Vedanta Makes $3 Billion Bet To Re-Energize Its Biggest Oilfield

Vedanta Makes $3 Billion Bet To Re-Energize Its Biggest Oilfield

India’s Vedanta Ltd. will spend $3 billion over the next three years as it seeks to expand oil reserves and nearly double output from its largest field.

India’s biggest non-state producer, controlled by billionaire Anil Agarwal, plans to drill more wells at its Barmer block in the western Indian state of Rajasthan and other blocks in the eastern part of the country, according to Sudhir Mathur, acting chief executive officer of Vedanta’s Cairn Oil & Gas unit.

“There is a lot of oil in Barmer block, there is no doubt about that,” Mathur said in an interview at Cairn’s headquarter at Gurgaon near New Delhi. “All these projects are very viable for us even at $40 a barrel.” Read More…

 

Credit By : The Economics Times

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