The output, which had risen to 13.63 million standard cubic meters per day in February, dropped to 13.28 mmscmd this month, the Directorate General of Hydrocarbon (DGH) said in a production status report to the Oil Ministry.RIL produced 13.58 mmscmd of gas from Dhirubhai-1 and 3 gas fields and MA oil and gas field in the KG-DWN-98/3 or KG-D6 block in Bay of Bengal in the first week of February, which rose to 13.63 mmscmd in the following week.
However, output has since dropped to 13.28 mmscmd in the week to March 9, it said.This output is made up of 8.17 mmscmd from D1&D3 and 5.11 mmscmd from MA field.
RIL had in January began production from the MA-8 well on the MA oil and gas field to help reverse the declining trend in output from the KG-D6 block. The well added over 1.5 mmscmd to the output to take MA production to 5.33 mmscmd last month.
Production at KG-D6 had last month dropped to about 11.7 mmscmd and MA-8 has helped reverse the falling trend of the past three years.
We can expect more bad news for this company and see the share value drift lower towards the correct value which should be around 800 rupee level rather than the 900 level where it has been hovering about in the last few days.When a correction does happen to the market this share will be one which will take a big hit, and take the market into a spiral.