To expand its oil and gas production in India, Cairn India will invest $3 billion (over 16,000 crore) in the next three years. Of this amount, more than 80 per cent (over Rs 12,800 crore) of the total capex will be invested on Cairn’s prolific Barmer oil block in Rajasthan, the company’s CEO P Elango said on May 17. The entire capex will be met through internal resources only, he added.
Elango said that oil production from Barmer block will increase more than 26 per cent to 2,15,000 barrels per day from the current daily average of 1,70,000 barrels by the end of current fiscal.
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