India’s Vedanta Ltd is investing $4.1 billion to boost oil output from its flagship Barmer block in the desert state of Rajasthan to over 400,000 barrels per day (bpd) in 2021, its chairman Anil Agarwal said. Agarwal said oil output from the block would rise next year to more than 300,000 bpd from about 250,000 bpd currently. “In 2-3 years it will be 450,000 bpd. We are investing almost 300 billion rupees to reach there,” Agarwal told reporters. India, the world’s third biggest oil importer, ships in 80 percent of its oil needs from overseas as its local output has stagnated for years. The country produces an average of 720,000 bpd oil. The conglomerate on Monday bagged 41 of the 55 blocks offered by India under the new eased rules that offer the freedom to bidders to carve out areas for drilling. For the new […]