Cairn Oil & Gas To Invest $4 billion In Three-Four Years On Exploration And Production

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Cairn Oil & Gas To Invest $4 billion In Three-Four Years On Exploration And Production

Vedanta Group company Cairn Oil and Gas plans to invest $4 billion over the next three to four years in exploration and development activities across its onshore and offshore blocks in India, according to top management.

“The company had been investing around $1 billion every year in E&P (exploration and production). This was the first step to reaching 25% of India’s production capacity. In the second phase of development, we plan to follow the same strategy and invest close to $4 billion over the next four years,” Hitesh Vaid, chief financial officer at Cairn Oil and Gas, told NDTV Profit.

“The focus is now on exploration, development, and also enhancement of production from the in-field existing wells in the North-East, Cambay or Rajasthan blocks,” Steve Moore, deputy chief executive officer at Cairn Oil and Gas, told NDTV Profit.

The company wants to reach 50% of India’s production capacity and also wants India to be at least 50% self-sufficient in its energy requirements. To that effect, it has increased its portfolio from three blocks in 2004 to 62 blocks at present, Vaid said.

“We are now present across India in both onshore and offshore segments. Acreage is in excess of 60,000 sq km. Also, we are bringing the right skillsets. Now, the onus is on management to execute these projects,” the CFO said.



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