Arab Today, arab today cairn india plans 2bn investment shares rise
Last Updated : GMT 16:05:24
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.

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
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Haifa Wahby bets on her new drama show

GMT 06:04 2017 Thursday ,23 March

Haifa Wahby bets on her new drama show
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 07:03 2017 Wednesday ,22 March

Merna Waleed praises her work with Soad Hosni

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 22:19 2017 Friday ,24 March

Reveals reasons of hepatitis in Algeria

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
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