Cairn India, now part of the diversified mining and metal group Vedanta Resources, is hopeful that it would achieve 3,00,000 barrels per day from Rajasthan oilfields.
Elaborating on the issue of affordable energy security in India, Vedanta Group's Anil Agarwal said Cairn India will do every bit to ramp up production.
Talking to NDTV, Anil Agarwal said: “… there are three things about energy security that the Prime Minister is very clear about - Petrol should be available at Rs.60 per litre, LPG (cooking gas) at Rs.450 per cylinder and power at Rs.2 a unit. And this is possible. We have multinational companies, we have government companies and we have entrepreneurs. And there are tremendous opportunities in India to achive this (affordable energy availability)”.
Mr Agarwal said apart from oil production from Rajasthan oil block, Cairn is also ready to extract gas from Rajasthan fields. “We are ready and exited about this,” Mr Agarwal told NDTV.
Speaking on the pricing of natural gas in India, Mr Agarwal said, “We have an independent CEO and he is working with the government over the pricing issue."
Vedanta Group, through its subsidiary Sesa Goa, recently bought a majority stake in Cairn India for over $6 billion.
Cairn India have various oil and gas blocks with the biggest being in Rajasthan where public sector oil firm ONGC is its minority partner.
Cairn-ONGC JV is presently looking to ramp up the production from 1,75,000 barrels per day to 3,00,000 barrels per day.
Mr Agarwal and his brother Navin Agarwal (who is chairman of Cairn India) have written to the government seeking permission for further exploration in Rajasthan. "As per our PSC (production sharing contract) there is no stopping us from increasing production. However, as a caution we thought we should take the permission from the higher-ups. The entire government is very sympathetic and wants to take it forward as it is about our energy security”.