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Q1 FY 2010-11 Analyst Presentation

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Q1 FY 2010-11 Analyst Presentation Essar Oil Limited AltAnalyst PttiPresentation July 27, 2010 Essar Oil Limited A world-class, low cost Indian integrated energy company Exploration & Production Refining Marketing Low cost refining complex centred around High impact E&P platform Pan India Presence through Retail Network Vadinar supersite Capitalise on India’s rapidly growing energy demand 1 Essar Oil - E&P Highlights Rajmahal block awarded by MoPNG. 3 more blocks from CBM-IV round with in-place resource of 733 1 mmboe also awarded to EOL, execution of contracts expected shortly 2 Total Reserve Portfolio increased to 2132 mmboe from 1400 mmboe 3 Gas production from 15 test wells drilled under Phase – I, being ramped up with progressive dewatering 4 Test production of gas from Raniganj to commence by Q2 FY2011 & Commercial Production to start by Q3 FY 2011 5 Drilling activities for Raniganj (phase – II ) commenced with 8 pilot wells & 36 surface holes drilled 6 Development Plan envisaging drilling of 500 wells submitted to DGH, under review 7 Term Loan of Rs. 575 crore tied up with Bank for phase – I of Raniganj Project Essar Oil – Refining Operation, Expansion Project & Retail Business Highlights 1 Achieved highest throughput of 3.68 MMTPA for Q1 FY2011 against 2.76 MMTPA for Q1FY 2010 2 76% of products slate comprises light & middle distillates & processed 66 % of Heavy or Ultra Heavy crude 3 Supply of Mangala Crude from Cairn India begun with 25000 bpd through heated pipeline at Refinery 4 Refinery Expansion Phase I to increase capacity to 18 mmtpa largely on track, scheduled to start the commercial production on time - Overall progress of 62% 5 Supporting Infrastructures including the pipeline completed to avail the Natural Gas at Refinery Project Site 6 Deregulation of Motor Spirit price by the Govt of India to provide level playing field 7 Strategy to increase the Retail outlets to 1700 by March, 2011 to increase retail sales & profitability 8 CltdCompleted Agreemen t with GAIL gas f or setti ng up CNG outl et s on all I ndi a B asi s at our ret ail outl et s Essar Oil – Financial Highlights ( Q1 FY 2010 – 11) 1 GRGross Revenue ofRf Rs. 12048 crore; Domes tic & E xport R ati o : 70% & 30% 2 EBIDTA Rs. 407 crores against Rs 665 crore in corresponding quarter ended June -09 3 GRM 5.61 $/ bbl as against $ 6.74/bbl for corresponding quarter ended June -09 Essar Energy plc, holding company of Essar’s refinery, E&P and power businesses listed at London Stock 3 Exchange, raised USD 1.95 billion 4 Essar Energy Plc infused USD 225 million of Equity and USD 262 million through FCCBs in Essar Oil 5 Funds to be used for Refinery Phase – I Expansion, E&P activities and other corporate purpose 6 Essar Energy Plc included in FTSE – 100 within one month of its listing Essar Energy London Listing 5 Essar Energy London Listing 6 Essar Energy London Listing 7 Essar Energy London Listing 8 Industry Trends Cracks on Products Global Oil Demand Gasoil FO Jet Gasoline 88 87.44 $15 87.2 $11.74 86.9 87 $7.42 $9.37 86.28 $10 $7.28 86.07 $7.33 $11.33 85.83 85.88 85.82 $7.03 $7.00 $9.81 86 85.33 85. 28 $8.94 $5 $7.13 $6.98 $6.22 $7.37 85 84.47 84.1 $2.86 $- 84 $(3.01) 83 $(5) $(3.01) $(5.84) $(4.52) 82 $(6.69) $(10) 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 April - Jun, 09 Jul - Sept, 09 Oct - Dec,09 Jan - Mar,10 April - Jun,10 Source :IEA Arab Light & Arab Heavy Difference Petro Product Growth in India 3.50 3.10 16.0 MS (% growth) HSD (% Growth) 3.00 2.80 14.0 2.50 13.9 12.0 11.3 2.00 2.05 9.0 1.95 1.95 10.0 1.70 1.60 1.75 11.1 1.55 7.4 9.0 1.50 1.50 1701.70 1.50 808.0 8.4 1.20 6.9 6.7 1.00 6.0 4.8 0.50 4.0 4.5 2.0 0000.00 1.4 0.0 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 Source :PPAC 9 CEO’ s Message • Petroleum Products demand in India continue to demonstrate strong growth supported by growth in Indian economy, increase in per capita income, growth in vehicl es and GtGovt. focus on ifinfras truct ure spending • India will remain the anchor market for Essar’s expanded refinery capacity • Deregulation of Gasoline price with a clear roadmap for freeing up of Gasoil price, will create healthy competition among players and benefit the consumers • Essar will continue to expand its retail network to realise the deregulated market opportunities. • Focus on E&P business to transform the image of company from being a pure refiner to an integrated Oil & Gas ppylayer. • Refinery Phase – I Expansion, focus on Indian Retail Marketing & E&P business will deliver the growth & value for our stakeholders. 