Cairn India Limited Axis Capital Star 2020 Conference November 2014
© 2014 Cairn India Limited Cairn India Limited Axis Capital Star 2020 Conference November 2014 © 2014 Cairn India Limited 2 Disclaimer This material contains forward-looking statements regarding Cairn India and its affiliates, its corporate and business strategies and plans, future financial condition and results of operations. All such forward- looking statements are based on the management's assumptions and beliefs in the light of information available to them at this time. These forward-looking statements are by their nature subject to significant risks and uncertainties; and actual results, performance and achievements may be materially different from those expressed in such statements. Factors that may cause actual results, performance or achievements to differ from expectations include, but are not limited to, regulatory changes, future levels of industry product supply, demand and pricing, weather and weather related impacts, wars and acts of terrorism, development and use of technology, acts of competitors and other changes to business conditions. Cairn India undertakes no obligation to revise any such forward-looking statements to reflect any changes in Cairn India's expectations with regard thereto or any change in circumstances or events after the date hereof. Unless otherwise stated, the reserves and resource numbers within this document represent the views of Cairn India and do not represent the views of any other party, including the Government of India, the Directorate General of Hydrocarbons or any of Cairn India’s joint venture partner. © 2014 Cairn India Limited Agenda Overview Rajasthan Potential and Growth Strategy Mature Assets and Exploration Portfolio Outlook 3 4 © 2014 Cairn India Limited India offers significant growth opportunities Low Per Capita Energy Consumption Tonnes of Oil equivalent per year Strong fundamentals for demand India China World ~US$ 400Mn per day - Daily Import substitution opportunity 2.9 2.0 2.0 1.9 1.0 0.6 ~7 million barrels Current1 2035 - India’s daily oil demand by 2035 Growing Oil Demand with High Import Dependence Untapped Exploration opportunity 8.00 Liquids Production Liquids Consumption Million 6.00 ~130 billion barrels 4.00 FY13 Import Bill >US$150 Bn 2.00 0.00 2006 FY35e Import Bill US$ 400 Billion - Resources in ‘yet-to-find’ category2 65% On-land, 49% Deep Offshore - Basins with ‘very negligible’ exploration2 2007 2008 2010 2015 2020 2025 2030 2035 Rising imports cater to over 70% oil demand in India, forecast to grow rapidly to 90% by 2035 Cairn India, Exploration and Production company, focused towards securing India’s energy needs Source: U.S. Energy Information Administration, International Energy Outlook 2013, World Bank; 1 As per latest available 2011 data 2 MoPNG data 5 © 2014 Cairn India Limited Cairn India - well positioned for the opportunity Assets: Diverse basins, plays and environments World Class Resource Base • • Hydrocarbon Initially in Place of 6.1 bn boe • 2P* Reserves and 2C Resources of 1.4 bn boe HIIP Balanced portfolio, 9 blocks, acreage ~41,000 sq. kms 2P + 2C (mmboe) 6,055 Rajasthan RJ-ON-90/1 70%, 3,111 km2 INDIA Ravva PKGM-1 22.5%, 331 km2 4,620 1,408 1,210 667 Rajasthan 49 217 22 Ravva Cambay Cambay CB/OS-2 40%, 207 km2 481 74 KG Onshore 70 52 Sri Lanka KG Onshore KG-ONN-2003/1 49%, 315 km2 Total Domestic Crude Oil Production (Million Metric Tonne) Cairn Contribution 37.8 37.7 38.1 37.9 18% 21% 26% 28% FY11 FY12 FY13 FY14 * Gross Reserve and Resource estimates based on SPE guidelines as at 31st March, 2014 Mumbai Offshore MB-DWN-2009/1 100%, 2,961 km2 KG Offshore KG-OSN-2009/3 100%, 1,988 km2 Palar-Pennar PR-OSN-2004/1 35%, 9,417 km2 South Africa Block 1 60%, 19,898 km2 Sri Lanka SL-2007-01-001 100%, 3,000 km2 © 2014 Cairn India Limited Value creation journey 6 7 © 2014 Cairn India Limited Delivering consistent revenue growth and profitability Gross Average Volume (kboepd) +14% 205 173 149 FY 11 Revenue (INR Billion) 219 213 206 FY 13 Rajasthan