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Vedanta reaffirms 500,000 barrels daily output target
Moneycontrol··12 Jul
Vedanta on July 11 reaffirmed its ambition to produce 500,000 barrels of oil equivalent per day to support India's energy security. Chairman Anil Agarwal said every barrel produced domestically reduces import dependence. The company cited about 300 billion barrels equivalent of potential hydrocarbon resources and operates 44 blocks across Rajasthan, Gujarat, Assam, and Andhra Pradesh.
Prism
What It Means For You
- India imports nearly 90 percent of its oil and gas, so higher domestic output can reduce exposure to global supply shocks affecting your fuel bills.
- Vedanta holds 44 onshore and offshore blocks across Rajasthan, Gujarat, Assam, and Andhra Pradesh that could expand local production.
- Government openings of deepwater blocks under Samudra Manthan may create energy sector jobs and investment opportunities.
What's Happening
- Vedanta on July 11 reaffirmed its target to produce 500,000 barrels of oil equivalent per day.
- Chairman Anil Agarwal said energy independence is a strategic imperative and every domestic barrel strengthens the economy.
- The company cited about 300 billion barrels equivalent of potential hydrocarbon resources in India.
Domestic Production Push
- India has opened large no-go deep and ultra-deepwater areas under the National Deepwater Exploration Mission.
- Officials cite about $500 billion in energy sector investment opportunities by the end of this decade.
- Vedanta Oil and Gas spans nearly 47,000 square kilometres across conventional and unconventional blocks.
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