Investor day: Cairn

Cair Oil
Oil&&Gas
Gas
August, 2019

Investor Day
Cairn
Oil & Gas
August, 2019
 Cautionary Statement and Disclaimer

The views expressed here may contain information derived from publicly available sources that have not been independently verified.

No representation or warranty is made as to the accuracy, completeness, reasonableness or reliability of this information. Any forward looking information in this
presentation including, without limitation, any tables, charts and/or graphs, has been prepared on the basis of a number of assumptions which may prove to be
incorrect. This presentation should not be relied upon as a recommendation or forecast by Vedanta Ltd. ("Vedanta") and any of its subsidiaries. Past performance
of Vedanta cannot be relied upon as a guide to future performance.

This presentation contains 'forward-looking statements' – that is, statements related to future, not past, events. In this context, forward-looking statements often
address our expected future business and financial performance, and often contain words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,' 'seeks,' or
'will.' Forward–looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of
financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of
acquired businesses; and from numerous other matters of national, regional and global scale, including those of a environmental, climatic, natural, political,
economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in
our forward-looking statements. We do not undertake to update our forward-looking statements.

We caution you that reliance on any forward-looking statement involves risk and uncertainties, and although we believe that the assumptions on which on
forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate and as a result the forward-looking statement
based on those assumptions could be materially incorrect.

This presentation is not intended, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire,
subscribe for, sell or otherwise dispose of, any securities in Vedanta or any of its subsidiary undertakings or any other invitation or inducement to engage in
investment activities, nor shall this presentation (or any part of it) which contains a mix of 2D, 3D rounded & square effects, nor the fact of its distribution, form
the basis of, or be relied on in connection with, any contract or investment decision.

2
Agenda

Vision

Technology & Innovation

Producing Blocks: Onshore & Offshore

Exploration Blocks: OALP & PSC

Organization Design & People

Sustainability

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HSEQ: An Integral Part of Business
Building a culture of Zero Harm, Zero Waste and Zero Discharge

Safety accountability:
Building confidence amongst workforce to “Stop Unsafe work” and
“Refuse to work, if unsafe", strengthened with consequence
management policy.

HSEQ assurance:
Increased Visible Felt Leadership at Site

Strengthening Safety culture:

Infield awareness & Training sessions to improve HSEQ Performance,
lateral learning of safety alerts recommendations.

HSEQ Risk Management Process: Focus on safety Critical

task and safety critical Risks

Sustainability:
Waste to Fuel - Establish real-time disposal of Oil based drill cutting
waste to cement industry.
99 % of produce water treat & recycle back into system for injection
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 Vision: Oil & Gas Business

Q1 FY20 H1 FY20 Exit H2 FY20 Exit Existing Assets Full Potential

1,000 Gross Volume in kboepd

600

400
OALP Blocks
260-270 PSC Blocks
200
180
400
200
2 Years 3-5 Years

Capex $ 4-6 bn $ 7-10 bn

R&R 3 bn boe 2.0 – 5.5 bn boe

Contribute over 50% of India’s Oil Production

Note: R&R stands for Reserves and Resources 5
 2019 Key Messages

Vision Produce 50% of India’s domestic crude oil

Portfolio Blocks in proven petroleum basins across India (Onshore & Offshore) to accelerate Reserve &
Resource accretion:
o PSC Blocks : Increase from 1.2 bn boe to 3.0 bn boe through EOR and Exploration
o OALP: Discover 2.0 - 5.5 bn boe from 51 OALP blocks

Volume Exit at 260-270 kboepd by March 2020 and ramp-up beyond 400 kboepd in ~ 2 years

Capex Investment of $ 3.2 bn already committed with IRR >20% at $ 40/bbl

Cost Operating cost at ~ $ 7.5 boe; top quartile globally

People Highly experienced & diversified global talent pool; integrated project management

Technology Cutting edge technology & Digitalization to foster incremental value accretion

Sustainability Zero Harm, Zero Waste & Zero Discharge; Inclusive development of communities
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 Cairn strongly positioned for the future of India

