Vedanta has announced plans to invest $2.3bn towards capital expenditure to improve its oil and gas production in India.

To be made in the ‘near term’, the investment is aimed at enhancing the company’s reserve base by 375 million barrels, according to the Press Trust of India (PTI).

In its latest annual report, the company has unveiled plans that outline an increase in production from the existing 200,000 barrels per day (bpd) to 300,000bpd over the next few years.

“These projects, along with an exit run rate of 200,000boepd in March 2018, will pave the way to achieve 300,000boepd in the near-term and 500,000boepd in the medium-term.”

Vedanta’s project portfolio includes enhanced oil recovery projects, tight oil and gas projects and exploration prospects.

The company is targeting a significant growth in production with total volumes in the range between 220bpd and 250bpd through executing growth projects for FY19, with an estimated net CapEx commitment of $600m-$800m during the period.

Its proposed investment is part of a greater vision to contribute 50% of the country’s domestic crude oil production by increasing gross production to 500,000boepd.

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Vedanta CEO Kuldip Kaura was quoted by the news agency as saying: “Working towards this goal, we announced growth projects, including enhanced oil recovery (EOR), tight oil and gas projects, upgrade of liquid handling facilities and exploration, for which key contracts have been awarded to world-class partners.

“These projects, along with an exit run rate of 200,000boepd in March 2018, will pave the way to achieve 300,000boepd in the near-term and 500,000boepd in the medium-term.”

The latest development comes at a time when the Indian Government is focused on enhancing domestic production and tapping the country’s oil and gas resource potential.