Cairn India to Invest $3B to Boost Oil Production

Cairn India plans to spend more than $3 billion over the next 3 years to boost oil production.

Reuters

July 24 (Reuters) - Cairn India Ltd, a unit of London-listed Vedanta Resources Plc, will invest more than $3 billion over the next three years to explore and produce more oil, its chairman said on Wednesday.

The investment will be fully funded from Cairn India's cash resources and will target adding 530 million barrels of oil to its reserves, Navin Agarwal told an annual shareholders meeting in Mumbai.

"We have a well-balanced portfolio of exploration, development and producing assets and a clear plan, which will see us aggressively pursue exploration and development opportunities in the months and years ahead," he said.

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