Oil to remain key energy fuel India to lead Global consumption growth
Primary energy consumption by fuel (Billion Toe) • All scenarios Import and domestic oil production in India (mbpd) • India’s crude oil
20 demand is
Scenarios by 2040 suggest Oil to be a 10 Oil Import
18 Oil significant energy Oil Production expected to double
9
16 Gas by 2040
source 8
14 Coal
Nuclear 7
• Rapidly growing
12 • Demand b/w 80-130
Hydro 6 consumption and
10 mn bbl/d
Renew.* 5 high import
8 0.64 9.3
• Significant 4 0.76 dependence
6 0.67
investments are 3 necessitates need
4
required to meet 2 3.78
4.41 capex investment
2 3.19 in O&G
demand 1
0
2017 Evolving Rapid 0
transition transition FY10 FY14 FY18 FY 40
Source: BP Energy Outlook 2019 Edition Source: Ministry of Petroleum and Natural Gas, BP Statistical Review 2018, Aranca Research

Indian Hydrocarbon Potential Favorable Government Policies

India has vast untapped potential of hydrocarbon resources Open Acreage Licensing Policy (OALP)

Prognosticated resources of 307 bn bbl, of which ~71% is yet to

Incentive for Enhanced Recovery methods
be discovered

Of the 26 sedimentary Basins only 7 produce hydrocarbons at Discovered Small Fields (DSF) policy
present 7
 Foot Print: India’s Largest Private O&G Player
PSC Blocks OALP & DSF Blocks

13x Acreage increase from 5,000 sq. km. to 65,000 sq. km. spread across basins in India
8
PSC Blocks: Production Ramp up plan

400+
40 Exploration
340-350
20
60 Offshore
55
260-270
45
100 135 Rajasthan Development

180
75
31
17

175 165 Rajasthan Operations

132 145

Q1 FY20 Exit H2 FY20e Exit FY21e Exit FY22e

Significant increase in production from the Current Producing Blocks

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 PSC Blocks: Production Ramp up plan FY20

Impact Initiatives
Rajasthan Operations 260-270
Rajasthan Development
14 k o Ravva Infill Drilling
Offshore 45 Offshore
o Well intervention to sustain base production

200

180 30 k o MBA Polymer, Infill wells & ASP

32 75
31 Rajasthan 15 k o Aishwariya Barmer Hill
24 Development
17 13 k o RDG terminal & pipeline infrastructure

7k o RDG Early production facility up-gradation

144 145
132 6k o Mangala Liquid Handling Up-gradation &
Rajasthan
Operations Asset Integrity Management partly offset by

natural field decline

Q1 FY20 Exit H1 FY20e Exit H2 FY20e

Change H2 vs Q1 Wells Drilled Wells Hooked Up Liquid Handling Capacity Gas Processing Capacity
139 to 250 46 to 185 1.1 to > 1.3 mmblpd 84 to 240 mmscfd
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Technology & Digitalization

11
11
Technology Applications
Access to the best in class technology & global geo-scientists

Digitalisation and technology integration is the key driver for all our projects 12
 Enhanced Oil Recovery Projects
An exemplar of our commitment towards cutting edge technology and innovation

EOR Polymer: Improved sweep efficiency

o EOR Polymer Successfully
Implemented in Mangala
M>1
o Replicating the success in
Bhagyam & Aishwariya Fields

o World’s largest Centralised

M<1 Polymer Mixing Facility with a
capacity of 1,00,000 blpd mother
Areal Sweep improvement Vertical Sweep improvement solution

EOR ASP: Improved displacement efficiency

Oil Saturation Display at Pore Level
Reduction in Trapped Oil o World’s largest ASP Project
Original oil Sand Grain Remaining oil Water being implemented in MBA
Fields

o EOR Policy provides 50%

reduction in Cess

Initial After Waterflood After ASP flood

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 Early Monetization Technologies
Embracing newer technologies to reduce time from exploration to production in OALP blocks

Satellite Based EM Technology Airborne FTG Survey Cable less Seismic Survey

First FTG survey in East

African Rift in Q2 2009
26 out of 27 discovery wells
mapped with FTG

• Allows early detection & areas of
prioritization of other surveys
• Independent of the terrain access,
weather windows
• Reduces project time
• Provides early sub-surface data in
3-4 weeks time
• Reduction of data acquisition time
• Covers inaccessible & difficult
terrain
• Flexibility to deploy across roads,
rivers & environmentally sensitive
areas
• Higher productivity with no
downtime for cable repairs
• Reduced crew & transportation
cost

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 Digitalization
Key enabler in Cairn’s Growth Journey

Pipeline Intrusion Detection

System (PIDS) Digital Oil Field
Real time Production monitoring system &
To detect Interference, illegal tapping &
decision making
unauthorized excavation along buried pipelines

