Cairn India, a subsidiary of Vedanta Resources, is a planning to earmark an investment of $2 billion over the next two years in oil and gas exploration and production both in the country as well as abroad. Out of this investment, the company plans to invest about $600 million for exploration in the Rajasthan block alone, which is spread over 3000 km and has not even half explored.
Currently, the country's biggest private oil producer is producing 1,75,000 barrels of oil per day (bpd) from its productive Barmer block in Rajasthan and is now betting big on gas discoveries in the same block. Further, the company has estimated a resource base of the block to be 7.3 billion barrels of oil equivalent in-place - an increase of over 11%.
Recently, the company has inked a farm-in agreement with PetroSA for exploring for crude oil and natural gas in the offshore Block 1 in the Orange Basin on the west coast of South Africa. The closure of the transaction is however subject to South African regulatory approvals.
| Company Name | CMP |
|---|---|
| ONGC | 283.95 |
| Oil India | 452.90 |
| Jindal Drilling&Inds | 533.00 |
| Deep Industries | 465.00 |
| Asian Energy Service | 295.35 |
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