Vedanta Invests $200 Million to Boost Oil Production at Mangla Field
Vedanta Oil and Gas is investing $200 million in northern Rajasthan to boost oil production from existing wells. The company plans to increase output at its Mangla field, which was discovered in 2004 and has been a major contributor to India's onshore oil production.
The investment will be used for polymer flooding, well interventions, and other enhanced-recovery measures to extract more oil from the field. Vedanta aims to produce over 150,000 barrels per day (bpd) from Mangla, up from its current output of around 80,000 bpd.
The company's interim CEO, Jim Johnny Gast, said that producing fields in India are experiencing natural declines of 1-3% each year. To address this, Vedanta is focusing on increasing recovery rates from existing wells to meet growing demand for oil.