Cairn India to invest Rs 10,000 crore, aims to raise daily output to 5L barrels
BARMER: Business magnate Anil Agarwal aims to raise Cairn India's crude oil output to 500,000 barrels per day (bpd), or 25 million tonnes a year, surpassing the annual production of state-run Oil and Natural Gas Corp (ONGC). But he wants the government to unwind the maze of controls and is happy to place a government director on the private firm's board.
Cairn India, which was acquired by Vedanta Group after a series of regulatory hurdles, is already producing 175,000 barrels per day, which account for about a quarter of India's production. The company produces the bulk of its oil from the Rajasthan block, where it has also started producing natural gas.
"We are looking at producing 5 lakh bpd of crude in the next few years as we have enough oil in the ground. We are targetting 3 lakh bpd of crude (in the near future)," Agarwal said on the sidelines of an event to mark the start of gas sales from the Rajasthan block. Agarwal added that Cairn India is looking at investing of Rs 10,000 crore for exploration and production in the next couple of years.
It will drill 100 exploration and appraisal wells at an investment of Rs 3,000 crore. Cairn India has made 25 discoveries in the 3,100 sq km Rajasthan block and puts its potential at 7.3 billion barrels of oil equivalent.
Cairn India to invest Rs 10,000 crore, aims to raise daily output to 5L barrels - The Economic Times
Good News
we need a more industry friendly n attractive exploration policy to decrease or dependence on heavy imports...
BARMER: Business magnate Anil Agarwal aims to raise Cairn India's crude oil output to 500,000 barrels per day (bpd), or 25 million tonnes a year, surpassing the annual production of state-run Oil and Natural Gas Corp (ONGC). But he wants the government to unwind the maze of controls and is happy to place a government director on the private firm's board.
Cairn India, which was acquired by Vedanta Group after a series of regulatory hurdles, is already producing 175,000 barrels per day, which account for about a quarter of India's production. The company produces the bulk of its oil from the Rajasthan block, where it has also started producing natural gas.
"We are looking at producing 5 lakh bpd of crude in the next few years as we have enough oil in the ground. We are targetting 3 lakh bpd of crude (in the near future)," Agarwal said on the sidelines of an event to mark the start of gas sales from the Rajasthan block. Agarwal added that Cairn India is looking at investing of Rs 10,000 crore for exploration and production in the next couple of years.
It will drill 100 exploration and appraisal wells at an investment of Rs 3,000 crore. Cairn India has made 25 discoveries in the 3,100 sq km Rajasthan block and puts its potential at 7.3 billion barrels of oil equivalent.
Cairn India to invest Rs 10,000 crore, aims to raise daily output to 5L barrels - The Economic Times
Good News
we need a more industry friendly n attractive exploration policy to decrease or dependence on heavy imports...
