Cairn India Ltd (CIL), part of the Anil Agarwal led Vedanta Group, will invest USD 1B in five projects that the company plans to develop shortly.
These projects constitute about 80,000 barrels of oil equivalent to 100,000 barrels of oil equivalent at peak production.
The investment, however, hinges on the extension of the production-sharing contract (PSC) of the Barmer oil and gas block in Rajasthan.
State-run Oil and Natural Gas Corporation (ONGC) is a partner in the block with 30% stake. Cairn India holds the rest (70%) in the block.
The Delhi high court had in November had directed the government to take a decision regarding extension of the (PSC) with Cairn India, to produce oil from a Rajasthan block till 2020.
Cairn is also scouting for oilfield service providers who could bring in technology as well as and provide an end-to-end solution or service in order to develop these fields.