajasthan (Block RJ-ON-90/1)

Since resumption of exploration in March 2013, we have drilled out 50% of gross prospective resource base of 530 million barrels of oil equivalent. The on-going exploration program has been successful in opening up 5 new play types, proving up a resource base of over 1 billion boe in place, in addition to existing 4.2 billion boe. Of the 17 exploration wells drilled to date, over 80% have shown hydrocarbons. Till date, 6 discoveries have been established and the testing of the other hydrocarbon bearing wells is underway. The evaluation of the discoveries in the tight reservoirs is on-going to establish recovery rates.

During Q4 FY14, we have tested three exploration wells, leading to two new discoveries in the block. The Guda-South-7 well flowed oil at an initial rate of 92 bopd from two zones in the Dharvi Dungar Carbonaceous Shale (DDCS) formation, making it the 29th Discovery and establishing DDCS as a significant play in the southern part of the block. The Barmer Hill formation was tested through a well, NR-3-2100, which flowed oil at 62 bopd and was established as the 30th discovery.

In April 2014, another new discovery has been established, Kaameshwari West 8 in Dharvi Dungar formation, flowing oil at 117 bopd.

With the addition of higher capacity rigs in our drilling program, we have been able to drill two high impact prospects to test potential gas accumulation in the deeper section. The initial results obtained are encouraging and testing is underway.

The two year 3D seismic data acquisition programme for 1,900 square kilometres that is currently underway will further help in identifying new exploration leads and augmenting the prospective resource base. As at 31st March, 2014, we have acquired 266 square kilometres of 3D seismic data.

Ravva (Block PKGM-1)

Results from the adoption of established technologies such as 4D seismic at Ravva Block were encouraging, delivering tremendous value in terms of interpretation of internal reservoir structure and the identification of depleted and un-swept zones leading to further development activity.

In November 2013, we commenced drilling of the 'high temperature, high pressure' deep exploration prospect LO110 in Ravva which is intended to test the hydrocarbon potential within the Late Oligocene sands. The maximum total depth estimated is 4140m of which 2720m has been drilled, as at 31st March. The campaign has witnessed some weather and operational challenges; however we expect to complete the drilling activity before the onset of monsoons.

KG Onshore (Block KG-ONN-2003/1)

The Declaration of Commerciality for the Nagayalanka discovery is currently under Management Committee review. The Field Development Plan (FDP) is being prepared and is expected to be submitted in FY 15.

The extended flow test on Nagayalanka-1z-ST appraisal well was completed in March 2014 and the maximum combined flow rate achieved was 850 bopd. The well has contributed 14,500 bbls of oil to the domestic oil output in FY14. The evaluation of the results is in progress with the objective of optimizing development. Drilling is on-going on the second appraisal well, Nagayalanka-NW-1, with a view to increase the resource base in the block.

Work is progressing on rebuilding the Exploration portfolio including several additional exploration prospects within the block. Planning for 315 square km of 3D seismic data acquisition is underway and is expected to begin in Q4 FY 15.

KG Offshore (Block KG-OSN-2009/3)

With the conditional clearance received from the Government last quarter, the exploration activity has resumed in the block in March 2014. Approximately, 1050 square km of 3D seismic data is expected to be acquired over the course of FY 15 with an objective of building an exploration portfolio across multiple play types. Planning, well construction design and long lead procurement for the drilling of exploration wells is expected to begin.

Mumbai Offshore (Block MB-DWN-2009/1)

With the conditional clearance received from the Government last quarter, the exploration activity has resumed. The tender for acquisition of 2,000 line-km of 2D seismic programme has been awarded and the same is expected to begin in the near term. Planning for acquisition of additional 500 square kilometres of 3D seismic data is underway.

Palar-Pennar (Block PR-OSN-2004/1)

The application for the shift of the restricted boundary has been accepted by government authorities paving the way for further exploration activity.

Sri Lanka (Block SL 2007-01-001)

In 2013, we concluded appraisal and commercial studies to determine the next steps for the gas discoveries made on the block. We continue discussions with the Sri Lankan Government regarding commercial terms necessary to monetize the discovered gas resources on the block, urging the policy makers to take a holistic view to maximize benefits from the maiden natural gas discoveries in the Mannar Basin.

We also participated in Sri Lanka's offshore bidding round for M-5 block, south of our current block in the Mannar Basin in November 2013.