Ravva FY 14 H1 FY 14 H1 FY 15 FY 11 FY 12 81% 86% 74% FY 11 FY 12 FY 13 74% FY 14 85 77% 69% H1 FY 14 H1 FY 15 ~US$ 4 billion contribution to exchequer Cash and Cash equivalents (INR Billion) +60% 121 79 87 EBITDA Margin +25% 63 188 119 Cambay ~96% Oil mix by volume Profit after Tax (INR Billion) 175 103 FY 12 +22% 229 124 167 65 FY 13 FY 14 H1 FY 14 H1 FY 15 ~35% Return on Invested Capital * Normalized PAT excluding net of exceptional items 50* 56 FY 11 183 160 91 FY 12 FY 13 FY14 Dividend policy >20% Net Profits H1 FY 14 H1 FY 15 8 © 2014 Cairn India Limited Operational excellence across the value chain LTI Frequency Rate No. of days/10,000 feet 0.21 Top Decile1 Safety First Top decile HSE performance 19.9 17.6 0.16 Cairn • Leveraging technology to reduce total cost of ownership Cairn Top Quartile2 High Drilling efficiencies Top quartile development drilling 1/2 1/3rd 4 <2 Cairn - RJ 12 Low Finding Costs One of the best in Onshore Cairn - RJ • Embarked on one of the largest polymer flood EOR project in the world at Mangala field • Excellence in execution - discovery to production 4 Peer average3 • Modular well pad concept – rapid moving rigs • Facility Uptime of 98% in FY14 with a low opex USD/bbl USD/bbl • Skin effect heating system – world’s longest continuously heated pipeline Peer average3 Low Operating Costs One of the best in Onshore All metrics as of 31st March, 2014 1 Based on Oil & Gas producers; 2 Based on Rushmore data for development well drilling 3 Based on select peer set from Bloomberg • Onshore oil production - In 5 years in Rajasthan • Offshore natural gas production - In 28 months in Cambay • 26th Discovery, Raag-S1 brought on production – In 12 months in Rajasthan 9 © 2014 Cairn India Limited Well positioned to create long term value for shareholders Leveraging four key value drivers Technology Talent - - Significant Exploration upside - - Cairn at an inflection point where is significant upside to resource base HIIP potential of ~10 bn boe in Rajasthan EOR Hydraulic fracking World class technical skills and competence Investment Infrastructure - - $3 bn Capex commitment >$4 billion facilities including pipeline Set for long term growth and value creation © 2014 Cairn India Limited Agenda Overview Rajasthan Potential and Growth Strategy Mature Assets and Exploration Portfolio Outlook 10 11 © 2014 Cairn India Limited Rajasthan - Prolific block with significant upside Block offers multiple formations and play types Akli Significant Potential: ~10 bnboe In-Place Gross Hydrocarbons In-Place potential in RJ (billion boe) To be tested/drilled Discovered ~10 Thumbli ~3 1.61 1.4 4.2 3.02 4.6 5.6 Dharvi Dungar Till FY13 Barmer Hill Fategarh Volcanics FY14-16 campaign Future campaign Total Potential FY16 onwards 1 ~0.6 bn boe under evaluation, 2 Unrisked prospect inventory Gross HIIP, Reserves and Resources in RJ (billion boe), At 31st March, 2014 HIIP 2P + 2C FY14-15 Exploration campaign addition 2.4 2.2 0.9 Fractured Mesozoic & basement 0.34 MBA 0.3 Rest of fields 12 © 2014 Cairn India Limited Focused exploration and appraisal campaign to accelerate early monetization Rajasthan Block – 11 discoveries since resumption, 36 in total Significant Exploration and Appraisal activity since resumption of exploration DP-1 NL-2 Aishwariya-46 Aishwariya BH V2Y Channel NR3-2100 Established 1.4 bn boe of HIIP since resuming exploration in 2013; Additional ~0.6 bn boe discovered and yet to be tested. Focus on appraisal of RDG field and key oil discoveries at Raageshwari, Guda, DP, NL and V&V to help build reserves and resources SL-1 Kaam-W-8 Saraswati SW-1 Legend Focus on drilling horizontal wells on a go forward basis in order to accelerate early production DA-1 DA-2 Raag S-1 3D seismic acquisition program continues at pace, with ~590 km2 data acquired as of Q2 FY15 DA-3 Oil Discoveries (31) Gas Discoveries (5) Discoveries in Q2 FY15 highlighted in bold Guda South 7 13 © 2014 Cairn India Limited Development activities to drive the next growth phase at RJ Development 1 MBA HIIP Bn boe/Tcf 2.2 