Vedanta board approves capex of $687 million for drilling new oil and gas wells

The board of Vedanta Limited has approved a capital expenditure of $687 million for drilling new oil and gas wells. This work will be carried out by through Cairn Oil and Gas. The allocated amount will be used for developing and expanding the existing oil and gas wells as well as for exploring new wells. In the short term, Cairn Oil and Gas Limited expects to shore up its vo­lumes from existing wells. Out of $687 million, around $327 million is earmarked for developing infill wells at Mangala, Bhagyam, Aishwarya and Aishwarya Bamer Hill in Rajasthan and Ravva in eastern offshore.

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