Integrated Chemical Collaborative 3D Technology

Management System Enhanced understanding by 3D visualization
End-to-end visibility across chemical value of subsurface model
chain

Video Analytics
Management Dashboard Real time alerting, video search, reporting,
optimized operations
High level project dashboard for management @ Digital Org

Automated Production Digital Logbook

Allocation system
Actively manage the difference between
theoretical and actual production rates
It’s workflow and electronic forms enable
to capture all the information, reduce the time
spent on administrative duties

EBS Artificial lift system

Exception Based Surveillance for Alarm/ surveillance
Alert against any abnormality To manage the performance of pumps

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Producing Blocks: Onshore (Rajasthan)

16
16
 Rajasthan: World Class Basin with Multiple Play Types

▪ Spread over 3,111 square km in Barmer, Rajasthan ~40 km

Bhagyam (B)
▪ 7 Hydrocarbon bearing Reservoir Systems Core
Mangala (M) fields
Aishwariya (A)
▪ 38 discoveries till date across Reservoir Systems
DA-2

▪ Liquid Handling capacity of >1.1bn barrels Prospective BH fields

▪ > 500 producer and injector wells

DA-1
~130
▪ > 500 million barrels produced till date km

▪ > 1bn boe of reserves & resources (2P + 2C) DA-3

Raag Deep Gas

▪ Top quartile operating cost globally at ~7.5 $/bbl Legend

DA-1
▪ Technology: DA-2

DA-3
▪ World’s longest heated & insulted pipeline (~700 kms)
Oil Discoveries (33)

Gas Discoveries (5)

▪ World’s largest polymer flood project
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Rajasthan: Best in Class Infrastructure

Leveraging the world class processing facilities for growth projects

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 Mangala Processing Terminal
World class Oil processing facility

Area: 1.6 sq. Kms (400 acres) Steam Boilers: 805 TPH
Crude Oil Sales to: IOCL, BPCL, MRPL, RIL, Nayara ▪ 7 boilers each of capacity 115 TPH

Three processing trains: >1 MMbbls liquid per day ▪ HP steam for power generation

Oil Storage Capacity: 488,000 bbls ▪ MP steam for process heat

▪ 4 Export Tanks, capacity 122,000 bbls/tank ▪ LP steam for other utilities

Water injection Capacity: 826,000 bwpd Captive power STG: 60 MW

▪ 8 injection pumps each of capacity 118,000 BWPD ▪ 5 STG each of capacity 12 MW

▪ 5 Power Fluid pumps each of capacity 81,000 BWPD Grid Power: 100 MW Infrastructure
Secure Landfill: Hazardous & Non-Hazardous ▪ Current sanctioned demand – 52 MVA

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 MBA Fields: Capex $ 1.4 billion, Reserve > 250 mmbbls
Adds incremental production of over 125 kbopd at peak

Mangala, Bhagyam & Aishwariya (MBA) fields: Project Snapshot

- India’s largest onshore discoveries • MBA Infill & Polymer
Gross Capex EUR Peak Production
Partner Activity
($ Million) (mmbbls) (kboepd)

Total HIIP in MBA – 2.2 Billion boe

HIIP Halliburton
87 Wells &
240 58 30
Facilities

2,156 mmbbls Wells Till FY19 FY20 FY21 & Beyond

Drilling 66 21 -

Hook Up 32 55 -
Produced Till Date
• MBA ASP
496 mmbbls* 23% Gross Capex EUR Peak Production
Partner Activity
($ Million) (mmbbls) (kboepd)

Reserves + Resources (2P+2C) + BH-GE Wells (143-286)

1,200 200 95
Under Award Facilities

641 mmbbls 30% Till FY19 FY20 FY21 & Beyond

Drilling 7 56 80-223

Hook Up 1 21 121-264

* Till March 2019

EOR Polymer & ASP Projects to increase recovery factor from MBA Fields to >50%
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 Tight Gas: Raageshwari Deep Gas (RDG)
Multi fold increase in Gas production, to contribute over 50 kboepd at peak

Total HIIP : 309 mmboe Capex Investment of $ 630 million towards:

- Early production faculties (90 mmscfd)
Produced Till Date : 11 mmboe* - New Gas Terminal (90 mmscfd)
- Wells
Reserves + Resources (2P+2C) : 85 mmboe