Target recovery % ~50% Production potential3 Investment boepd USD billion 180200,000 1.6 Key projects • • • 2 3 BH + Satellite fields Gas 2.0 1-3 10-15% ~50% 1030,000 1020,000 0.6 • • 0.2 Note: Overall net capex of $3 bn including exploration till FY17 1 From known discoveries, 2 Subject to PSC extension, 3 Production potential over 3 years till FY17 • • EOR Infilling drilling campaign Facilities upgrade Mangala & Aishwariya BH development Satellite fields New terminal at RDG 30” new gas pipeline • Production CAGR of 7-10%1 over the next 3 years • RRR of over 150%2 in the next 3 years 14 © 2014 Cairn India Limited MBA fields: Targeting recovery of ~50% Production potential1 of 180-200,000 boepd • Facilities • Upgraded fluid handling capacities to ~800,000 barrels of fluid per day in first phase ahead of schedule • Grid power now available as a backup option to increase reliability and facility uptime • Mangala EOR • Injected first polymer in October, ahead of schedule • All major equipment erected at central polymer facility • Two dedicated rigs drilling additional wells • Mangala ASP Pilot • Pilot successful, initial results better than expectations • Expect pilot to be concluded by Q4 FY15 • Bhagyam & Aishwariya • Received operating committee approval to increase volumes at Aishwariya field up to 30,000 bopd • Bhagyam polymer flood EOR plan being reviewed by JV partner 1 Potential volumes over 3 years till FY17 Mangala Polymer flood EOR activity in full swing Construction of surface facilities Installation of critical equipment 15 © 2014 Cairn India Limited BH and Satellite fields: Targeting 200-300mn barrels Production potential1 of 10-30,000 boepd Barmer Hill: Leveraging technology and existing infrastructure • • • • Focus on leveraging infrastructure by prioritizing fields near Mangala and Aishwariya Targeting HIIP of ~ 2bn barrels in north of the basin Strategic partnership with global service providers Drilled and fracced vertical and horizontal wells; Initial production rates in line with expectation Satellite fields: Focus on low cost development • • • • Designing wells and facilities that are modular, easy to install and reuse Five fields contributing to production at the end of Q2 New fields, NI and Guda, commenced production as planned New fields NE and Tukaram expected to commence production in H2 FY15 1 Potential volumes over 3 years till FY17 Hydraulic fracturing activity 16 © 2014 Cairn India Limited Application of hydraulic fracturing technology at BH Hydrocarbons piped to market Hydrocarbons flow out of the well A truck injects a mix of sand, water and chemicals into the well Recovered water is stored in open pits, then taken to treatment plant Truck delivers water for the fracturing process Sand keeps fissures open Hydro-frac fissures Hydrocarbons flow from fissures into the well Horizontal well with multi stage fraccing Mixture of water, sand & chemical agents 17 © 2014 Cairn India Limited Significant potential from Gas development Production potential1 of 10-20,000 boepd ~100 Double production RDG production ~122 mmscfd • • Leverage existing 8” pipeline • New gas terminal with initial capacity of 100 mmscfd New 30” 200 km gas pipeline Significant NGL potential • Q4 FY 15 • FY 17 • Key drivers • RDG field estimated to hold 1-3 Tcf of Gas inplace Estimated recovery factor of 50% based on similar tight gas reservoirs globally • Timeline 1 Potential volumes over 3 years till FY17 2 Including internal gas consumption • • Installing additional compressors • FDP for RDG development for 100mmscfd approved by JV, further submitted to MC Tenders floated in the market for buying and laying 30” gas pipeline, constructing the gas terminal and availing rig and frac services 18 © 2014 Cairn India Limited On track to double gas volumes from RDG field by Q4 FY15 Compressor skids Compressor cooler fans 19 © 2014 Cairn India Limited Potential gas export pipeline route RGT MBPL 1670 Kms, 30 MMscmd (Proposed) RGT AGI-12 Palanpur Power Plants Fertilizer Units Key factors in route selection Access