10th Oct 2014 06:58
LONDON (Alliance News) - Vedanta Resources PLC Friday said its overall oil and gas production decreased in the first half following planned maintenance work on its operations, partially offset by increased production at its Cambay site in India, with its metal production increasing from the first quarter, but down from the previous year.
Oil and gas production decreased 3% in the first half ended September 30, to 206,125 barrels of oil equivalent per day from 212,873 barrels of oil equivalent per day in the same period in 2013. The decrease in production was due to its planned maintenance at its Rajasthan facilities and a suspension of gas sales from the Ravva block.
The shutdown of Rajasthan, India, was completed in the first quarter and resulted in 163,262 barrels of oil equivalent per day in the first-half, down from 175,478 barrels of oil equivalent per day a year earlier.
Gas sales at its Ravva block, also in India, have been suspended since July 4, due to unplanned maintenance work. Production was reduced to 20,596 barrels of oil equivalent during the second quarter from 29,151 barrels of oil equivalent per day a year earlier.
At its Cambay site, India, production increased by 23% to 10,651 barrels of oil equivalent per day in the second quarter from 8,671 barrels of oil equivalent a year earlier.
Vedanta's Zinc India project saw a 30% increase in mined metal production from the previous quarter, but 4% lower than the previous year to 213,000 tonnes from 222,000 the year before. The reduction is due the company excavating more waste than ore by the end of September, it said.
At its Kanataka site, India, the company said it is awaiting for its mining lease to be renewed, which is expected to be received in the third-quarter. Vedanta expects to produce 2.29 million tonnes of iron ore for the full year once the sale of ore restarts since being suspended in August. Before sales were suspended, the company had sold 1.8 million tonnes.
Mining at its Goa site, India, is due to resume next year as Vedanta await new mining leases, it added.
Its operations in Liberia have been affected by the Ebola virus outbreak. The company has removed all of its leadership team from the country and are awaiting for the situation to "normalise".
Its copper sites in India and Australia saw production increase 22% to 100,000 tonnes in the quarter from 82,000 tonnes a year earlier. Its 160 megawatt Tuticorin power plant sales also increased to 183,000 tonnes from 158,000 tonnes.
Metal production from its copper operations in Zambia decreased by 12% from the first quarter to 30,000 tonnes in the second quarter, due to a one month planned maintenance of its Nchanga smelter.
The Lanjigarh alumina refinery, India, operated above 90% of its capacity and produced 226,000 tonnes of aluminium in the second quarter. The numbers for the corresponding prior period are not comparable as the plant restarted in July last year and ramped up thereafter. said Vedanta.
Vedanta shares gained 1.4% to 936.50 pence per share on Thursday.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Vedanta Resources