Vedanta oil and gas projects pick up as crude price rises

Vedanta company has been demanding reduction in the cess rate to 8% of the realised price

The recent spurt in global crude oil prices has resulted in Vedanta, the metals and mining major, putting its development and exploration projects on a fast track but issues of cess and higher profit petroleum continue to be a concern.

 
Indian benchmark crude oil touched $61.54 a barrel on Thursday.
 
Speaking to Business Standard, Sudhir Mathur, newly appointed chief executive for the Cairn oil and gas business at Vedanta, said, “We have started investing in a $1-billion programme, which we expect to yield about 100,000 barrels of oil in the next 18-20 months. When oil prices go up, it