Vedanta Oil & Gas said it will invest $5 billion over the next five years to
raise oil and gas output to about 500,000 barrels of oil equivalent per day,
more than fivefold its recent level. The company reported average production of
87,200 bbl/d in the fiscal year ended March 31 (down from over 210,000 bbl/d a
decade ago) and expects about 100,000 bbl/d this fiscal year. Vedanta said the
investment will focus on improved recovery at mature fields and new fields
development to offset declining mature-field output and help reduce India’s
energy import reliance; it aims for its volumes to account for over half of
India’s crude production.