South Africa (Block 1)

Following farm-in and assignment of participating interest in the block in early 2013, we acquired 1,981 square kilometres of 3D seismic data in FY 14. Initial processing of the data is now complete and advanced processing is ongoing. Additionally, acquisition of 3,000 line kilometres of 2D seismic data was concluded in early March, 2014. Processing of the new 2D seismic data is now under way. Both the surveys were completed without incident and on time.

Based on the preliminary assessment of the seismic data, a working petroleum system with multiple oil and gas plays have been identified in a structural setting similar to the KG basin in India where we have significant exploration and development experience. The block lies within the proven oil & gas play trends. The on-going technical evaluation is expected to de-risk and identify drillable prospects during the year.


Cairn successfully achieved its target FY13-14 exit rate of production from Rajasthan of 200,000 boepd. During the quarter, the Block produced 17.2 mmboe of oil equivalent, achieving record total production for the year of 66.3 mmboe. In the process, we achieved the landmark cumulative crude oil production milestone of 200 mmbbls from the RJ block. As on 31st March, the cumulative total production is at 216 mmboe.

A total of 129 new wells were brought on production during the year, with 45 wells added in Q4 FY 14. This has led to the Block achieving gross average production of 181,530 boepd for FY 14, up 7% YoY.

We continue to focus on operational excellence with high standards of HSE practices, lowering of drilling cycle times, reduction of non-productive time and significant improvements in rig movement times. The overall uptime of the facilities in Rajasthan stood at 98% with an opex of US$ 3.9/bbl for FY 14. MPT completed 2.5 million LTI free man hours, with Aishwariya field completing 1 year of LTI free production.

In FY 14, Development Area (DA) 1, comprising the Mangala, Aishwariya, Saraswati and Raageshwari oil & gas fields, produced a gross average 156,662 boepd, up 6% YoY with the Mangala field being the largest contributor and Aishwariya field adding to the volume growth. During the year, DA 2, comprising Bhagyam field, produced a gross average of 24,867 boepd, up 15% YoY as a result of the infill drilling program. As on date, DA 3 does not have any oil and gas producing fields.


Our ongoing capex program is focused on exploration and development activities across all the assets with 87% of the capex planned to be invested in the RJ Block in next three years. In Rajasthan, we are focused on infrastructure development for early monetisation of exploration success and improved reservoir recovery through EOR, infill drilling and facilities upgrades.

As part of this program, plans for redevelopment of Raageshwari Deep Gas field, implementation of full field polymer flood EOR in the Bhagyam field and better reservoir performance of the Aishwariya field have led to a net addition of 50mmboe to 2P reserves resulting in a 2P Reserve Replacement Ratio of 100% for FY 14.

We are embarking on the implementation of three major development projects in our Rajasthan Block.

Enhanced oil recovery (EOR) Project including drilling campaign and facilities upgrade

We are now targeting first polymer injection in the Mangala field EOR project, within this fiscal and have awarded all contracts for the execution.

Polymer flood EOR plan is in place for Bhagyam field

We commenced the Alkaline Surfactant Polymer pilot at Mangala and plan to extend polymer flood EOR to Aishwariya field

Barmer Hill development

The Barmer hill formation which is spread across the block has the potential to become a new major oil play in India and can be classified into 2 major development opportunities

Barmer Hill North consisting of oil prone porcellanite rocks

Barmer Hill South consisting of muddy porcellanites

Exploration results confirm the potential of Barmer Hill across the RJ block, with better than expected results in Vijaya & Vandana.

Aishwariya Barmer Hill (Aish-4 BH), the 27th discovery in Barmer Hill North in DA 1, has been placed on long term testing.

Over the next 3 months, drilling and hydro fracturing horizontal and vertical wells will be carried out to optimize the application of hydro-fracturing technology.

We are putting together execution plans to scale up the tight reservoir development of the BH in the northern area of the block replicating the North American development model; permeability of the BH reservoir has been proved to be better than shale by an order of magnitude.

Satellite Fields

FDPs for the two fields, NI and NE, in DA 2 are awaiting approval from regulators.

Raag-S-1, the 26th discovery in DA 1, was brought on test production within a year of discovery under Integrated Block Development Policy (IDP).

Gas development

Development of Raageshwari Deep Gas field is underway

Initial results from 2 high impact prospects drilled during the current exploration campaign are encouraging

We have plans to upgrade the existing Raageshwari Gas Terminal and are looking at options to construct a new gas pipeline to monetise the additional gas potential in the block.

Infrastructure is also being created to capture significant NGLs potential in the block


With increased scale and size of operations, we have embarked on major initiatives for facilities enhancement.

Fluid handling capacity at Mangala Processing Terminal (MPT)

We have made significant progress on up-grading the fluid (oil, gas, water) handling capacity at the MPT to meet the anticipated additional requirements.

