Newly-listed Vedanta Oil & Gas Ltd (VOGL) aims to nearly double its oil and gas production over the next three years. The company has lined up a capital investment of $700 million (approximately ₹6,600 crore) for the current financial year to boost output from aging wells and support new exploration efforts. This investment is part of a broader strategy to reverse a decade of decline in its production capabilities.
The company projects to reach a production target of over 150,000 barrels of oil equivalent per day (boepd) by fiscal year 2029 (FY29). This is a significant increase from its current production of 87,000 barrels in FY26. Growth is anticipated to be driven by various initiatives, including ASP flooding, enhanced oil recovery techniques, deep gas projects, and fresh exploration, as outlined during an investor meet.
While the immediate target is 150,000 boepd by FY29, Vedanta Oil & Gas has a more ambitious long-term goal of increasing production to 500,000 boepd. Chairman Anil Agarwal has even expressed an aspiration to reach 1 million boepd, emphasizing the company's pivotal role in India's journey towards energy security. This aggressive growth strategy comes as India currently imports nearly 90% of its oil and gas requirements despite an estimated 300 billion boe of hydrocarbon resource potential, which Vedanta believes can be unlocked through accelerated exploration and advanced recovery technologies.
