Cairn India to Revive Oil Hunt

Bloomberg reported that Cairn India Ltd., which is backed by billionaire Anil Agarwal, will begin drilling its first well in 5 years to increase production and boost the best profit margin for an Asian oil company.

As quoted in the market news:

The company, which got the Indian government’s approval last week to explore new oil pools in its biggest field in the western state of Rajasthan, is accelerating its plans to drill 30 wells in the year starting April 1 and a similar number in the following 12 months, Chief Executive Officer P. Elango, said.

Click here to read the full Bloomberg report.