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The Anil Agarwal-led Cairn India Ltd is set to invest Rs 16,000 crore in India for exploration and production of oil in the next three years.
Addressing Cairn India annual general meeting today, its chairman Navin Agarwal said, “Over the next three years, through the end of FY2016, your Company will invest more than Rs 16,000 crore (S$ 3 billion) in pursuit of finding and producing more oil. This will be funded by our strong production base and harnessed by the on-going application of innovative technologies.”
In Rajasthan only, the company will invest more than Rs 13,000 crore to drill about 450 wells —approximately 100 exploration wells and more than 350 development wells. He added that the company is targeting an additional 530 million barrels to its reserves.
“Our operations contributed Rs 20,000 crore ($ 3.6 billion) to the government. The company contrib uted more than 80 per cent of India’s crude oil production growth last year, saving Rs 38,500 crore (S$ 7 billion) in foreign exchange,” Agarwal said.
During the financial year 2013, the production from Rajasthan assets stood with daily output at over 205,000 barrels of oil equivalent. The company is also in the process of commercializing 20 other discoveries. Last year it brought Aishwariya, its third largest discovery in Rajasthan was brought on-stream, there by bringing four oil fields on stream in a span of two years.