This is associated with the increasing water cuts as the fields mature and more water is injected for pressure support and sweep efficiency.

This project will augment the water injection facilities by quality and quantity.

Salaya-Bhogat Pipeline

100% of the pipeline has now been laid and final testing and commissioning is underway.

Work at the Bhogat terminal is in the final pre-commissioning stage.

Once fully commissioned, we would benefit by adding sea route for evacuation of RJ crude oil.


An average of 179,947 bopd (up from 169,201 bopd last year), amounting to 66 mmbbls for the year was sold to PSU and private refiners, across India. Gas sales during the year were 7 mmscfd, amounting to total sales of 2.7 Bscf. During the year, in order to demonstrate pipeline operations at higher day rate, we have successfully dispatched 227,000 bbls from MPT; in terms of sales and delivery, achieved a record day delivery rate of 220,000 bbls through our existing infrastructure.

The average crude price realisation for the year was US$ 95.2/bbl, an implied 11.5% discount to Dated Brent

Ravva (Block PKGM-1)


Since inception in 1994, the Ravva block has produced more than 261 mmbbls of crude and over 330 billion cubic feet of gas, more than double the initial resource estimates at the time the PSC was awarded. During the year, the block produced 27,386 boepd, with a plant uptime of 99.8%. The asset recorded 3.81 million LTI free man-hours as at end of FY 14. Routine production operations were un-interrupted last year in spite of increased cyclonic conditions in the Bay of Bengal and local disturbances due to Andhra Pradesh State bifurcation.


In March 2014, we commenced the 5th phase of Ravva development drilling using a mat supported jackup rig. This infill drilling campaign, based on the 4D seismic survey, consists of drilling 7 wells. The first well in the campaign has successfully identified un-swept oil as predicted by the 4D seismic survey, demonstrating our ability to apply high end 4D seismic technology. The infill drilling campaigns and prudent reservoir management is expected to result in the overall recovery factor of over 50%.


During the year, 7.5 mmbbls of crude and 13.3 billion scf of gas was sold, averaging 20,466 bopd of crude oil and 36 mmscfd of gas, respectively.

Cambay (Block CB/OS-2)


Since inception in 2002, the Cambay block has produced about 19 MMbbls of crude and over 218 billion cubic feet of gas. During the year, the block produced 9,735 boepd, with a plant uptime of 98.6%. The infill drilling campaign carried out in FY 13 continues to help sustain production levels. The asset recorded 1.1 million LTI free man-hours as at end of FY 14.

The sequential production was lower in the quarter on account of planned shut-down for maintenance.

The block provides an example of optimal asset utilization, with its infrastructure being used for the tolling and processing ONGC's gas from its North Tapti field and the Gas Balancing Agreement with Niko and Gujarat State Petroleum Corporation JV.


For the first time, crude oil from the block was evacuated through a sea route (Hazira Port) with substantial HSE and operational benefits. In Q4, the first cargo was loaded, with 211,000 bbls of crude transported to a west coast refinery. This was a milestone event in the history of the asset.


During the year, 2.7 mmbbls of crude and 4.4 billion scf of gas were sold averaging 7,385 bopd of crude oil and 12 mmscfd of gas, respectively.

Talent and Technology Development

In line with the growth opportunities expected in the future, during the year, our net talent base increased by over 300 to 1,852. The anticipated resource requirement across critical and niche areas in technology functions has been bridged. We have acquired key leadership technical talent for Drilling, Petroleum Engineering, Subsurface and Exploration. Of our total employee base, over 16% of professionals have global technical experience of Oil and Gas sector and 7% are specialists in onshore and offshore exploration activities.

In order to further improve ourselves for best in class practices adopted across sectors, we have hired talent from diverse sectors other than oil and gas. Younger brigade forms a good percentage of our current talent pool reflecting vibrancy and offering scope for innovation. 55 of the new hires are women reflecting Cairn as a committed equal opportunity employer.

Health, Safety, Environment and Sustainability

We are committed to meet the highest international standards of HSE and continue to demonstrate top quartile HSE performance versus our peers.

All our operating assets remain focused to maintain an excellent safety culture, recording a continuous LTI-free work performance. LTI frequency rate (Lost Time Incidents per million man hours) for FY 14 stands at 0.16 which is at the top quartile as per OGP rankings for 2013.

During the quarter, we undertook several HSE awareness initiatives like National Safety Week, Road Safety Week, Know Your Hazard campaign across all the sites engaging our employees, contract personnel and local communities.

