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Cairn Energy PLC Annual Report and Accounts 2010 C a Irn E N E Rg Y P

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Cairn Energy PLC Annual Report and Accounts 2010 C a Irn E N E Rg Y P Cairn Energy PLC Annual Report and Accounts 2010 Head Office Cairn India 50 Lothian Road Head Office Edinburgh 3rd & 4th Floors EH3 9BY Vipul Plaza, Suncity T +44 131 475 3000 Sector 54 F +44 131 475 3030 Gurgaon 122 002 E [email protected] T +91 124 414 1360 www.cairnenergy.com F +91 124 288 9320 Greenland Cairn India Registered Office Floor 5 101, West View Imaneq 33 Veer Savarkar Marg 3900 Nuuk Prabhadevi Mumbai 400025 Nepal House No.66 Hitaisi Marg Ward No.4 Baluwater Kathmandu Cairn Energy PLC Annual Report and Accounts 2010 www.cairnenergy.com Cairn Energy is one of Europe’s largest independent oil and gas exploration and production companies. Based in Edinburgh, Cairn is listed on the London Stock Exchange and is part of the FTSE100. Cairn’s principal interests are in India and Greenland. An HTML version of this report is available to view at www.cairnenergy.com/AR2010 In addition, while you will find a summary of our CR performance in this report, the full Printed on Hello Silk (300gsm cover and 170gsm pages 1-56 CR report is only available online this year, and 130gsm pages 57-148). Hello Silk is an FSC-recognised paper, at www.cairnenergy.com/CRR2010 produced from sustainably managed forests. This publication was printed with vegetable oil-based inks by an FSC-recognised printer that holds an ISO 14001 accreditation. www.cairnenergy.com/AR2010 www.cairnenergy.com/CRR2010 Cairn Energy PLC Annual Report 2010 01 Overview Business Review Directors and Governance Financial Statements Highlights Additional Information of THE YEar Overview find out more: www.cairnenergy.com /AR2010 • Record revenues of approximately $1.6 billion, profit after tax before exceptional items of ~$1.1 billion and operating cashflow of ~$837 million OVERVIEW • Completion of the sale of up to 51% shareholding in Cairn India to Vedanta is awaiting Government of India approval 01 Highlights of the Year • Upon completion, Cairn’s residual holding could be up to 22% in Cairn India BUSINESS REVIEW • Initial Mangala production plateau of 125,000 bopd reached in August 2010 02 Chairman’s Statement • Rajasthan resource base can support production of 240,000 bopd, subject 06 Chief Executive’s Review to further investment and Government of India approval 12 Industry Overview • Award of three frontier exploration blocks in Baffin Bay bid round, 14 How We Work offshore Greenland 18 Operational Review • Operatorship and increased equity in Lady Franklin and Atammik blocks, 25 Licence Interests sub-Arctic offshore west Greenland 28 Financial Review • Subject to Greenland Government approvals, it is planned to: drill up 32 Principal Risks and Uncertainties to four exploration wells, conduct three shallow (~400m) marine soil 38 Corporate Responsibility investigations and acquire three 3D seismic surveys of 1,500km2 following encouraging results from the 2010 exploration campaign DIRECTORS AND GovernAnce 48 Board of Directors 50 Directors’ Report OperaTIONal 57 Corporate Governance Statement 68 Directors’ Remuneration Report • Group booked entitlement reserves: 225.0 million barrels of oil equivalent 84 Independent Auditor’s Report to (mmboe) (2009: 253.9 mmboe) the Members of Cairn Energy PLC • Gross operated production: 130,961 barrels of oil equivalent per day (boepd) (2009: 77,222* boepd) (70% increase) FINANCIAL STATEMENTS • Average net entitlement production: 65,299 boepd (2009: 20,307* boepd) 85 Group Income Statement (222% increase) 86 Statements of Comprehensive Income 87 Balance Sheets * Includes Rajasthan boepd production for 125 days. 88 Statements of Cash Flows 89 Statements of Changes in Equity 91 Notes to the Accounts FINANCIAL AdditionAL InformAtion • Total revenue for the year increased to ~$1.6 billion (2009: $234 million) 141 Reserves • Profit for the year of ~$1.1 billion (2009 restated: $53 million) 142 Glossary of Terms • PLC/Capricorn net cash of $187 million and $900 million undrawn 144 Notice of Annual General Meeting committed loan facilities 148 Company Information • Cairn India net cash of $217 million, comprising $891 million cash and $674 million debt 02 Cairn Energy PLC Annual Report 2010 Chairman’s CORPORATE OVERVIEW STATEMENT Highlights of 2010 include: • The successful startup of piped oil production from the large Mangala field in India, contributing a record The Group’s strong financial position and turnover of $1.6 billion and profit entrepreneurial exploration focus has allowed of $1.1 billion; it to build a strategic and leading early entry • The commencement of our potentially position in the frontier offshore basins of Greenland. transformational multi-well and multi-year exploration drilling programme offshore Greenland; and • The announcement of the proposed NormAN murrAY part sale of up to 51% of Cairn’s CHAIRMAN shareholding in Cairn India (CIL) to Vedanta Resources Plc (Vedanta). Rajasthan crude is now transported to a number of Indian refineries by the world’s longest continuously heated pipeline, which was