Anil Agarwal, the chairman of Vedanta, presents a $4 billion plan to quadruple oil production.
economictimes.indiatimes.com
India
07-02-2024
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According to chairman Anil Agarwal, Vedanta plans to invest $4 billion over the next three years to expand its capacity for producing gas and oil to 300,000 barrels of oil equivalent per day. In an interview with ET, Agarwal stated, "I have invested more than $20 billion in oil and gas so far." "I have a plan to invest another $4 billion."
The $20 billion investment includes the sum Vedanta paid over ten years ago to acquire Cairn Energy's India division, giving them ownership of the most productive onshore oilfield in the nation, located in Rajasthan.
At present, Vedanta produces approximately 140,000 barrels of oil equivalent, comprising 100,000 barrels of oil. It is anticipated that in three years, oil output will treble to 200,000 barrels.
According to Agarwal, India must create at least half of the energy it consumes and drastically reduce its reliance on imports. Agarwal stated, "The world wants India to be a market," but Vedanta's goal is to assist India in reducing its reliance on foreign energy.