Vedanta’s upstream arm Cairn Oil and Gas is planning to spend Rs 7,924 crore over the next decade to drill an additional 123 exploration and development wells along with ancillary infrastructure at the company’s Ravva oil field, called PKGM-1, in Krishna Godavari basin off the Andhra coast. The company’s average daily working interest production from Ravva field dropped 13 per cent to 3,350 BOEPD last financial year, as compared to 3,869 BOEPD produced in the provious fiscal (2017-18). An integrated contract for drilling development wells at Ravva field is currently underway, the company said in its latest annual report. The proposed development is expected to enhance production from the field and maximize utilization of the onshore processing facility and other infrastructures within the already approved capacities. The company plans to spend $3 billion in the current financial year to ramp up production to 270,000 BOEPD from 190,000 BOEPD by end of the current financial year.
