Vedanta Ltd.’s merged unit Cairn Oil and Gas plans to spend ~$4bn over the next three years to triple its oil production. Prachur Sah, deputy CEO of Cairn said, “Our target is to reach half a million production in a very short time by doing these investments. This investment is not just a number, but we have projects in line. We are looking at exploration heavily over the next few years to get to these levels”. Cairn invested $2.5bn in the past three years, at a time when big global producers withheld spending. The current plan also comes at a time when most producers are staying away from O&G spending commitments, as per Business Standard. Cairn Oil and Gas, India’s largest private oil and gas (O&G) producer which merged into Vedanta Ltd. in 2017 saw an average production of 159k barrels during the quarter ending December 2021. It produces over 25% of India’s oil and aims to raise it to 50%.
Vedanta’s 6.125% 2024s were down 1.2 points to 77.09 cents on the dollar.
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