Cairn to spend $4 bn in four years for upstream ventures

CAIRN OIL AND Gas of the Vedanta Group is planning to spend around $3-4 billion in the three to four years in the upstream sector to expand its business and fuel growth, the company's chief financial officer Hitesh Vaid told FE on the sidelines of the India Energy Week.

- ARUNIMA BHARADWAJ

"Last year, we invested around $400 million on our fields, wells, our expansion, and everything else. Now, with so many things lined up like ASP (Alkaline-Surfactant-Polymer) flooding expansion, tight oil expansion, deepwater, and shale. I think over the next three four years, we are looking at a $3-4 billion investment," Vaid said.

The company, which has a fairly good number of onshore blocks under its portfolio, is also focusing on expanding its acreage in the offshore regions and acquiring more deepwater blocks.

"Our vision is to contribute 50% of India's domestic energy production. Currently, we contribute to 25% of the country's total production and now we need to double it and acquire acreages," Vaid said.