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Vedanta Resources Q2 Oil & Gas Average Gross Production Down 8% YoY

Vedanta Resources Plc (VED.L) reported that its second-quarter average gross production was 180,955 barrels of oil equivalent per day (boepd), 8% lower year-over-year on account of natural decline in producing reservoirs, partially offset by continued reservoir management practices, strong Enhanced Oil Recovery performance and production optimization activities. Mined metal production was at 219,000 tonnes, 14% higher from last year, on account of higher volumes from underground mines.

For the first-half, average gross production across assets was at 184,062 boepd. Mined metal production was at 452,000 tonnes, 42% higher from prior year driven by higher ore production across all mines.

Kuldip Kaura, Interim CEO, Vedanta Resources plc, said: "During the quarter, our Zinc, Copper India and Aluminium businesses have delivered a strong production performance. We have also commenced our growth journey on both the exploration and development front in our Oil & Gas business. We are continuing to realise operational efficiencies across our diversified portfolio and to benefit from a supportive market environment."

by RTT Staff Writer

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