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Cairn Oil & Gas Investor Investor day: CairnCair 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 3 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 4 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 260-270 200 PSC Blocks 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 6 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 Oil Production expected to double significant energy 9 16 Gas source by 2040 8 14 Coal Nuclear 7 12 • Demand b/w 80-130 • Rapidly growing Hydro 6 10 mn bbl/d consumption and Renew.* 5 high import 8 0.64 9.3 • Significant 4 0.76 dependence 6 0.67 investments are 3 necessitates need 4 4.41 capex investment required to meet 2 3.78 2 3.19 in O&G demand 1 0 2017 Evolving Rapid 0 FY10 FY14 FY18 FY 40 Source: BP Energy Outlook 2019 Edition transition transition 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 9 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 30 k o MBA Polymer, Infill wells & ASP 180 32 75 31 Rajasthan 15 k o Aishwariya Barmer Hill 24 Development 17 13 k o RDG terminal & pipeline infrastructure 7 k o RDG Early production facility up-gradation 144 145 132 o Mangala Liquid Handling Up-gradation & Rajasthan 6 k 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 10 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 being implemented in MBA Original oil Sand Grain Remaining oil Water Fields o EOR Policy provides 50% reduction in Cess Initial After Waterflood After ASP flood 13 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 • Provides early sub-surface data in • Flexibility to deploy across roads, prioritization of other surveys 3-4 weeks time rivers & environmentally sensitive • Independent of the terrain access, • Reduction of data acquisition time areas weather windows • Covers inaccessible & difficult • Higher productivity with no • Reduces project time terrain downtime for cable repairs • Reduced crew & transportation cost 14 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
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