The recent spurt in global crude oil prices has resulted in Vedanta, the metals and mining major, putting its development and exploration projects on a fast track but issues of cess and higher profit petroleum continue to be a concern.
Indian benchmark crude oil touched $61.54 a barrel on Thursday.
Speaking to Business Standard, Sudhir Mathur, newly appointed chief executive for the Cairn oil and gas business at Vedanta, said, “We have started investing in a $1-billion programme, which we expect to yield about 100,000 barrels of oil in the next 18-20 months. When oil prices go up, it allows us to take more risks. We had earlier decided to work on sweet spots first.” Read More…
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