Corporate Social Responsibility

Cairn India was awarded the prestigious 'FICCI Corporate Social Responsibility Award - 2013' under 'Category: Private Sector Companies with INR 3001 Cr. per annum and above turnover' by a jury headed by Mr. M. Damodaran, former chairman of SEBI.

We continue to scale up our existing CSR programs thereby strengthening our partnership with the state governments and local communities. Some of the major initiatives till FY 14 include:

Installation of RO plants including 'Any Time Water' based service making safe drinking water available to over 30,000 community members.

Encouraging results from farm based program with production of new types of vegetables in the desert with market linkage.

Installation of 3,600 solar street lights along the Salaya-Bhogat pipeline, benefiting 70,000+ individuals.

19 preventive Mobile Healthcare Vans running in 9 districts of Rajasthan and Gujarat.

Initiation of specialized training programs at our Cairn Enterprise Center for emergency health services and banking to provide employment opportunities to the youth including women.

Plans to impart advanced vocational training in Jodhpur at Cairn Center of Excellence, our flagship CSR initiative.

In addition, we continue to conduct workshops with entrepreneurs and vendors from the local community to imbibe a culture of safety and quality with the objective of promoting local content. Three local vendors were recognized in our '3rd Annual Supplier Conference' held during Q4.

Going forward the plan is to scale up our existing programs to reach each and every household in our operational area to influence their prosperity.


We at Cairn India remain committed to create long term shareholder value. Considering the significant potential in the Rajasthan asset, we shall continue to focus on key development projects to enhance recovery with overall planned net capex of US$ 3 Bn by FY17. We shall target to achieve reserve replacement ratio of 150% in next 3 years subject to PSC extension till 2030 and a 3 year production CAGR of 7-10% from known discoveries with flat production in FY15.

Further exploration activity across the portfolio provides additional value upside and momentum while technology adoption supports low cost operations and development.

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 now 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 India including Andhra Pradesh, Gujarat, Rajasthan, Tamil Nadu and International offices in Colombo and London.

Cairn India is one of the largest independent oil and gas exploration and production companies in India. Together with its JV partners, Cairn India accounts for around one fourth of India's domestic crude oil production. Average gross operated production was 218,651 boepd in FY 14. The Company sells its oil to major refineries in India and its gas to both PSU and private buyers.

The Company has a world-class resource base, with interest in seven blocks in India, one in Sri Lanka 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, five on the east coast of India (including one in Sri Lanka) 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, the Mannar 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 one discoveries have been made in the Rajasthan block RJ-ON-90/1 and the exploration and appraisal drilling campaign is targeting over 3 billion barrels of gross oil in place resources.

In Rajasthan, Cairn India operates Block RJ-ON-90/1 under a PSC signed on 15 May, 1995 comprising of three development areas. DA 1 (1,859 km2) includes discoveries namely Mangala, Aishwariya, Raageshwari and Saraswati, DA 2 (430 km2), includes the Bhagyam and Shakti 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%.

The total resource base supports a long term vision to produce 300,000 boepd, subject to exploration success, further development investments and regulatory approvals.

In Andhra Pradesh and Gujarat, Cairn India on behalf of its JV partners operates two processing plants, 11 platforms and more than 200 km of sub-sea pipelines with a production of over 37,000 boepd as of FY 14.

Block SL-2007-01-001 was awarded to Cairn Lanka in the bid round held in 2008. This offshore block is located in the Gulf of Mannar. The water depths range from 400 to 1,900 meter. The signing of the Petroleum Resources Agreement (PRA) to explore oil and natural gas in the Mannar Basin was held in July 2008 in Colombo.

The farm-in agreement was signed with PetroSA on 16 August, 2012 in the 'Block-I' located in Orange basin, South Africa. The block covers an area of 19,922 sq km. The assignment of 60% interest and operatorship has been granted by the South African regulatory authorities.

India currently imports 3.5 million bopd of crude oil. The current domestic crude oil production is approximately 0.77 million bopd of which Cairn India operated assets (Ravva, CB/OS-2 and the RJ-ON-90/1) contributes about 30%.

For further information on Cairn India Limited, kindly visit


Nidhi Aggarwal

Investor Relations

Tel: +91 124 459 3490, +91 98101 97755


Dr Sunil Bharati

Media Relations

Tel: +91 124 459 3138, +91 99104 86055


In conjunction with these financial results Cairn India is hosting an Investor Conference Call today. Details for the live audio webcast and dial in numbers for the call are available at the Cairn India website (

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Source: ENP Newswire