Cairn India Oil & Gas, a vertical of Vedanta Resources Ltd, India’s largest private upstream oil & gas (O&G) operator, is seeking to ramp up its production at Mangala, Bhagyam and Aishwariya (MBA) block in Rajasthan after a successful pilot project increased the output manifold.
Ravva in Andhra Pradesh is the other block the company is planning to monetise at the earliest by fast tracking the project. Cairn has issued global tenders for integrated developments on these blocks.
Cairn India, which contributes about 27% of India’s domestic production, has so far invested around $33 billion in the country. The company has reportedly chalked out plans to pump another $2-2.5 billion in oil and gas over next three years, in order to raise its market share to 50%. Also, the company has submitted expressions of interest (EoI) for 15 fields (a combination of onshore and offshore fields) being put up for exploration under the Open Access Licensing Policy (OALP). The ministry of Petroleum and Gas had in July opened 2.8 million square km of sedimentary basins for O&G exploration in a bid to raise domestic production and cut excessive dependence on imports. The new policy allows companies to select blocks/areas after studying seismic data to explore and produce oil and gas. Read More…
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