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India’s Vedanta to invest $650 mln in new oil blocks

Diversified mining company Vedanta Ltd said on Tuesday it will invest $650 million in its new oil and gas blocks that it won in the government’s last two rounds of auctions, chief executive of its oil and gas division Ajay Kumar Dixit said on Tuesday in New Delhi.

It had won a total of 53 oil and gas blocks under the government’s open acreage licensing policy (OALP) and Discovered Small Field (DSF) rounds, Dixit said.

The company intends to invest 200 billion rupees ($2.9 billion) in exploration and production of oil and gas over the next three years which includes its existing and new fields, Vedanta’s chairman Navin Agarwal said on Thursday.
Source: Reuters (Reporting by Nidhi Verma; editing by David Evans)

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