> 50
> 30
kboepd
16
Fuel Gas kboepd
line to
MPT 11 kboepd
Mar 2020
Raageshwari Gas kboepd
Terminal (RGT) Sep 2019 Gas Terminal with capacity
of 90 mmscfd
Mar 2019 Early Production Facility
addition of 90 mmscfd
Gas line to
Midstream
Mar 2018 Facility Debottlenecking Capacity at 240 mmscfd
& Sales Base Capacity 45 mmscfd Capacity at 150 mmscfd
Capacity at 60 mmscfd Partner: Petrofac
Export Oil
Pipeline Partner: Megha Engineering

Base Wells: 30 New Wells: 42 Partner : Schlumberger

* Till March 2019

Gas business set to become sizeable in Cairn Portfolio

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Tight Gas: RDG Terminal on track for completion
Multi fold increase in Gas production, to contribute over 50 kboepd at peak

Completion by Q4 FY20

Sub-station building Control Room Building Gas Terminal

Feed booster compressor Condensate storage tank Cable Laying- Compressors 22

Tight Oil: Aishwariya Barmer Hill (ABH)
First step in unlocking the full potential of the Barmer Hill in the Rajasthan block

Project Snapshot

Aishwariya
Barmer Hill Gross Capex EUR Peak Production
Partner Activity
($ Million) (mmboe) (kboepd)

Schlumberger 39 Wells & Facilities 170 32 20

Till FY19 FY20 FY21 & Beyond

Drilling 20 19 -

Hook Up - 38 1

India’s Largest Fracking Program – Technical Excellence

India’s largest lateral fracking 1,380m Lateral

4 stages fracked within 24 hour 4 stage/day

Multiple frac stages across 14 wells 180 frac stages

Redefining operation excellence and fracking technology in India

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Satellite Fields Development
Unlocking value from smaller discoveries by leveraging existing infrastructure

Project Snapshot

Gross Capex EUR Peak Production

Partner Activity
($ Million) (mmboe) (kboepd)
Integrated
Halliburton Development of 164 18 10
10 Satellite fields

Project Scope:
Sub Surface: Drilling of 35 new wells
Re-entry of 20 existing wells
Frac in 25 wells;

Surface Facilities: Construction of 2 CPFs and 13 QPFs

33 km of intra-field pipelines

Project Duration: 18 months

Partner: Halliburton

Monetizing Discoveries in Rajasthan through Satellite Fields Development

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Producing Blocks: Offshore (Ravva & Cambay)

25
25
 Ravva & Cambay Blocks
Ravva - Multifold increase in production; Cambay - Gas field converted into Oil Field

Production Journey: Ravva Production Journey: Cambay

HIIP (Kboepd) (Kboepd)
35
978 mmboe 80.0

70.0 30

OIL&GA RATE(BOEPD)
60.0 25
OIL&GA RATE(BOEPD)
50.0
Production Till date 20

40.0
15
430 mmboe 30.0
10
20.0
5
10.0

2P + 2C 0.0 0
2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022
Reserves & Resources 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023
Base Oil+ Gas Development Projects Base- Gas Base - Oil Development

72 mmbboe
o Commencing Drilling Campaign in Q3 FY20 o Completed Successful 4 wells infill program in

o 9-16 wells exploration and development wells FY19

Exploration Potential o Reserves add 17 mmboe, Resource 50-60 mmboe o Planning for an additional infill drilling campaign
towards end of FY20
> 200 mmboe o Capex investment of $ 185 million

o Partner: Halliburton

Ravva - Multifold increase in production; Cambay - Gas field converted into Oil Field
26
Exploration: OALP & PSC Blocks

27
27
OALP: Resource opportunity of 5.5 bnboe

o ~60,000 sq.km. acreage;

51
mostly proven oil and gas
Well Diversified
40 Onshore
basins, both conventional &
11 Offshore
unconventional play

o ~$ 800 M Capex for

5.5
exploration; Additional capex
Resources
(bnboe) for development / production
Upside Scenario

o Lloyd’s Register awarded

500 Integrated Project

Management contract
Peak Production
(kboepd)
Upside Scenario
o Integrated end-to-end
contract award by mid August

28
 Revenue Sharing Model enables early monetization

Features of OALP Levers for Early Monetization

❑ Biddable Revenue Sharing Model ❑ Block Priotisation:

