Vedanta gets environmental nod for Rs 12,000 crore project

Vedanta has received environmental clearance for the expansion of its oil and gas operations in Rajasthan from the Union Ministry of Environment. The Ministry extended its approval after taking into account the recommendations of an in-house expert committee.

The company will invest a sum of Rs 12,000 crore towards the project. It intends to implement the project in a phased manner over the course of seven years.

The scope of the project involves expanding the onshore oil and gas production from the prevailing 3,00,000 BOPD (barrels of oil per day) to 4,00,000 BOPD. This involves scaling it up from 165 mmscfd (million standard cubic feet per day) to 750 mmscfd from the 'RJ-ON-90/1' block located in Barmer and Jalore districts, Rajasthan. 

While the total area of the oil and gas block is 3,111 sq. km., the project presently covers an area of 1,501.7 hectares in Barmer and Jalore districts. Moreover, an additional area of 150 hectares in the Barmer district will be used for the proposed expansion.

On Thursday, the shares of Vedanta opened at Rs 175.25 and hit a high and low of Rs 175.25 and Rs. 170.30, respectively. The stock closed at Rs. 170.90, down by 2.26 per cent, on the BSE.