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Cairn India suffers loss of Rs8.5 crore

Cairn India suffers loss of Rs8.5 crore
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First Published: Sat, Apr 28 2007. 12 10 AM IST
Updated: Sat, Apr 28 2007. 12 10 AM IST
Mumbai: Cairn India Ltd, the Indian unit of UK-based Cairn Energy Plc., on Friday said it had posted a net loss of Rs8.54 crore for the January-March quarter.
The company, which was listed in January this year, did not give figures for the corresponding quarter last year as the quarter under review was the first operational one for the new company.
Previously, income from India was taken in the books of its UK-based parent firm Cairn Energy.
Cairn said average price realization for the oil it produces in Ravva offshore field was $61.04 per barrel (about Rs2,501), while average gas price realization for its fields in eastern and western offshore was $4.07 per thousand cubic feet.
Cairn India chief executive Rahul Dhir said, “Cairn India remains focused on driving forward the Rajasthan development to bring new production onstream, while maximizing the production potential from existing assets, enabling increased exploration activity and ensuring the Rajasthan upstream project remains on track to produce first oil in 2009.”
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First Published: Sat, Apr 28 2007. 12 10 AM IST