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We are looking (at BPCL). Evaluation is going on: Anil Agarwal
Dec. 17, 2019

We are looking (at BPCL). Evaluation is going on: Anil Agarwal

After the announcement by the Indian government to privatise BPCL, many firms have started showing their interest in buying its stakes. Recently, Vedanta Resources Ltd has informed about that the company is evaluating an investment in the downstream giant. “One by one privatising these companies will take 10 years. It is better to (do it in) one-shot. The government has no business to be in business”, said Vedanta's Chairman.

Vedanta will invest $245 mn in 10 blocks
July 4, 2019

Vedanta will invest $245 mn in 10 blocks

Vedanta has won 10 blocks in the Open Acreage Licensing Policy (OALP) Round II and Round III. The firm informed that over the period of the next 3-4 years, it will invest $245 million on exploration in these blocks. Now Vedanta will enter into 10 revenue sharing contracts with the government. It said, "The group believes that the transaction complements its existing strategy to focus on production growth".

Cairn to spend Rs 7,924 cr on 123 wells at Ravva field
June 20, 2019

Cairn to spend Rs 7,924 cr on 123 wells at Ravva field

Cairn Oil and Gas has planned to invest Rs 7,924 crore on various sectors of upstream over the next decade. The company has strategized the drilling of additional 123 exploration and development wells at Ravva oil field in Krishna Godavari basin off the Andhra coast. In the last financial year, the company's average daily working interest production from Ravva field declined by 13%.

Vedanta reports 46% decline in profit
May 8, 2019

Vedanta reports 46% decline in profit

India's natural resources major, Vedanta Ltd. witnessed major drop in profit in the recent quarter which ended in March. The company has reported a 46% drop in net profit to Rs 2,615 crore which was Rs 4,802 crore in the corresponding quarter last year. 32% of the drop in the firm's total income in this quarter made the income roll down to Rs 7,065 crore.

Arbitration against India adds heavily to Cairn Energy’s expenses
April 8, 2019

Arbitration against India adds heavily to Cairn Energy’s expenses

An arbitration case against the Government of India is adding heavily to Cairn Energy’s administration expenses. In its latest annual report, the British oil firm has revealed that the cost of fighting the arbitration against the Rs 10, 247 crore tax imposed by India nearly tripled in 2018, while it has lost investments and tax refunds pending final award. Cairn has so far spent approximately $ 22.9 million in 2018.

Vedanta finds oil in KG Basin
March 29, 2019

Vedanta finds oil in KG Basin

Vedanta Ltd has reported oil discovery in the Krishna Godavari basin block in the Bay of Bengal. The Anil Agarwal-led firm said that "it has notified the Directorate General of Hydrocarbons and Ministry of Petroleum and Natural Gas of an oil discovery in the second exploratory well H2, located in the block KG-OSN-2009/3, Krishna-Godavari Basin, East Coast of India".

Government nominates GAIL as buyer for Barmer Gas output
March 5, 2019

Government nominates GAIL as buyer for Barmer Gas output

The Government of India has put forward state-run GAIL’s name as the buyer for gas output from Vedanta’s Barmer block. The production sharing contract for the Barmer block requires producers to sell the output to a government-nominated entity. The block is expected to generate around 4 million metric standard cubic meters a day (mmscmd). GAIL and Vedanta have been in a long-drawn negotiation row over the pricing of the output.

Vedanta seeks oil services consortia to develop recently won blocks
Nov. 30, 2018

Vedanta seeks oil services consortia to develop recently won blocks

In a recent briefing, Vedanta Chairman Anil Agarwal said that they are seeking consortia of US oilfield service companies to aid the development of 41 blocks in India. Accompanied by Cairn Chief Executive, Mr Agarwal met with executives from 70 services companies in Houston this week. The meeting aimed at encouraging the firms to establish a consortium to compete for contracts. Cairn won 41 of the 55 blocks auctioned in OALP.

Vedanta granted 10 year extension on Rajasthan block
Oct. 30, 2018

Vedanta granted 10 year extension on Rajasthan block

The Government of India has extended Vedanta’s contract for the Rajasthan block by 10 years, the company informed through a regulatory filing. Vedanta has been in a 3-year long legal dispute, which is still underway, with the government over the terms of the renewal. The government wanted an added 10% share in profit from the Rajasthan field during the extension, to which Vedanta had refused.

Empowered industry women, initiative by Vedanta
Sept. 25, 2018

Empowered industry women, initiative by Vedanta

Vedanta, India’s metals and mining company, has planned to triple the female percentage in its workforce in two years’ time. The company will strategize its hiring process accordingly by employing 50% women talent for various posts of its company. Several facilities will be provided to the female staff including flexible working hours. Currently, out of 25,000 employees of Vedanta, only 11% of them are women.

Shares of Vedanta touch new heights
Sept. 15, 2018

Shares of Vedanta touch new heights

After Vedanta announced its discovery of natural gas block in Krishna Godavari basin, the shares of the natural resource giant of the nation increased by 4% on Friday. There was a 4.3% hike in stock which went on to hit a high of Rs 233.40 on the BSE. Vedanta informed about the discovery of gas in its KG-OSN-2009-3 block in which it has 100% participatory interest.

Vedanta announces discovery in KG basin
Sept. 14, 2018

Vedanta announces discovery in KG basin

India's natural resources giant, Vedanta Ltd., announced a gas discovery in its block KG-OSN-2009-3, in the Krishna Godavari basin. Vedanta said that the authorities, oil ministry and Directorate General of Hydrocarbons, have been provided all the information regarding this discovery. The company has 100% participatory interest on the block. Earlier this month, ONGC also informed about its discoveries in MP and West Bengal.

Vedanta wins big in first Open Acreage Auction
Aug. 29, 2018

Vedanta wins big in first Open Acreage Auction

The Directorate General of Hydrocarbons (DGH) yesterday announced the results of the maiden open acreage auction, with Vedanta Group winning big. The auction received 110 bids for the 55 blocks on offer, and Vedanta received licenses for 41 of them. Vedanta played aggressive in the auction, placing bids on the entire blocks on auction. ONGCs conservative bids landed it only 2 blocks, while OIL won licences to 9 blocks.

Vedanta to increase production capacity
Aug. 21, 2018

Vedanta to increase production capacity

In a bid to increase its reserve base, Vedanta Limited is planning to invest $2.3 billion towards CAPEX on its oil and gas activities. Vedanta is targeting an increase in production from the current 200,000 barrels of oil equivalent per day to 300,000 boepd over the next few years. Under the OALP auction, Vedanta recently bid for all 55 blocks on offer in the first round.

BHGE grabs oilfield development contract in India
Aug. 10, 2018

BHGE grabs oilfield development contract in India

Vedanta’s Cairn Oil and Gas has awarded the oilfield development contract for Mangala, Bhagyam and Aishwarya (MBA) fields to leading oilfield services provider, BHGE. The service provider will support Cairn with advanced technology solutions to deliver an integrated scope of oilfield services and equipment. The scope of the contract also involves the construction of 300 new wells and deployment of a chemical EOR programme.

Vedanta Cairn winning blocks under OALP
Aug. 8, 2018

Vedanta Cairn winning blocks under OALP

Vedanta Cairn is reaching a final stage in securing 41 hydrocarbon blocks, under the Open Acreage Licensing Policy (OALP). The awards were reportedly given based on the recommendations of an Empowered Committee of Secretaries (ECS). Furthermore, ECS will award these blocks to the Anil Agarwal-led firm, nine to public-sector Oil India and two to ONGC. No foreign oil company bid for the first round of OALP.

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