10 Exploration & Production 11 Essar Oil – Exploration & Production High impact E&P platform Key highlights 2500 Reserves & resources (mmboe)(a) 1 Diverse portfolio of offshore and onshore oil & gas blocks 971 2132 Oil Gas 40 176 2000 Developing as a leading CBM player - lower risk and with 2 significant demand and exciting growth profile 931 Attractive economics for onshore CCMresourcesBM resources versus offshore 3 1500 gas in India - favourable fiscal terms and lower opex and capex 1012 Raniganj –2C and best estimate prospective resources: 993bcf CSG; 49 4 commercial production by end 2010; gross peak production: 1000 1957 3.5mmscm/d 5 Rajmahal – Best estimate prospective resources: 4.7tcf (CBM) 963 500 Sohagpur, Talcher & IB valley CBM blocks- 4.4 tcf inplace resources 6 150 as per DGH estimates 87 0 63 International and other domestic – Unrisked/in-place resources of 7 2P & 2C Best Estimate Unrisked / Total Resources over 238 mmboe Contingent Prospective Inplace Resources Resources Resouces Total investment to date c.US$160mm (a) Subject to necessary approvals. Please refer to next slide for further details Source: Company information, ARI, RPS Energy, NSAI 12 A high impact , Indian -led E&P platform Mehsana(a) Rajmahal(b) Vietnam(e) 70% interest (ESU) 100% interest in 100% interest in 2P reserves: 2mmbbl (oil) CBM block block 114 Potentially significant Best estimate prospective Unrisked/undiscovered CBM play resources: 4.7tcf CBM gas in-place resources: 1.0tcf (787mmboe) gas (167mmboe) CPR by ARI (2010) Nigeria(c)(e) 100% interest in offshore block OPL 226 – in discussion with local partner to farm down to 63% 2C and best estimate SP(()NE)-CBM-2008/IV(b) prospective resources (based on OhOther Assets 63% interest): 126mmboe (f) 100% interest in Assam (e) (100% interest): (48% oil) CPR by NSAI (2010) block Unrisked/undiscovered in-place resources: 10mmboe (oil) TL-CBM-2008/IV(b) Ratna /R Series(d) IB-CBM-2008/IV(b) Mumbai Offshore (e) (50% interest): 100% interest Uikd/diUnrisked/undiscovere did in-place 50% interest resources: 186bcf (31mmboe) 2C resources: 81mmboe in these 2 (e) (92% oil, 8% gas) blocks Raniganj(c) Indonesia (49.5% interest): Unrisked/undiscovered in-place Commercial production: Q4 100% interest (d) resources: 30mmbl (oil) CY2013 2C and best estimate Expectedkd gross peak prospective resources: 993bcf Madagascar()(e) production: 35kbbl/d CBM gas (165mmboe) Australia(e) Trial production: Q2 CY2010 Note: Reserves and resources data is working interest, adjusted to reflect Essar Oil’s interest (a) Signed PSC for Oil; CBM rights subject to government approval and modification in government policy Expected gross peak SP(NE)-CBM-2008/IV, (g) (b) (b) Awarded by GOI under CBM IV round production: 3.5mmscm/d TL-CBM-2008/IV, IB-CBM-2008/IV (c) Signed PSC CPR by NSAI (2010) (d) PSC expected to be signed shortly, which is subject to a government approval process 2P reserves/ 2C and prospective resources (e) Subject to necessary approval for transfer to Essar Oil Unrisked Rresources (f) c.22mmboe (2C) of gas classified as development not viable (g) Relates to 2C and best estimate prospective resources Source: Company information 13 Details of Major E&P blocks with reserves and resource estimates Best estimate ppprospective 2P/ 2C resources Capex CtComments resources Assets Ownership Oil Gas Total Oil Gas Total (US$ mn) Opex Peak Prodn. mmbbl Bcf mmboe mmbbl Bcf mmboe Test production commenced. $0.43/ Raniganj (CBM) 100% - 201 33 792 132 439 3.5 mmscm/d Moving to commercial - mmbtu development Large acreage. Situated in rich Rajmahal (CBM) 100% - 4,723 787 4 --- coal belt Potentially significant Mehsana 70% (b) 2 - 2 - - - 4 - - CBM play Discovered fields. Ratna/ R-Series 50% (a) 74 40 81 - 568 $5.3/bbl 35k bbl/d Development to commence - post signing of PSC Located in proven Nigerian Nigeria 63% (c)11 136 33 49 264 93 16 petroliferous basin Total 87 377 149 49 5779 1012 (a) For Ratna / R-Series, balance 50% is held by ONGC (40%) and Premier Oil (10%) (b) For Mehsana (ESU oil field), balance 30% ownership is held by ONGC (c) In discussion with local partner to farm down to 63% 14 CBM Projects – location & resources Rajmahal CBM Block JAMMU AND KASHMIRJAMMU AND KASHMIR SRINAGAR SRINAGAR r r e e rd SHIMLA SHIMLA rd o CHANDIGARHo CHANDIGARHUttarkashi Uttarkashi B B l l a PUNJABa PUNJAB n n DEHRADUN DEHRADUN o io ti t a a n UTTARANCHAL UTTARANCHAL rn r Haridwar Haridwar te te In In Almora Pithoragarh Almora Pithoragarh Naini Tal Naini Tal HARYANA HARYANA ARUNACHAL PRADESH ARUNACHAL PRADESH DELHI DELHI I I nte nt Gurgaon Gurgaon rn er a na tio ti Bikaner Bikaner Faridabad Faridabad na on l B al or B de or r de ITANAGAR ITANAGAR Shanjahenpur Shanjahenpur r GANGTOK GANGTOK Maharajganj MaharajganjDarjiling Darjiling D D Jaisalmer Jaisalmer Nagaur Nagaur UTTAR PRADESH UTTAR PRADESH ASSAM N ASSAM N A A JAIPUR JAIPUR LUCKNOW LUCKNOW L L DISPUR A DISPUR A RAJASTHAN RAJASTHAN Kanpur Kanpur Madhubani Madhubani G G A KOHIMA A KOHIMA N N Jodhpur
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