Oil as gas production up 21 per cent at Vedanta Resources

The production of oil and gas at FTSE 100 natural resources group Vedanta Resources rose by 21 per cent in the nine months to December 31st, the company said Thursday.

The production of oil and gas at FTSE 100 natural resources group Vedanta Resources rose by 21 per cent in the nine months to December 31st, the company said Thursday.

Average daily gross operated production of oil and gas was valued at 206,405 barrels of oil equivalent per day (boepd) over the three quarter period, compared to 170,436 boepd in the corresponding nine months of 2011.

The significant rise was attributed in part to accelerated production levels at the company's Rajasthan base. Production rose 36% at the Rajasthan plant, compared to the Ravva and Cambay plants, where production levels fell by 19% and 17% respectively over the same period.

In addition to oil and gas production level increases, the company reported a rise in its mined metal and integrated silver production, both of which rose 11% and 8.0% respectively at Zinc India.

Strong operational performance was reported at Aluminium smelters and the company reported that it had received government approval for oil and gas exploration in development areas. It said that this was key to achieving basin potential of 300 kbopd (thousand barrels of oil per day).

The group reported that it is now targeting drilling at the first well by the end of the fiscal year 2013.

MF

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
What does the Coinbase listing mean for bitcoin and other cryptocurrencies?
Bitcoin

What does the Coinbase listing mean for bitcoin and other cryptocurrencies?

As the bitcoin price hit new highs, the world's biggest cryptocurrency exchange, Coinbase, listed on the stockmarket. John Stepek looks at what that m…
15 Apr 2021
Properties for sale for around £400,000
Houses for sale

Properties for sale for around £400,000

From a converted church in Banffshire with views towards the Cairngorms National Park, to a period property in the Georgian market town of Beverley, e…
2 Apr 2021