Vedanta to invest $2.3 billion to increase oil & gas reserve base

Vedanta Limited has revealed its plans to invest $2.3 billion towards capex on its oil and gas activities in the near-term to increase the reserve base by around 375 million barrels.

In its latest annual report, Vedanta said it aims to increase production from the current 200,000 barrels of oil equivalent per day to 300,000 boepd over the next few years.

The metals and mining giant said: “In the near-term, we are investing gross capex of $2.3 billion to increase our resource and reserve base by around 375 million barrels. Our rich project portfolio is comprised of enhanced oil recovery projects, tight oil and gas projects and exploration prospects.”

It added: “As well as boosting production, this investment will generate sustainable employment opportunities, directly and indirectly and bring cutting edge solutions to community needs.”

Image Credit : images.financialexpress.com

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