Hyderabad sources added Vedanta Limited has said it will be investing USD 2.3 billion towards capex on its oil and gas activities in the 'near term' to increase the reserve base by around 375 million barrels. According to its latest annual report, Vedanta aims to increase production from the current 2,00,000 barrels of oil equivalent per day to 3,00,000 bpd over the next few years.
The metals and mining giant said “Our rich project portfolio is comprised of enhanced oil recovery projects, tight oil and gas projects and exploration prospects and as well as boosting production, this investment will generate sustainable employment opportunities, directly and indirectly and bring cutting edge solutions to community needs and they estimate the net capex commitment at USD 600-800 million (for FY 19)”.
Moreover Vedanta had recently bid for all 55 blocks
on offer in the first round of oil and gas auctions under the Open Acreage
Licensing Policy (OALP) auction. Hence the Anil Agarwal led Vedanta is likely
to bag as many as 40 oil and gas exploration blocks in India's maiden open
acreage auction.
