Vedanta Oil & Gas Shares Jump Almost 4% Despite 17% Drop in Q1 Output

Mumbai, July 8: Vedanta Oil and Gas Limited (VOGL) share price shot up by 3.79% to Rs 37.25 on Wednesday, erasing most of last week’s losses despite the company reporting production decline at its major basins earlier in the day. The shares continue to trade.

VOGL opened Wednesday’s session at Rs 35.85, down slightly from its previous closing price of Rs 35.89. The scrip traded with an intraday high of Rs 38.25 and a low of Rs 35.36. VOGL’s volume-weighted average price was Rs 37.14 and last traded at Rs 37.25, Rs 1.36 higher on the day.

Buying activity overshadowed selling of VOGL stock on Wednesday as 66.82% of the shares traded, equivalent to 1,76,86,281 shares, were on the bid compared with a sell-side volume of 87,84,060 shares, or 33.18% of the total traded volume, giving buyers a volume ratio of 2:1 over sellers. The highest bid for the stock was set between Rs 37.11 and Rs 37.15 while the highest ask was between Rs 37.16 and Rs 37.20 as shares of VOGL rallied intraday. See VOGL’s intraday chart here.

Weekly performance of Vedanta Oil and Gas shares

As shown on the chart above, VOGL shares declined last week, slipping from approximately Rs 45.00 on July 2 to roughly Rs 36.00 at the close of trading on July 7 amid concerns around production declines from the company’s major producing basins. On Wednesday, VOGL’s near-4% surge erased most of those losses.

Vedanta Oil & Gas Q1 Gross Production Down 17%, Warns of Continued Slippage

Vedanta Oil and Gas, which was formerly known as Malco Energy Limited, reported July 3 that its average daily gross operated production decreased by 17% YoY to 77.7 thousand barrels of oil equivalent per day (kboepd) for the quarter ending June 30 compared to 93.2 kboepd for the same period last year. It also declined 5% sequentially from 81.5 kboepd in Q4 FY26.

Average daily working interest production also dropped 16% YoY to 51.1 kboepd from 60.8 kboepd. Total gross oil and gas production during the quarter was 7.1 million barrels of oil equivalent, compared with 8.5 million boe during Q1FY27.

Gross production from Rajasthan, VOGL’s largest producing asset fell 15% YoY to 63.1 kboepd, while Ravva output slipped 17% to 7.0 kboepd. Production from the Cambay block plunged 32% to 4.6 kboepd. Production from Cambay remains tied up in legal proceedings after India’s oil ministry rejected the block’s PSC extension application in September last year. Vedanta has challenged the rejection in the Delhi High Court which earlier this year issued orders instructing both parties to maintain status quo on the block. Meanwhile, output from the OALP portfolio fared better, falling 12% to 3.1 kboepd.

“Under the theme ‘Arresting Base decline and building future growth funnel’, the company has been focused on doing exploration drilling wherever opportunities arise, working towards enhanced oil recovery through ASP and driving infill campaigns,” Vedanta Oil and Gas said.

VOGL, which operates under the Cairn brand, holds interests in 44 blocks spread over an area of more than 47,000 sq km. The company has gross 2P and 2C resources of 1.4 billion barrels of oil equivalent.

Source: https://www.nseindia.com/get-quote/equity/VOGL/Vedanta-Oil-and-Gas-Limited