to best available gas network in India, to ensure better realization Utilization of existing Right of Use (RoU) 135km pipeline falls in existing RoU and ~65km pipeline from AGI-12 will be in new RoU © 2014 Cairn India Limited Agenda Overview Rajasthan Potential and Growth Strategy Mature Assets and Exploration Portfolio Outlook 20 21 © 2014 Cairn India Limited Ravva – Maximizing value with ~47% recovery 4D seismic technology to identify un-swept oil Andhra Pradesh Seismic survey over time PKGM-1 Cum Production Sustaining mature asset Gas Production, kboepd, mmboe 54 52 56 62 Oil 69 66 64 60 61 39 34 317 51 41 37 36 29 27 17 3 FY96 FY98 FY00 FY02 FY04 FY06 FY08 FY10 FY12 FY14 4D seismic, first of its kind in India, to identify unswept and bypassed areas New infill wells in these areas to improve recovery and produce oil 3 Infill wells contributed to production in Q2 FY15 22 © 2014 Cairn India Limited CB – sustain production at optimal costs through technology Gujarat CB/OS-2 Field Direct opex maintained at optimum level Gas producing to Oil producing Production, kboepd, mmboe Cum Production Gas Oil 19 14 19 12 55 20 12 14 14 12 9 7 10 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 Used Spectral Decomposition of seismic data using Continuous Wavelet Transform technique - to define the reservoir fairway Infill drilling campaign helped sustain production levels, 44% YoY increase in gross production in FY14 Added sea route for evacuation of crude oil for improved commercial and safety measures 23 © 2014 Cairn India Limited Major exploration activity continues across Indian portfolio KG Onshore Block (KG-ONN-2003/1) Declaration of commerciality for Nagayalanka discovery approved by MC Operatorship for development activities transferred to JV partner as per PSC KG-ONN-2003/1 Andhra Pradesh • • • • Asset Snapshot Onshore: Area of 315 sq km Basin: Krishna Godavari Play: Structural and Stratigraphic Reservoir: Tight Sandstone IndiaOnshore Opportunity • Hydrocarbon In-place: ~480 mmboe • 2P + 2C: ~74 mmboe • Close to existing infrastructure India- KG Offshore Block (KG-OSN-2009/3) Offshore 2 Processing of ~934 km of 3D seismic data is complete, volumes being evaluated Focus is on building high quality prospect inventory KG-OSN-2009/3 • • • • Asset Snapshot Offshore: Area of 1,988 sq km Basin: Krishna Godavari Play: Structural and Stratigraphic Reservoir: Dominantly sandstone with few carbonate reservoir Opportunity • Similar to high reserve proven plays in nearby fields • Close to existing infrastructure Other Indian Blocks Mumbai Offshore : Processing of recently acquired ~2,128 line-km of 2D seismic data commenced Palar-Pennar: Extension of Exploration Phase-1 is pending with the regulators 24 © 2014 Cairn India Limited Formulating monetization strategies for International blocks International Offshore Sri Lanka Block 4 wells drilled yielding 2 maiden gas discoveries Discussions ongoing with the Sri Lankan Government on commercial terms Sri Lanka SL 2007-01-001 • • • • Asset Snapshot Offshore: 3000 sq. km Basin: Mannar Play : Structural and stratigraphic Reservoir: Dominantly Sandstone Opportunity • Hydrocarbon In-place: >70 mmboe • 2P + 2C: >50 mmboe • Emerging market in Sri Lanka International Offshore Block-1 South Africa Block Initial interpretations of 3D seismic data indicate exciting plays similar to West African margin; Prospects for exploratory drilling currently being identified South Africa • • • • • Asset Snapshot Offshore: 19,898 sq. km Area 3 wells drilled within the block in 1987 Basin: Orange Play : Structural and stratigraphic Reservoir: Dominantly sandstone Opportunity • Multiple Oil and Gas plays identified • Structural setting similar to plays along the West African margin © 2014 Cairn India Limited Agenda Overview Rajasthan Potential and Growth Strategy Mature Assets and Exploration Portfolio Outlook 25 26 © 2014 Cairn India Limited Outlook – FY 15 and beyond Remain committed to enhance shareholder value Ongoing capex program of $3bn until FY17 to fuel growth MBA BH + Satellite