Oil Money

Feb 02, 2009 (LBO) – Cairn India, which is exploring for oil in Sri Lankan waters, said group after-tax profit for the December quarter was 48.5 million dollars compared to a loss of 3.5 million dollars in the same period in 2007. A company statement said group revenue of Cairn India for the quarter was 43.3 million dollars compared with 67.6 million a year ago.

The company also reported sizeable earnings from other income which it said represents income from investments made in mutual funds and bank deposits.

Cairn India is producing oil and gas from several fields in India and is developing more fields as well as doing exploration.

It also has won an exploration licence from the government of Sri Lanka to explore for oil and natural gas in the Mannar Basin, off the west coast.

The block covers about 3,000 square kilometres in water depths of 200 metres to 1,800 metres.