Billionaire Anil Agarwal’s Vedanta Ltd on Friday claimed it will devote USD 1.5 billion across its oil and gasoline, zinc and steel companies.
Its board at a meeting on Friday approved USD 687 million capital spending for drilling of new wells at the firm’s oil and gas unit, Cairn Oil & Gas, Vedanta reported in a inventory exchange filing.
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It also accredited a USD 466 million stage-2 enlargement of the Gamsberg zinc task in South Africa and a different USD 348 million for steel expansion.
The USD 687 million “capex financial investment is to infill wells, progress and exploration. The strategic priority for the Cairn Oil & Gasoline enterprise is to increase in the vicinity of-expression quantity as a result of infill wells and incorporate methods through exploration,” the submitting mentioned.
It claimed that USD 360 million have been earmarked for infill wells in the prolific fields viz Mangala, Bhagyam, Aishwariya, Aishwariya Barmer Hill (all in Rajasthan block) and Ravva in jap offshore.
“The exploration get the job done programme with capex financial investment of USD 327 million shall be unfold across the OALP blocks and PSC blocks which include pilot wells for shale,” it stated.
The enterprise experienced bid and got some blocks for exploration of oil and gasoline under the Open Acreage Licensing Coverage (OALP) in excess of the very last handful of several years.
The Gamsberg Phase II Expansion Undertaking at a value of USD 466 million will double up capability to 8 million tonnes per annum to create added 200,000 tonnes a yr MiC Zinc. “This venture will convey considerable socio-financial advantage and will make Vedanta Zinc International as major zinc producer of South Africa.”
Vedanta explained it will commit USD 348 million in a 3 million tonnes venture of its subsidiary ESL Steel Ltd.
“The steel growth venture with an investment decision of USD 348 million will come with additional blast furnace supported coke ovens, pellet plant, oxygen plant and other auxiliaries and infrastructure upgradation together with railway siding to plant head,” it mentioned. “This project also arrives with a new .18 million tonnes Ductile Iron Pipe Plant which will assistance us to increase VAP.”
This venture together with debottlenecking will capability to 3 million tonnes for each annum with “the lowest quartile cost & high quality merchandise portfolio,” it additional.