Vedanta's Anil Agarwal bets $4 bn on oil hunt amid price surge

Cairn's plan stands out compared to producers around the world, most of whom are staying away from committing investments in oil and gas

India’s Cairn Oil & Gas, a unit of Vedanta Ltd., will spend as much as $4 billion over the next three years to more than triple its production, as high prices make investments attractive.

India’s biggest non-state producer, controlled by billionaire Anil Agarwal, plans to drill more wells to explore new oil and gas reserves across its 51 blocks in the country, Prachur Sah, deputy chief executive officer of Cairn, said in an interview to Bloomberg TV Friday.

“Our target is to reach half a million production in a very short time by doing these investments,” he said. “This investment is not