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Cairn India plans $2 bn capex over two years

Cairn, which is currently producing 1,75,000 barrels oil per day from its Rajasthan blocks, expects the potential production of 3,00,000 barrels oil every day.

twitter-logoPTI | August 22, 2012 | Updated 23:46 IST

Cairn India plans to invest $2 billion over the next two years in oil and gas exploration and production both in the country as well as abroad.

"Over the next two years, we envisage a net capital expenditure of $2 billion to expand exploration and production of oil and gas in the country and abroad, of which, we plan to invest $600 million in Rajasthan exploration alone," Cairn India Chairman Navin Agarwal told reporters on the sidelines of the company's sixth annual general meeting (AGM).

Cairn, which is currently producing 1,75,000 barrels oil per day from its Rajasthan blocks, expects the potential production of 3,00,000 barrels oil every day.

Based on the revised estimates, the total Rajasthan resource base now supports a potential production of 3,00,000 barrels of oil per day, subject to government approvals and our joint venture partner ONGC and further investment, Agarwal said.

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