❑ Single, uniform license for all types of hydrocarbon o Near Field Exploration

resources including conventional & unconventional o Low Cost Frontiers

resources
❑ Freedom in pricing and marketing of Oil & Gas
❑ Exploration allowed during the entire contract
period
❑ Contract duration for development and production
is maximum of 20 years
❑ No cess applicable on crude oil production
❑ Leverage Existing Infrastructure:
o Share facilities
o Utilize existing rigs in the region
❑ Quick Production Facilities (QPF)
❑ Technology Drivers:
o Satellite Based EM Technology
o Airbone FTG Survey
❑ Digitalization Adoption

Embracing a disruptive approach to unlock the vast potential of OALP blocks

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 Integrated Operating Model in place

Empowered organizational Project Management

structure Committee (PMC)

Operating
Approach

Partnership & Assurance and Re-assurance

Collaboration (Gated Process)

FY20 FY21 FY22

Timeline
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Indicative Schedule

Approval & Clearances Seismic Drilling First Oil Seismic Program Drilling Program

Partnering with Global Oil Field Service Companies for End to End Integrated Execution
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PSC Blocks: Exploration & Appraisal to augment resource base

Work
Investment Resources Program Partner Status
($ Million) (mmboe)
(Wells)

Rajasthan Drilling from

60 300-600 7-18 Schlumberger Q2 FY20
Exploration

Rajasthan Schlumberger Drilling from

75 200 14 / Halliburton Q2 FY20
Tight oil Appraisal

2 Discoveries
KG-Offshore 60 300 2 Schlumberger – Evaluation
Ongoing

Ravva Drilling from

85 50 4-9 Halliburton
Q3 FY20

Strong exploration fundamentals supports reserves & resources growth

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Organization Design & People

32
32
 Organization Structure geared up for rapid Growth

PSC Blocks OALP Blocks

Growth Organization Operating Organization Growth Organization

Exploration Development Production Exploration

RESERVES & RESOURCES DEVELOPMENT SBUs PRODUCTION SBUs NEW VENTURES

Increase Resource Base Add to Reserve Base & Production Sustain Production & Manage Opex Monetize 51 OALP
blocks by accelerating
production through
integrated execution
Rajasthan, Ravva & KG MBA TOTG RJ Oil RJ Gas Offshore

Technical Organization
Provide domain experts across SBUs for ensuring technical integrity, assurance and governance

Petroleum Operational
Drilling Subsurface Projects HSEQ
Engineering Excellence

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 Management Team Profile

Ajay Dixit 39 years, Vivek Rathi 24 years 20 years

Siemens Thermo Fischer Scientific, HUL, Amex, Oscar Quintero Chevron, Shell, Hess Corp.,
Chief Executive Officer Electrical Engineer, Delhi College
Chief Financial Officer GE Capital, Johnson & Johnson Occidental, Permian Resources
Chief Operation Officer
(Acting) of Engineering (Acting) CA, CS & CWA MBA, University of Houston

Arthur de Fautereau 25 years Sai Subramaniam 26 years Sanjay Kumar 17 years

Chief Technical CS resources, Total, Perenco Director, British Gas B. Tech, Chemical, Petroleum Engineer, ISM IIT
President, Dhanbad, MS, Heriot Watt
Officer MSc. Petroleum, IFP School, France RJ Operations BITS Pilani
Development University, UK

30 years Prachur Sah 20 years 24 years

Shobhit Tiwari Reliance, ONGC, Cairn Schlumberger Rana Kar Shell, British Gas
B. Tech, Mechanical Engineering,
Director, New Ventures M.Sc., Heriot Watt University, UK B. Tech, NIT, PGDM Finance &
Head HSSEQ Chief Marketing Officer
GB Pant University & Reserves B. Tech, IIT Mumbai Marketing, IIM Calcutta
34
 Management Team Profile

Muthir Kharusi 24 years Rohit Tandon 19 years, Cairn Pankaj Jain 24 years
President, RJ Oil Shell, Petroleum Devt. Oman President, Tight Oil Tight Gas Exec Mgmt.,Cornell. MS Heriot Watt. GSPL
President, Offshore & MBA (Finance), ICFAI Business
Production B. Tech, Glamorgan University Devt. & Facilities Petroleum Eng, ISM, IIT Dhanbad
KG Development School

