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
Who owns hidden treasures in the coast of Portugal? According to sources spices, ceramics and cannons engraved with Portugal's coat of arms all lie around the wreck, found near Cascais, close to the capital Lisbon. Meanwhile the team believes the ship was returning from India when it sank sometime between 1575 and 1625 and hence this was at the height of Portugal's spice trade with Asia. Project director Jorge Freire told news agency that it is situated at a depth of 12m (40ft) the wreck was very well preserved.
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