Energy
In Q3, power sales were 1,766 million units. This included 1,559 million units sold by the 2,400MW Jharsuguda power plant, as compared with 245 million units in the corresponding prior period.
EBITDA in Q3 was USD 22.7 million as compared with USD 8.0 million in the corresponding prior quarter. The increase in sales and EBITDA was mainly on account of power sales from the first two units of the 2,400 MW Jharsuguda power plant.
The third unit of the 2,400MW Jharsuguda power plant is currently producing under trial run. The Talwandi Sabo Power Project is on track for synchronization of the first unit in Q4 FY 2012-13.
135MW of the 150MW wind power expansion project has been commissioned and the remaining is expected to be completed in Q4. Post completion, our wind power generation capacity will be 273MW.
Oil and Gas
We successfully completed the acquisition of Cairn India on 8 December 2011, and now hold a 58.5% stake on a fully diluted basis.
Cairn India reported an average daily gross operated production of 169,580 barrels of oil equivalent for the quarter, with working interest production at 98,969 boepd. This comprised 125,122 bopd from Rajasthan, 36,567 boepd from Ravva and 7,890 boepd from the CB/OS-2 block. Of this, the gross production post completion of the acquisition was 4.07 million barrels of oil equivalent and the working interest production was 2.37 mboe.
The Mangala field in the Rajasthan block is consistently producing at the currently approved plateau rate of 125,000 bopd since August 2010. Post its production start p in August 2009, the Mangala Processing Terminal has processed more than 70 mmbbls of crude oil, which has been sold to government owned and private refiners.
The Bhagyam field, the second largest of the 25 discoveries made so far in the Rajasthan block, commenced production on 19 January 2012. The reservoir and facilities will entail a gradual ramp up to reach the currently approved plateau of 40,000 bopd. The commisioning of Bhagyam is a key milestone towards achieving the targeted production rate of 175,000 bopd by end FY 2011-12.
On the exploration front, Cairn India had two successive discoveries in the Sri Lanka Block SL-2007- 01-001 frontier exploration drilling programme. Following this success, Cairn India has notified the government of Sri Lanka of its intention to enter the second phase of exploration.
We have consolidated Cairn India into our financial statements from 8 December 2011, and accordingly have accounted for revenues and EBITDA from Cairn India of USD 155.4 million and USD 131.0 million, respectively.