Madhavi Jha 16 years Rajesh Mohata 26 years Avantika Oli 13 years

Honeywell Adani, HZL E&Y
Head Corporate BA English Literature, Delhi
Head Procurement & B. Tech, Jodhpur University, PG Diploma,
Acting Chief Human B. Tech, Computer Eng., NSIT
Communication University, PG Diploma, IIPM Supply Chain Management Business Management, Pune University Resources Officer PMIR, XLRI Jamshedpur

Pooja Yadava 13 years Rakesh Agiwal 20 years Biswanath Ghosh 18 years

Head Legal & Vedanta Group Head, Joint Venture Coca-Cola Head Exploration, MSc. Applied Geophysics,
Compliance BSL & LLB, ILS Law College Management CA, CS & CWA Offshore ISM IIT Dhanbad
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 Global Experts

Fiona Macaulay Coro Energy, Echo Energy, John Hughes

Rockhopper Exploration PLC, Mill John Dolson DSP Geosciences & Associates,
Member – Exploration House Enterprises, Swiftdale Ltd, Sr. Advisor – Geology LLC, Delonex Energy Sr. Advisor - SLR, ConocoPhillips, ADNOC,
Advisory Board Quad Operations Ltd Geophysics

Chandler T Wilhelm Shonn Patrick Arndt Royal Dutch Shell, TransCanada, Andrew Cartwright BP, Shell, Kvaerner Process
Wilhelm Geoscience Services
Member – Exploration LLC, Shell Houston
Technical Specialist - Canadian Natural Resources Ltd, CHSO-MBA Limited, PTT, Veolia Water
Advisory Board EOR Cenovus / EnCanna Development Outsourcing Ltd

Dennis Beliveau Thomas Alan Arthur, Thomas Elliott

Halliburton, Scomi Oiltools,
Technical Specialist Shell, Banbury House Technical Specialist BHP, Chevron, Marathon Drilling Fluids Tullow Oil
Reservoir Engineering Reservoir Engineering Specialist
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Sustainability

37
37
Inclusive & Sustainable growth
Commitment to empower local communities

Key Partnerships with Community

Developing Rural 4000 Nand Ghars
Nand Ghar livelihood across India

Clean Water 333 RO plants

Jeevan Amrit Initiative under PPP

~68% of the total population (~25 lacs) touched through ~1.6 MN Lives Impacted in FY 2018 - 2019
our CSR Interventions across locations
38
Socio Economic Impact

39
 Contribution to Exchequer
Contributing to Nation Building

01 02 03
ROYALTY CESS & NCCD PROFIT PETROLEUM
$ 6 Billion $ 6 Billion $ 14 Billion

04 05
SALES TAX & VAT CORPORATE TAX & DDT
$ 2 Billion $ 1 Billion

Total Contribution $ 29 Billion

Delivering long-term value to Government, Local Communities and all Stakeholders

Contribution till date 40
 Recognition and Awards

Ravva offshore and onshore facility

secured “first” place in Manufacturing –
Process category and a 5-star rating award
for Excellence in EHS practices in CH-SR-
EHS Excellence Award 2017
Cairn named among “Community Project of
“Dream Companies the Year” at Asia CSR
to Work For” by ET Best Practices Award in
Now. (February 2017
2019)

Barmer Unnati, a Cairn CSR initiative

Cairn’s Ravva offshore was awarded the ‘SKOCH Bronze
Rajasthan CSR Award Award’ and ‘SKOCH
Asset won “Golden
2018 for Jeevan Amrit Order of Merit’ by CCI in 2018
Peacock Occupational
Project
Health and Safety
Award” for the year 2017
Raageshwari
Raageshwari GasGas
Terminal (RGT)
Terminal hashas
(RGT) won “Sword
won of Honour”
“Sword from
of Honour” from
British Safety Council for excellence in HSE Management
British Safety Council for excellence in HSE Management

41
 Valuation Driver: Peer Comparison

Production (kboepd) 1P Reserves (mmboe)

1,000

900

800

700

600

1,927
500
1,234
1,281
400
1,049

300 1,929 1,522

1,192
915
200
844 586
100 280
139
167
0
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42
Enterprise Value ($ Billion)
Source: Bloomberg (Data For the year 2018)

Above list includes companies such as Apache, Continental, Devon, Hess, Noble Energy, Marathon, Pioneer, Tullow Oil, Santos, Murphy Oil, Kosmos Energy, Woodside, Premier Oil, etc, 42
Thank You

43