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Mining company Vedanta Ltd will invest $4 billion over the next three years to increase oil production, said chairman Anil Agarwal, who is pushing ahead with an aggressive oil and gas expansion project.
Vedanta, which acquired Scottish explorer Cairn Energy's (now Capricorn Energy) India assets more than a decade ago, plans to produce 300,000 barrels per day (15 million tonnes per year) of oil in three years through an aggressive exploration campaign, he said on the sidelines of India Energy Week (IEW). The corporation is proceeding with the transaction despite worries about Vedanta Resources's high debt levels.
"India is the best place to be in right now. It has the resources as well as the market," he said. "But unfortunately we (as a country) produce just 15% of our need and the rest is imported." Agarwal said his company currently produces around 140,000 barrels per day of oil and oil equivalent gas and has a promising acreage in northeast and deep-water which it had won under open acreage licensing bid rounds. When asked about his wishlist, he said taxes on oil and gas production in India are as high as 65%, compared to the global average of 35%.
"It is our wish that the taxes are brought down to global levels to give us parity with global players," he said, adding the government should also give leases of oil and gas blocks till their economic life and not an ad-hoc number of years to help companies plan better with their investment strategy. Agarwal said India -- the world's third-largest oil importer can become 50% energy self-sufficient. His company has tied up with US oilfield service companies, including Halliburton and Baker and Hughes, to scale up capacity.
Rating agencies have expressed concerns over debt levels at Vedanta Resources but he said investments will go on. Agarwal's sprawling natural resources empire is largely focused in India where his company produces iron ore, bauxite, aluminium, copper, zinc, power, and oil.
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