India’s Bright Future In Oil Market? Vedanta To Invest $4.1 Billion In Barmer Oil Block


India’s Bright Future In Oil Market? Vedanta To Invest $4.1 Billion In Barmer Oil Block

Natural resources company Vedanta Ltd plans to invest $4.1 billion to boost oil output from its flagship Barmer block, reported Live Mint. The company targets to raise its oil output to over 4,00,000 barrels per day in 2021, Vedanta Ltd Chairman Anil Agarwal said.

The output from the block would rise from 2,50,000 barrels per day to more than 300,000 barrels per day next year. “The output from the Barmer block will be 450,000 barrels per day in next two-three years. We are investing about Rs 300 billion to achieve this,” Mint quoted Agarwal.

India ships in 80 per cent of its oil requirements as its domestic output have been stagnated for years. The country produces an average of 7,20,000 barrels of oil per day. Read More

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