Cairn India Eyes $5 Billion Investment in U.S. Oil Service Firms

Billionaire Anil Agarwal's Cairn India intends to invest $5 billion in U.S. engineering and services firms to raise its oil production five times to 500,000 barrels per day from 100,000 barrels now. Agarwal plans to work with seven or eight technical partners and buy five or six offshore drilling rigs. Deepwater exploratory drilling is to start next year. This strategic step is a part of the aggressive expansion strategy of Cairn, tapping American expertise to improve its exploration potential in India.

 

Source: Reuters, Yahoo Finance, Marketscreener