Cairn India is reportedly planning to spend Rs 30,000 crore in three years to increase its output by 50% to 300,000 barrels a day. The company produces about 200,000 barrels of oil equivalent per day, with the Rajasthan block contributing almost 85% of it.
Falling prices had prompted the company to keep capital spending lower in the past two years. Moreover, it is planning to spend $100 million, or about Rs 680 crore, in the current fiscal.
Cairn India is one of the largest independent oil and gas exploration and production companies in India with a market capitalisation of $10 billion.