fields Continue to focus on execution of major development Gas 10 – 20 projects to support medium and long term growth 10 – 30 Enhance oil recovery from producing fields 180 – 200 Scale up tight oil development by leveraging existing infrastructure Plan to build long term sustainable gas business Continued success from exploration and appraisal FY14 FY15(E) Units - kboepd campaign to achieve target RRR of 150%2 over 3 years and accelerate monetization 2 Subject to PSC extension till 2030 FY16(E) 1 From known discoveries FY17(E) 27 © 2014 Cairn India Limited Fact Sheet Value Proposition As India’s largest private sector E&P company accounting for ~28% of the country’s domestic oil production, Cairn India is well positioned to grow revenues and profits. Its strong track record, low cost of operations, high cash flow generation, combined with the world's growing demand for energy, provides confidence for future growth in reserves and production while meeting its return on capital targets. Top Management Chairman: Navin Agarwal CEO: Mayank Ashar CFO: Sudhir Mathur FY 2014 Financial Strength P&L Revenues: US$3.1 billion PAT: US$2.1 billion Cash Flow from Operations: US$1.8 billion Balance Sheet Cash: US$3.8 billion Assets: US$10 billion Zero Debt Company Other Ratios Diluted EPS: INR 64.95 Dividend Yield: 4% DPS: INR 12.5 BVPS: INR 309 Stock Market Market Cap: ~$10 billion Listed on: NSE, BSE Index Representation - Nifty 50 and MSCI Symbols: CAIRN (NSE); 532792 (BSE); INE910H01017 (ISIN); CAIR (Bloomberg) Shares outstanding: 1874 million Shareholding Pattern: Vedanta Group: 60% Cairn PLC: 10% Institutional Holding: 27% Retail: 3% FY14 average Production Gross Production: 218,651 bopd, 6% YoY increase Oil: 209,378 bopd Gas: 56 mmscfd Countries present India Sri Lanka South Africa Reserve and Resource Base Gross Hydrocarbons Initially in Place (mmboe): 6,055 Gross 2P Reserves & 2C Resources (mmboe): 1,408 Net Working Interest 2P Reserves & 2C Resources (mmboe): 956 Producing Assets Cumulative Production (till FY14) Rajasthan (RJ-ON-90/1) - ~216mmboe Andhra Pradesh - Ravva (PKGM-1) - ~317 mmboe Gujarat - Cambay (CB/OS-2) - ~55 mmboe Capital Budget $3 billion over three years (FY2015, 2016, 2017) 84% for Development; 16% in Exploration Cumulative Capex (till FY14) Gross Exploration and Development - ~US$ 7 bn RJ Exploration : ~US$ 0.8 bn; RJ Development : ~US$ 4.3 bn Operational Achievements Together with its JV partners accounted for ~28 per cent of India’s crude oil production in FY14 Built world’s longest (~600 kms) continuously heated and insulated pipeline Awards Fastest growing energy company in the world at Platts Top 250 Energy Company Awards 2013 Contact Information Nidhi Aggarwal, Head - Investor Relations M: +91 98101 97755; +91 124 459 3490 nidhi.aggarwal@cairnindia.com cilir@cairnindia.com Cairn India Ltd. 4th Floor, Vipul Plaza, Sun City, Sector-54, Gurgaon 122002 India 28 © 2014 Cairn India Limited Board members (1/2) Mr. Navin Agarwal Chairman & Non-Executive Director Mr. Navin Agarwal, 53, is also the Chairman of Sesa Sterlite Ltd. and Deputy Executive Chairman of Vedanta Resources Plc. Mr. Agarwal plays a key role in developing the strategic thinking and governance framework of the Vedanta Group. He has been part of the Group for the last 32 years since its inception, and has been instrumental in shaping and executing the growth strategy of the Group, through a combination of inorganic and organic initiatives leading to multifold expansion in shareholder returns. Mr. Tarun Jain Non-Executive Director Mr. Tarun Jain, 54, is a graduate from the Institute of Cost and Works Accountants of India and a fellow member of both the Institute of Chartered Accountants of India and the Institute of Company Secretaries of India. He is a Whole-time Director of Sesa Sterlite Limited. Mr. Jain has over 35 years’ experience in corporate finance, accounts, audit, taxation, secretarial and legal matters. He is responsible for Sterlite’s strategic financial matters, including corporate finance and