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Cairn to ramp up Indian hydrocarbon production

Cairn (India) Ltd will ramp up its gross production from Indian hydrocarbon concessions to 225,000 barrels per day in the current fiscal year, the company's commercial head has said.

twitter-logo PTI   Singapore     Last Updated: October 30, 2013  | 09:51 IST
Cairn to ramp up Indian hydrocarbon production

Cairn (India) Ltd will ramp up its gross production from Indian hydrocarbon concessions to 225,000 barrels per day in the current fiscal year, the company's commercial head Karunakaran Hari has said.

The MBA field in Rajasthan would account for 200,000 b/d of that output, Hari said on Tuesday night.

Cairn was producing 205,000 b/d in the current 2012/13 fiscal year, an increase of 19 per cent from a year ago.

Hari said Cairn would continue to monetise its hydrocarbon resources , and was planning with the Sri Lankan government to commence production from Mannar Basin's Dorado gas field by 2015.

Cairn has also acquired a 60 per cent stake in Block 1 in South Africa from PetroSA, said Hari, after receiving an industry award which is part of the annual Singapore International Energy Week.

Cairn would be the operator of the farm-in transaction, with PetroSA holding the remainder 40 per cent stake. Cairn was shooting seismic survey on the block, Hari said.

Cairn was rated first in the fastest growing Asian companies in Exploration & Production category by Platts, an international energy and commodity pricing and market analysis service provider.

Cairn tipped other Asian companies including China Resources Gas Group Ltd and Inner Mongolia Yitai Coal Co Ltd, which were rated second and third respectively.

Among other Platts' rating, Reliance Industries Ltd was upgraded to 19th position from last year's 38 in the list of top 250 global energy companies.

Oil and Natural Gas Corp was rated 22, up from 62 a year ago. Coal India Ltd moved up to 43rd position from 124 previously and NTPC Ltd was at 49, up from 92 previously

The four Indian companies were in the list of first 50 energy companies in the world.

Oil majors ExxonMobil Corp, Chevron Corp and Royal Dutch Shell plc led the Platts Top 250 rating as first, second and third respectively.

CNOOC Ltd's Li Fanrong was named the "Asia CEO of the Yea" for Platts first ever chief executive award.

Cairn's P Elango and Oil and Natural Gas Corp's Sudhir Vasudeva were among the top five finalists for the CEO award.

The other two were Oscar Reyes of Manila Electric Co and Dr Pailin Chuchottaworn of PTT Public Co Ltd of Thailand.

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