built, and is operated, by Cairn India. This infrastructure is strategically important as it means all the remaining fields and discoveries can be tied-in to the pipeline as they are developed. The total resource base supports a combined potential production of 240,000 barrels of oil per day (bopd), subject to further investment and Government of India (GoI) and joint venture (JV) partner approvals. The accelerated multi-well and multi-year exploration campaign planned in the frontier basins of Greenland means Cairn is now the largest acreage holder offshore Greenland and the most active operator in this new frontier. There is heightened industry interest in this region, as exemplified by the number of major oil companies participating in the Baffin Bay bid round in May and the subsequent block awards in December. INDIA The IPO of Cairn India in 2007 provided a return of $1 billion cash to Cairn shareholders and generated sufficient financial flexibility to allow the fast-track development of Cairn’s (discovered and appraised) world-class fields in Rajasthan. The completion of the first phase of the Rajasthan development represents a significant milestone for the Cairn Group, with the Mangala field now producing at an initial plateau rate of 125,000 bopd. The overall development project is now materially de-risked from a technical and commercial perspective, and demonstrates significant shareholder value creation. In the summer of 2010, Cairn was approached by Vedanta with a proposal to purchase the majority of Cairn’s equity in Cairn India. This presented Cairn and its shareholders with an early opportunity to realise a large proportion of the value created. The proposed transaction was agreed and announced by the two companies in August, and approved by Cairn and Vedanta shareholders in Q4 2010. Cairn Energy PLC Annual Report 2010 03 Overview Business Review Directors and Governance Financial Statements Additional Information Business Review The Cairn Energy PLC Board visit to Rajasthan in September 2010 The transaction is currently awaiting and recognises that our activities can I would also like to thank the asset GoI approval. have an impact on the environment. management and project teams working The Greenlandic Bureau of Minerals and on the Greenland programme over the GREENLAND Petroleum has established some of the past three years and, in particular, everyone The Group’s strong financial position most stringent operating regulations involved during the first year of the drilling and entrepreneurial exploration focus has anywhere globally, which mirror those operations in 2010. The safe and efficient allowed it to build a strategic and leading applied in the Norwegian North Sea. operations undertaken by Cairn is a early entry position in the frontier offshore The Greenland Government and Cairn put testament to the hard work, dedication and basins of Greenland, a country which Cairn a thorough and robust operations strategy commitment shown by all those involved. believes has the necessary geological in place even before the incident in the ingredients for exploration success. Gulf of Mexico. Following this industry BOARD Cairn currently operates 11 blocks with incident, the Greenland Government and Two new independent non-executive a combined area of 102,000km2, which is Cairn reviewed the planned exploration directors, Ms M. Jacqueline Sheppard equivalent to 15 quadrants or 450 blocks programme to ensure that the lessons QC and Alexander Berger, were appointed in the UK North Sea. learned which were not already part of in 2010 to the Cairn Energy PLC Board. the Greenland drilling operations plan Ms Sheppard was previously Executive Cairn successfully drilled three wells and were captured and applied to the 2010 Vice-President, Corporate and Legal at acquired 15,000km of seismic offshore exploration drilling programme. Talisman Energy Inc. in Calgary, a post she Greenland in 2010, and all operations held for 15 years. Mr Berger is currently were carried out safely and without a PEOPLE CEO of Oranje-Nassau Energie B.V., a major incident. I would like to recognise all the creative private Dutch exploration and production effort, hard work and commitment the company based in Amsterdam and active In January 2011, Cairn increased its equity management, employees and contractor both in the North Sea and internationally. interest to 87.5% and became operator of teams working in South Asia for Cairn have These appointments greatly strengthen the sub-Arctic Atammik and Lady Franklin put in during our work in this region for the industry knowledge represented on blocks offshore west Greenland. These more than 20 years. Working effectively with the Cairn Board, and continue the Board’s prospective blocks are virtually free of sea government and partners is fundamental goal of striving for diversity among its ice throughout the year and consequently wherever we operate, but the complexity directors and senior executives. offer a potentially wider operating window. of the Rajasthan development in particular has meant that such collaboration was OUTLOOK To conduct its planned 2011 exploration critical to achieve success.
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