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.

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

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

15 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) ▪ World’s largest polymer flood project Gas Discoveries (5)

17 Rajasthan: Best in Class Infrastructure

Leveraging the world class processing facilities for growth projects

18 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

19 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

Total HIIP in MBA ($ Million) (mmbbls) (kboepd) 87 Wells & HIIP Halliburton 240 58 30 Facilities 2,156 mmbbls Wells Till FY19 FY20 FY21 & Beyond Drilling 66 21 -

Hook Up 32 55 -

Produced Till Date – 2.2 Billion 2.2 boe 496 mmbbls* 23% • MBA ASP Gross Capex EUR Peak Production Partner Activity ($ Million) (mmbbls) (kboepd)

+ BH-GE Wells (143-286) Reserves + Resources (2P+2C) 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% 20 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 11 MPT kboepd Mar 2020 kboepd Raageshwari Gas Gas Terminal with capacity Terminal (RGT) Sep 2019 of 90 mmscfd Mar 2019 Early Production Facility addition of 90 mmscfd Gas line to Mar 2018 Facility Debottlenecking Capacity at 240 mmscfd Midstream & Sales Capacity at 150 mmscfd Base Capacity 45 mmscfd Capacity at 60 mmscfd Partner: 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 21 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 Gross Capex EUR Peak Production Barmer Hill 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

23 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 24 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

60.0 25

50.0 Production Till date 20 40.0 15 430 mmboe 30.0

OIL&GA RATE(BOEPD) 10 OIL&GA RATE(BOEPD) 20.0 5 10.0

2P + 2C 0.0 0 Reserves & Resources 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 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 ❑ Leverage Existing Infrastructure: ❑ Freedom in pricing and marketing of Oil & Gas o Share facilities ❑ Exploration allowed during the entire contract o Utilize existing rigs in the region period ❑ Quick Production Facilities (QPF) ❑ Contract duration for development and production ❑ Technology Drivers: is maximum of 20 years o Satellite Based EM Technology ❑ No cess applicable on crude oil production o Airbone FTG Survey ❑ Digitalization Adoption

Embracing a disruptive approach to unlock the vast potential of OALP blocks 29 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 30 PSC Blocks: Exploration & Appraisal to augment resource base

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

Rajasthan Drilling from 300-600 7-18 Schlumberger Exploration 60 Q2 FY20

Rajasthan Schlumberger Drilling from 14 Tight oil Appraisal 75 200 / Halliburton Q2 FY20

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

Drilling from Ravva 4-9 Halliburton 85 50 Q3 FY20

Strong exploration fundamentals supports reserves & resources growth

31 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

33 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 Chief Financial Officer Electrical Engineer, Delhi College GE Capital, Johnson & Johnson Chief Operation Officer Occidental, Permian Resources (Acting) of Engineering (Acting) CA, CS & CWA MBA, University of Houston

Arthur de Fautereau 25 years Sai Subramaniam 26 years Sanjay Kumar 17 years Petroleum Engineer, ISM IIT Chief Technical CS resources, Total, Director, British Gas B. Tech, Chemical, President, Officer MSc. Petroleum, IFP School, France RJ Operations BITS Pilani Dhanbad, MS, Heriot Watt Development University, UK

30 years Prachur Sah 20 years 24 years Shobhit Tiwari Reliance, ONGC, Cairn Schlumberger Rana Kar Shell, British Gas Director, New Ventures Head HSSEQ B. Tech, Mechanical Engineering, M.Sc., Heriot Watt University, UK Chief Marketing Officer B. Tech, NIT, PGDM Finance & 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 GSPL President, RJ Oil Shell, Petroleum Devt. Oman President, Tight Oil Tight Gas Exec Mgmt.,Cornell. MS Heriot Watt. President, Offshore & Production B. Tech, Glamorgan University Devt. & Facilities Petroleum Eng, ISM, IIT Dhanbad MBA (Finance), ICFAI Business KG Development School

Madhavi Jha 16 years Rajesh Mohata 26 years Avantika Oli 13 years Honeywell Adani, HZL E&Y Head Corporate Head Procurement & Acting Chief Human BA English Literature, Delhi B. Tech, Jodhpur University, PG Diploma, 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 35 Global Experts

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

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

Dennis Beliveau Thomas Alan Arthur, Thomas Elliott Halliburton, Scomi Oiltools, Shell, Banbury House BHP, Chevron, Marathon Drilling Fluids Technical Specialist Technical Specialist Reservoir Engineering Reservoir Engineering Specialist 36 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 Asset won “Golden Award’ and ‘SKOCH 2018 for Jeevan Amrit Peacock Occupational Order of Merit’ by CCI in 2018 Project Health and Safety Award” for the year 2017 RaageshwariRaageshwariGasGas Terminal Terminal (RGT) (RGT) has has won won “Sword “Sword of Honourof Honour” from” from British SafetyBritish Council Safety Councilfor excellence for excellence in HSE Management 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 1,522 1,929 1,192 915 200 844 586

100 139 280 167 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, , etc, 42 Thank You

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