Vedanta Pours $4 Billion into Oil & Gas Expansion

Vedanta announces ambitious plans to invest USD four billion over the next three years with the aim of doubling its oil and gas production capacity to 3,00,000 barrels of oil equivalent per day. Anil Agarwal, Chairman of Vedanta, revealed this strategic initiative during the India Energy Week (IEW) held in Goa.

Presently, Vedanta produces 1,40,000 barrels of oil equivalent and is determined to upscale production to 3,00,000 barrels within the next three years through an extensive exploration campaign.

Having already invested over USD 20 billion, which includes the acquisition of Cairn Energy's India unit, Vedanta secured control over significant onshore oilfields in Rajasthan. Moreover, the company possesses promising acreage in the Northeast and deep-water regions, acquired through successful participation in open acreage licensing bid rounds.

By significantly boosting production, Vedanta aims to contribute to India's efforts to reduce dependency on energy imports, thereby reinforcing its commitment to national energy security.

News by Rahul Yelligetti