strategy, business development and M&A. Ms. Priya Agarwal Non-Executive Director Ms. Priya Agarwal, 24, has done B.Sc. Psychology with Business Management from the University of Warwick in the UK. She has wide experience in Public Relations, Human Resources and Strategic Planning having worked with reputed names like Ogilvy & Mather, Korn Ferry International, Vedanta Resources , HDFC Bank and Rediffusion Y&R. Mr. Mayank Ashar Managing Director and CEO* Mr. Mayank Ashar, 60, holds a Bachelors of Art & Science in Chemical Engineering, a B.A. in Philosophy and Economics, a Masters of Engineering and an M.B.A. from the University of Toronto. He brings with him rich and diverse experience spanning across more than 36 years in the international Oil & Gas industry. This includes top leadership roles in global organizations like British Petroleum, Petro-Canada and Suncor Energy. He has also served as the Chief Executive Officer and President at Irving Oil Limited. * Subject to shareholder and other regulatory approvals 29 © 2014 Cairn India Limited Board members (2/2) Mr. Aman Mehta Non-Executive & Independent Director Mr. Aman Mehta, 67, is an economics graduate from Delhi University. He has over 37 years’ experience in various positions with the HSBC Group from where he retired in January 2004 as CEO Asia Pacific. Mr. Mehta is actively engaged in corporate governance issues, with Board and advisory roles in a range of Companies and Institutions across the globe. He is also a member of the governing board of the Indian School of Business, Hyderabad and a member of the International Advisory Board of Prudential of America.. Mr. Naresh Chandra Non-Executive & Independent Director Mr. Naresh Chandra, 79, graduated with Masters’ degree in Mathematics from Allahabad University. A 1956 Indian Administrative Services officer, honored with the Padma Vibhushan in 2007, a high civilian award, he brings vast administrative experience having held leading positions in various Committees for the Government of India. In December 1990, he became Cabinet Secretary, the highest post in the Indian Civil Services followed by his appointment as the Senior Advisor to the Prime Minister of India in 1992. He has served as the Governor of Gujarat and as an Ambassador of India to the United States of America during 1996-2001. Dr. Omkar Goswami Non-Executive & Independent Director Dr. Omkar Goswami, 57, holds a Masters Degree in Economics from the Delhi School of Economics and is a D. Phil in Economics from Oxford University. He has taught in several academic institutions in India and abroad; edited one of India’s best known business magazines; was the Chief Economist of the Confederation of Indian Industry; and is the Executive Chairman of CERG Advisory Private Limited, a consulting and advisory firm. Dr. Goswami serves as an independent director on many Company boards and has authored books and research papers on economic history, industrial economics, public sector, bankruptcy laws and procedures, economic policy, corporate finance, corporate governance, public finance, tax enforcement and legal reforms. Mr. Edward T Story Non-Executive & Independent Director Mr. Edward T Story, 70, holds a Bachelor of Science degree from Trinity University, Texas, a Masters degree in Business Administration from the University of Texas and an honorary Doctorate degree by the Institute of Finance and Economics of Mongolia. He is a member of the North America Mongolia Business Council. Mr. Story has 48 years’ experience in the international oil and gas industry and is the founder, President and Chief Executive Officer of the London Stock Exchange listed SOCO International Plc. 30 © 2014 Cairn India Limited Management team (1/2) Mr. Sudhir Mathur CFO Sudhir has 27 years’ experience across core functions like Corporate Strategy, Finance and M&A, Restructuring and Regulatory Affairs, in reputed organizations like Aircel, GMR and Idea Cellular amongst others. A seasoned CFO with commercial orientation, Sudhir has been exposed to highgrowth sectors like