India’s Cairn Oil & Gas plans to spend more than $4 billion over the next three years to more than triple its output. High crude oil prices have attracted investment. Cairn Oil & Gas is a unit of Vedanta Limited, headed by billionaire businessman Anil Agarwal.
Cairn is India’s largest non-government producer. Cairn is planning to drill more wells to explore new oil and gas reserves in its 51 blocks in the country, said company’s deputy chief executive Prabrun Shah.
“Our target is to take our production to 5 lakhs at the earliest through these investments,” he said. “This investment is not just a single figure, but we have a number of projects. We are going to be very focused on exploration in the next couple of years,” said Abrupt.
Cairn’s plan differs from that of oil producers around the world, most of which shy away from new investments in oil and gas. Due to this the prices are increasing rapidly as the demand exceeds the supply. Countries like India, which import nearly 85 per cent of their total oil requirement, are particularly borne the brunt of this increase in prices.
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Cairn produces one fourth of the oil produced in India. According to the company’s website, it aims to increase its contribution to the country’s total production by 50%. Cairn’s average production during the three months ended December 31 was 159,000 barrels of oil equivalent.
Cairn has invested around $2.5 billion in the last three years. Cairn has made some recent oil and gas discoveries, and hopes to help it find more oil fields as exploration progresses.
New oil field discovered in Barmer block of Rajasthan
On February 21, Cairn Oil and Gas announced the discovery of a new oil field in Barmer district of Rajasthan. This oil reserves have been found in the same desert area where the company’s ‘abundant oil field’ is. This discovery has been named ‘Durga’.
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