Vedanta Oil & Gas: Vedanta Oil & Gas has prepared a major plan to meet the increasing demand of crude oil in the country. 200 million dollars i.e. about Rs. 2000 crores are going to be invested. This investment will be made during the year 2026-27. Vedanta was formerly known as Cairn India. The company plans to accelerate work in Aishwarya fields including Mangala, Bhagyam in North Rajasthan. In fact, oil production in older wells tends to decline over time. The company is investing heavily to arrest this decline. Along with this, the company is also developing the North-East region as a new gas production hub.

Target to double production from Mangala sector

The company’s major focus is on the Mangala region of Rajasthan. It was discovered in the year 2004. This discovery made Barmer India’s largest onshore oil producing field. About 80,000 barrels of oil are currently being extracted from the Mangala field per day. Vedanta aims to increase this to over 1,50,000 barrels per day. For this many new measures are being taken to improve the wells including polymer flooding. With these modern methods, the company hopes to increase crude oil production significantly.

Consumption doubled but production remained the same

Jim Johnny Gast, interim CEO of Vedanta Oil & Gas, said aging oil fields are naturally declining by 1 to 3 percent. Therefore, it has become very important to recover more from old wells. Gast told the media in Barmer that the country’s total crude oil production has stagnated between 0.87 and 0.99 million barrels over the past 20 years. On the other hand, oil consumption increased from 2.65 to 5.6 million barrels. This figure is almost double. To fill this huge gap, the company is also exploring smaller basins. There are also many possibilities.

Ready to take the recovery rate up to 60 percent

Vedanta’s total production in the first quarter of this year was 77.7 thousand barrels per day. There is a decrease of 17 percent compared to last year, which was 93.2 thousand barrels earlier. 81 percent of the company’s total production comes from Rajasthan alone. For this reason, the company is using new technologies like alkaline-surfactant-polymer injection. Gast said that currently the recovery from the wells has reached 41 percent. Now the company has set a strict target to take it up to 60 percent. This move could give a new direction to the country’s oil production in the future.