Oil & Gas, Telecom and Infrastructure. He stepped into the role of Interim CEO in Cairn India at a critical time when the company had just embarked on executing its biggest ever 3 Year strategic plan of development and exploration. Sudhir is a Bachelor of Economics from Shriram College of Commerce, Delhi University and MBA from Cornell University, New York. Mr. Mike Yeager Chairman, Operations Review Board Mike brings in more than 38 years of rich experience in reputed organizations like Exxon Mobil, BHP Billiton and the US Marine Corps. In his last assignment, he was the CEO of the Petroleum business at BHP Billiton. Mike works closely with the Cairn management team to deploy the best global technology and practices to unlock the full potential of existing assets and steer their efficient development. Mike graduated from the US Naval Academy and went on to complete his Masters of Science from University of Southern California. Mr. Darran Lucas Director, Exploration Darran comes with over 30 years of Global Exploration, New ventures and Asset Management experience in both conventional and unconventional areas. His experience includes assignments with Kosmos Energy, Nexen Petroleum International, OMV Aktiengesellschaft, Enterprise Oil and British Petroleum. He has proven track record of building and managing high potential, high value exploration portfolios across the globe including Africa, the Middle East, UK and Europe, Latin America and South-east Asia. He is a Geology graduate from university of London and MBA from Henley Management College, U.K. Mr. Sunil Bohra Dy CFO Sunil became member of Vedanta family in the year 2000 and has demonstrated success across various group companies in diverse assignments across various functions. He has in depth experience in setting up systems and processes, formulate new strategies and develop organization structures to facilitate growth of the company. Since joining Cairn in 2012 as Deputy Chief Financial Officer, he has been instrumental in strategic decision-making and continued success of the company. He has completed General Management Program from Harvard Business School and is a qualified Chartered Accountant. 31 © 2014 Cairn India Limited Management team (2/2) Mr. Suniti Bhat Director, Rajasthan Oil Suniti Bhat has been working with Cairn for more than 5 years and has more than 20 years' experience in global oil and gas industry. Suniti was instrumental in delivering a production CAGR of ~20% over 2011-14 from the Rajasthan block and is responsible for shaping the overall growth strategy of Cairn India. He has completed a General Management Program from Harvard Business School, holds a Masters in Petroleum Engineering from Stanford University and has a degree in BE (Hons.) in Chemical Engineering from Punjab University Chandigarh. Mr. Ananthakrishnan B. Director, Rajasthan Gas B. Ananthakrishnan has more than 25 years of experience in the industry. He has worked in both Exploration and Development projects in Cairn in technical and management roles. He has been closely associated with the Rajasthan project since 2003 and led the subsurface teams involved in the development of all the fields in Rajasthan including the Mangala Field which holds over a billion barrels of oil in place. He is a post graduate in Petroleum Geology. Mr. Rich Paces Director, Offshore Rich has over 32 years of substantial experience and expertise in petroleum and reservoir engineering as well as operations and management. He has worked onshore and offshore with both large and small multinational companies and has a variety of international experience of working in the USA, Trinidad, China, Egypt, Russia, Kazakhstan, India and Equatorial Guinea. Prior to Cairn, Rich served as Vice President and Country Manager-Equatorial Guinea (EG) at Noble Energy and as Chief Operating Officer of the Oil & Gas Division at Reliance Industries. Rich holds a Bachelor of Science degree in Chemical Engineering from the Ohio State University.
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