Exploration push to start soon as spending plans made

摘要

CAIRN Oil & Gas is expected to start exploration activities within months at 41 licences recently awarded under India's first round of Open Acreage Licensing Policy (OALP1), writes Nishant Ugal. The Vedanta Resources subsidiary plans to spend about $550 million initially on exploring OALP 1 acreage, with most of the expenditure anticipated within the next four years. "In the blocks awarded to us under OALP 1, we have outlined an initial investment of around $550 million for exploration activities. This number will ramp up manifold should there be a discovery," says Cairn chief executive Sudhir Mathur.