Vedanta Limited, a global diversified natural resource giant said in a statement that they will be investing US$ 2.3 billion (around Rs.3300 crores) on capital expenditure to increase its reserve of Oil And Gas by 375 million barrel in the future period.

Also according to its annual report, it plans to increase its annual production capacity to 300,000 barrels of oil per day from currently 200,000 barrels a day in the upcoming years.

The company stated, “ In the near term, we are investing gross CapEx US$ 2.3 billion to increase our resources and reserve base by around 375 million barrels. Our rich product portfolio is comprised of enhanced oil recovery projects, tight oil and gas project and exploration prospects. We estimate the net CapEx commitment at US$ 600-800 million in the FY19.”

The company reported their quarterly profit for the fiscal year 2019 at Rs. 1533 crores, a 2.2% rise in comparison to Rs. 1501 crores in the Q1 FY18. The consolidated total revenue earned by the company during the April-June quarter stood at Rs. 22,206 crores as against Rs 20431 crores in the corresponding period of the previous year. EBITDA also rose by 31% year on year basis to Rs. 6529 crores in the quarter under review.

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