Cairn India looks forward to invest Rs 30,000 crore to add 1 lakh bpd of oil
Advertisement
Advertisement
He also confirmed the merger of the cash-rich
Agarwal added that the merger of Cairn India with Vedanta Ltd will be completed by March-end. "We are on track. There is no problem. The merger will be completed by March," he said.
"We have committed to investing Rs 30,000 crore to add 1,00,000 barrels per day of oil and oil equivalent gas over the next three years," he told PTI.
As of now, Cairn produced 2,06,230 barrels per day of oil equivalent in the second quarter ended September. Bulk of the production came from its Rajasthan block that gave 1,67,699 barrels of oil equivalent per day (boepd). The Ravva field in the Bay of
Advertisement
Cairn is investing in enhanced oil recovery (EOR) and improved oil recovery (IOR) scheme to sustain production from the oil fields as also develop the Raageshwari Deep Gas (RDG) project. It is looking to increase gas production to 40-45 million standard cubic feper day (mscfd) by 2017 and 100 mscfd by 2018-19.
Vedanta is said to be keen on using Rs 23,290 crore cash lying with Cairn to pay off part of its Rs 77,952 crore debt.
(image: Indiatimes)
Advertisement
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema
- In second consecutive week of decline, forex kitty drops $2.28 bn to $640.33 bn
- SBI Life Q4 profit rises 4% to ₹811 crore
- IMD predicts severe heatwave conditions over East, South Peninsular India for next five days
- COVID lockdown-related school disruptions will continue to worsen students’ exam results into the 2030s: study
- India legend Yuvraj Singh named ICC Men's T20 World Cup 2024 ambassador
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market