Published By: Mohammad Haris
Last Updated: February 06, 2024, 16:27 IST
Mining conglomerate Vedanta Ltd will make investments $4 billion over the following three years to double oil manufacturing, its chairman Anil Agarwal stated on Tuesday as he pushed forward with an aggressive oil and fuel growth programme. Vedanta, which greater than a decade again acquired Scottish explorer Cairn Energy’s (now Capricorn Energy) India belongings, is focusing on 300,000 barrels per day (15 million tonnes a 12 months) oil output in 3 years from aggressive exploration marketing campaign, he stated on the sidelines of the India Energy Week (IEW) right here.
The firm is pushing forward with the funding undeterred by considerations round debt ranges at father or mother Vedanta Resources. “India is the best place to be in right now. It has the resources as well as the market,” he stated. “But unfortunately we (as a country) produce just 15 per cent of our need and the rest is imported.” Agarwal stated his firm presently produces round 140,000 barrels per day of oil and oil equal fuel and has a promising acreage in northeast and deep-water which it had received beneath open acreage licensing bid rounds.
“We are excited about the prospects and will continue to invest,” he stated. He instructed the identical on the CEO’s roundtable that Prime Minister Narendra Modi held on the sidelines of IEW.
“We told him (PM) that we are bullish on India and see a lot of prospects. The country has the right regulatory framework now and the right environment,” he stated. Asked about his wishlist, he stated taxes on oil and fuel manufacturing in India are as excessive as 65 per cent in opposition to the worldwide common of 35 per cent.
“It is our wish that the taxes are brought down to global levels to give us parity with global players,” he stated, including the federal government also needs to give leases of oil and fuel blocks until their financial life and never an advert-hoc variety of years in order to assist firms plan higher with their funding technique. Agarwal stated India — the world’s third-largest oil importer — can turn into 50 per cent power self-enough.
His firm has tied up with US oilfield service firms together with Halliburton and Baker and Hughes to scale up capability. A self-made billionaire, Agarwal constructed Vedanta he based into a big pure sources group utilizing borrowed cash to purchase distressed belongings from the Indian authorities and mining firms world wide. Rating businesses have expressed considerations over debt ranges at Vedanta Resources however he stated investments will go on.
Agarwal’s sprawling pure sources empire is essentially targeted in India the place his firm produces iron ore, bauxite, aluminium, copper, zinc, energy and oil.
