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Vedanta Oil & Gas announces financial result

Gasoil News - Published on Mon, 15 Oct 2018

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Vedanta Resources Plc a globally diversified natural resources company. We extract and process minerals, oil and gas, engage more than 65,000 employees and contractors, primarily in India, Africa, Ireland and Australia, announced the financial resulted.

ParticularsQ2FY 2019Q2 FY 2018Change YoYQ1FY 2019Change YoYH1 FY 2019H1 FY 2018Change YoY
Average Daily Gross Operated Production (boepd)1859261809553.00%194986-5.00%1904311840623.00%
Average Daily Working Interest Production (boepd)1187481153323.00%124807-5.00%1217611173914.00%
Total Oil and Gas (million boe)
Oil & Gas- Gross17.116.63.00%17.7-4.00%34.833.73.00%
Oil & Gas-Working Interest10.910.63.00%11.4-4.00%22.321.54.00%

(In '000 million tonnes)

Q2 FY2019 vs. Previous Quarters
Average gross operated production during Q2 FY2019 across our assets was 185,926 barrels of oil equivalent per day (boepd), up 3% y-o-y. The increase in volume was primarily due to the infill wells in Mangala and Cambay, new wells brought online as part of Bhagyam and Aishwariya EOR campaign and production optimization activities carried out across assets.

Average gross operated production was lower 5% q-o-q mainly due to the natural field decline. Efforts well advanced to off-set this impact. All our assets recorded an uptime of over 99%.

Gross production from the Rajasthan block averaged 155,194 boepd for the quarter, 1% higher y-o-y and 5% lower q-o-q. 32 wells have been drilled as part of the growth projects and 8 wells have been brought online. Gross production from Development Area-1 (DA-1), Development Area-2 (DA-2) and Development Area-3 (DA-3) averaged 136,658 boepd, 17,922 boepd and 614 boepd respectively.

Gas production from Raageshwari Deep Gas (RDG) averaged 47.1 million standard cubic feet per day (mmscfd) in Q2 FY2019, with gas sales, post captive consumption, at 29.6 mmscfd.

The Ravva block produced at an average rate of 13,496 boepd for the quarter, lower by 22% y-o-y and 5% q-o-q primarily due to the natural field decline.

The Cambay block produced at an average rate of 17,236 boepd for the quarter, up by 65% YoY and 3% QoQ supported by the gains realized from infill wells campaign completed in Q1 FY2019.

Key upcoming project milestones
MBA Infill, EOR Polymer and ASP Project: 29 wells have been drilled till date. Of these 8 wells are already online, 26+ wells will be online by Q3 FY2019 and 50+ wells online by Q4 FY2019. ASP surface facilities activities contract to be awarded by Q3 FY2019.

Gas production to increase substantially during the year:
- GIGL pipeline nearing completion. Facility debottlenecking shall enable increase in gas volumes by Q3 FY2019
- Early gas production facility shall double the gas production by Q4 FY2019
- Tight Gas (RDG): 1 well drilled. Hydraulic fracturing activity commenced in existing wells.

Tight Oil (ABH): 2 wells have been drilled. Hydraulic fracturing activity is scheduled to commence in Q3 FY 2019. First Oil on track for Q3 FY2019. 10+ wells online by Q4 FY2019.
Liquid handling facility upgradation progressing as per plan to handle incremental volume.
Tight Oil Appraisal fields: The appraisal for 4 tight oil fields to commence in Q3 FY2019.

OALP: Bids were submitted for all 55 exploration blocks offered in OALP-1 round. Secured 41 blocks for which the revenue sharing contracts have been signed.
KG Offshore: The first Exploration well has been drilled and tested with flow of gas. A new hydrocarbon discovery has been declared. The drilling of the second exploration well is scheduled for drilling in Q4 FY 2019.
RJ Exploration: 7-18 exploration and appraisal wells drilling campaign to start in Q3 FY2019 to build on the resource portfolio.

H1 FY2019 vs. H1 FY2018
Average gross production across our assets was 3% higher y-o-y at 190,431 boepd. Production from Rajasthan block was 159,593 boepd, 2% higher y-o-y resulting from the gains of the Mangala infill campaign and prudent reservoir management practices. Production from the offshore assets, was at a combined 30,838 boepd, higher by 11% y-o-y, due to the gains from Cambay infill campaign partially offset by the natural field decline.

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Posted By : Nanda Koijam on Mon, 15 Oct 2018
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