Arab Today, arab today cairn india plans 2bn investment shares rise
Last Updated : GMT 02:31:13
Arab Today, arab today
Arab Today, arab today

Cairn India plans $2bn investment, shares rise

Arab Today, arab today

Arab Today, arab today Cairn India plans $2bn investment, shares rise

New Delhi - AFP

Shares of oil producer Cairn India rose nearly three percent Monday after the explorer said it plans to invest $2 billion to raise output by more than 70 percent at its oilfields in the country\'s northwestShares of Cairn, part of Britain-based resources giant Vedanta, controlled by tycoon Anil Agarwal, climbed 2.9 percent to a high of 285.6 rupees in trading on the Bombay Stock Exchange.\"In the next couple of years we are looking at around $2 billion investment. In the next five years, we are looking to drill at least 500 wells a year,\" Cairn India board member P. Elango told reporters at the weekend. Cairn said it is aiming to use the $2 billion to raise output by 71 percent over the next few years. The company is now producing 175,000 barrels of oil per day from its blocks in Rajasthan state and its fields have the potential to support production of 300,000 barrels a day, Elango said. Greater domestic energy supplies for India, which imports some 80 percent of its crude oil needs, has become especially vital to reduce a high current account deficit, of which fuel purchases from abroad account for the largest chunk. \"I see import dependence coming down by 50 per cent by 2020 and by 75 percent in 2025. By 2030, we should be self-reliant,\" Oil Minister M. Veerappa Moily said on Saturday. Cairn sold its 40 percent controlling stake in Cairn India in December 2011 to India-focused Vedanta Resources for $6.5 billion, after a long battle to win Indian government approval for the sale. Cairn India said it has already invested 180 billion rupees ($3.31 billion) to boost production at oil fields and plans to spend another 60 billion rupees in the financial year that begins April 1. On Saturday, the explorer launched production at Aishwariya, the third-largest field in Rajasthan. Other fields operated by the Vedanta group company include the Mangala, Bhagyam and Saraswati fields. Cairn India holds a 70 percent stake in the Rajasthan block, while state-run Oil & Natural Gas holds the rest.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today cairn india plans 2bn investment shares rise Arab Today, arab today cairn india plans 2bn investment shares rise

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today cairn india plans 2bn investment shares rise Arab Today, arab today cairn india plans 2bn investment shares rise

 



Arab Today, arab today Etiquette expert calls for short visits

GMT 16:21 2017 Monday ,26 June

Etiquette expert calls for short visits
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday