Cairn India to Invest $3B to Boost Oil Production
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.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Sri Lanka Launches Tender To Develop Natural Gas Site In Mannar Basin (Feb 13)
- Mangala Field Hits 300 Million Barrels of Cumulative Production (Oct 20)
- Vedanta Wins Cairn Nod For BHP-Style Resources Conglomerate (Sep 13)