Vedanta’s upstream arm, Cairn Oil and Gas, is at an advanced stage of awarding project management service contract to carry out exploration activities for all 41 blocks it won under the Open Acreage Licensing Policy (OALP), Ajay Kumar Dixit, new chief executive officer (CEO) of Cairn Oil and Gas, told ETEnergyworld.
The company is planning to spend $500 million to carry out exploration work in these blocks and has already approached the Environment Ministry for environment clearances.
According to Dixit, the firm has received interest from more than 10 global exploration and production servicing firms for end-to-end integrated project management and expects to award 75 per cent of contracts within the next six weeks.
Cairn Oil and Gas has in total won 53 blocks under OALP-I, OALP-II and in the second round of Discovered Small Field. Read More
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