COLOMBO (EconomyNext) – Cairn India has written down a 5,050 million rupee (80 million US dollar) cost associated with its oil exploration costs in Sri Lanka amid falls in oil prices.
Cairn India reported a 2,410 million Indian rupee loss in the fourth quarter 2014/15 financial year over the write down.
Sri Lankan officials have said that Cairn will not continue with field development in an off-shore block awarded to the company, where some gas reserves have been found and they were looking for a new drill partner.
Gas prices have plunged over the last year, as the US dollar rose.
The firm said revenues fell to 26.7 billion Indian rupees in the final quarter down from 50.49 billion rupees a year earlier.