Mining conglomerate Vedanta Ltd, owned by Vedanta Resources, plans to invest $4 billion in doubling oil production over the next 3 years. The company aims to achieve an oil output of 300,000 barrels per day through an aggressive exploration campaign. Vedanta currently produces 140,000 barrels per day and has promising acreage in northeast and deep-water regions. Despite concerns over debt levels, Vedanta remains undeterred and sees India as a favorable market due to its resources. The company has partnered with US oilfield service firms to increase capacity.
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