Cairn may revise production guidance; stock at 52-week low

Private oil & gas producer Cairn India fell as much as 3.4 percent to touch a 52-week low of Rs 309.30 on Friday after sources indicated that the company is likely to revise its production guidance downwards in January. The timeline for a ramp-up to 240 kbpd remains unclear due to Bhagyam reservoir issues, say sources.

Cairn India is facing some reservoir pressure problems in the Bhagyam field in Rajasthan. Despite getting all the approvals from the government for almost 11 months now, the company is unable to ramp up the entire Rajasthan production by 8 percent. It can increase their production to 40,000 barrels a day from the current 20,000 barrels, reports CNBC-TV18's Nayantara Rai quoting sources.

Hence it is likely that the company may announce lower guidance at its annual conference call in the third week of January while announcing it results.

At 13:09 hours IST, the stock lost 2.55 percent to Rs 312 on the Bombay Stock Exchange.

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