Cairn India, the company which discovered the country’s largest oil field after ONGC’s Bombay High, has reported a net loss of Rs 25.54 crore during the year ended December 31, 2007.
The company, which follows a January-to-December fiscal, had reported a net loss of Rs 21.17 crore in FY 2006.
Total income increased to Rs 1,144.67 crore in FY07 from Rs 44.96 crore in FY06.
The losses were higher in FY07 as the company’s expenditure increased to Rs 1,016.04 crore when compared with Rs 57.70 crore in FY06. The company, which is majority-owned by UK-based Cairn Energy, spent Rs 251.23 crore during the year on exploration when compared with Rs 5.99 crore in FY06. Operating costs during the year were also higher at Rs 194.58 crore as against Rs 5.31 crore in the previous financial year. Employee costs increased over three times to Rs 125.74 crore when compared with Rs 36.11 crore in the previous fiscal.
The company said in a statement that the average price realisation per barrel of oil equivalent during the year was $54.62 while that for the quarter-ended December 2007 was $68.11.
The company added that it would begin production of oil from its Rajasthan field in the second half of 2009 with peak production now estimated at 175,000 barrels per day when compared with the earlier estimate of 150,000 barrels per day. This could boost the country’s oil output by around 25% from the current production of about 680,000 barrels per day.
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