Cairn Oil & Gas will spend about $1 billion in capital expenditure (capex) annually for the next five years as it ramps up exploration activities across 12 key project areas. This will be double the $500 million worth of capex incurred annually by the company in the past couple of years, company officials told Business Standard during an interaction at the recently concluded India Energy Week.
The announcement comes at a time when public-sector oil and gas producer ONGC and Oil India have outlined major exploration plans beginning 2024. “For the past three-four years, we have been spending at least $500 million .