Vedanta chairman Anil Agarwal outlines $4 bn plan to double oil production
Mining conglomerate Vedanta Ltd will invest USD 4 billion over the next three years to double oil production, its chairman Anil Agarwal said on Tuesday as he pushed ahead with an aggressive oil and gas expansion programme.
Vedanta, which more than a decade back acquired Scottish explorer Cairn Energy’s (now Capricorn Energy) India assets, is targeting 300,000 barrels per day (15 million tonnes a year) oil output in 3 years from aggressive exploration campaign, he said on the sidelines of the India Energy Week (IEW) here.
The company is pushing ahead with the investment undeterred by concerns around debt levels at parent Vedanta Resources.
