Cairn-do spirit

Anil Agarwal, Executive Chairman, Vedanta Resources, who owns 90 per cent stake in Cairn India, aims to raise the company's crude oil output to 500,000 barrels per day (bpd), or 25 mtpa, surpassing the annual production of state-run Oil and Natural Gas Corp (ONGC). The company plans 100 exploration drills and appraisal wells at an investment of Rs 3,000 crore. It currently produces 175,000 bpd, which account for about a quarter of India's production. It produces the bulk of its oil and natural gas from the Rajasthan block. Cairn India has made 25 discoveries in the 3,100 sq km Rajasthan block and puts its potential at 7.3 billion barrels of oil equivalent. In the long run, output from this oilfield is likely to increase up to 500,000 bpd and to drill that much oil nearly Rs 10,000 crore of investments will be poured in.