Billionaire Agarwal could put money into US oil service companies to develop Cairn output

By Ron Bousso

HOUSTON (Reuters) – India’s largest privately owned oil and gasoline firm Cairn India stated it might put money into U.S. service and engineering firms as a part of a $5 billion plan to develop output five-fold within the coming years, its chairman stated on Tuesday.

“I wish to spend $5 billion on growing my undertaking to get to 500,000 barrels per day manufacturing,” billionaire Anil Agarwal instructed Reuters in an interview.

Cairn, a part of Vedanta Restricted, produces 100,000 bpd immediately. It plans to drill a number of deepwater exploration wells subsequent 12 months.

Agarwal, talking throughout a go to to Houston the place he attended the CERAWeek convention, stated Cairn seeks to work with 7 or 8 technical companions and purchase 5 or 6 drilling rigs for the exploration and improvement of the offshore undertaking.

“We need to develop 500 to 600 new wells, we wish not less than 20 rigs to work in our area,” Agarwal stated.

“I can put money into the engineering firm, the rig firm, as a result of that may assist me to discover in India higher,” he stated.

“I might love American firms to return be a part of arms and take up this undertaking.”

(Reporting by Ron Bousso; Modifying by Simon Webb and David Gregorio)