Saturday, 24 January 2015 02:32
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Cairn India Ltd. plans to start 3D seismic reprocessing to further investigate the potential of the block in which gas discoveries were made.
The company has revealed the latest status of its operations in Sri Lanka in the note accompanying interim results for the quarter ended on 30 December 2014.
“Commercialisation of the gas discoveries made on the block continues to present challenges. The company is refining the technical evaluation of the remaining exploration prospects on the block that could ultimately add to the discovered resource base. Towards that end, Cairn plans to commence 3D seismic reprocessing in the current quarter to further investigate the potential,” the company said.
One of the leading independent exploration and production companies in the world, Cairn India reported revenue of $ 565 million and EBITDA of $ 341million. It said the company is well positioned in current crude environment with low operating costs of $6 per barrel. Profit after tax was $ 218 million.
“We continue to drive operational efficiencies in the current crude price environment. Our cash rich balance sheet and best-in-class cost profile provide a solid foundation to operate the high margin core fields. This gives us the optionality to be selective about growth projects, contingent upon the oil price environment. We are uniquely positioned to generate positive free cash flows,” Cairn India Managing Director and CEO Mayank Ashar said.
“We are committed to extract and replace each barrel of hydrocarbon in an economical, safe and sustainable manner thereby contributing to India’s quest for achieving self-sufficiency in the energy sector,” he added.
