MUMBAI, India, October 21, 2014 /PRNewswire/ --
Cairn India has appointed
Mayank Ashar as the Managing
Director & Chief Executive Officer of the Company with effect
from 17th November, 2014. The Board
of Directors in its meeting held on 21st
October, 2014 announced the appointment which is subject to
approval of shareholders and other regulatory approvals, as
applicable.
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Mr. Ashar brings with him more than 36 years of rich &
diverse experience in the international Oil & Gas industry. In
his earlier assignments, he has served in various senior
management and top leadership roles in global organisations like
British Petroleum, Petro-Canada and Suncor Energy. He also
served as the Chief Executive Officer & President at Irving Oil
Limited. He holds a Bachelors of Art & Science in Chemical
Engineering, a B.A. in Philosophy and Economics, a Masters of
Engineering and an M.B.A. from the University of Toronto.
Mr. Ashar has delivered industry-leading business results and
demonstrated expertise in driving strategic growth, both organic
and inorganic, delivering operational efficiency and executing
large, complex capital intensive projects. In recognition of his
operational excellence & large scale project management
leadership in the oil sands project with Suncor Energy, Mr. Ashar
was named as the "Operations Executive of the Year" by the Canadian
Business Magazine in 2003.
Mr. Navin Agarwal, Chairman
Cairn India Limited said:
"We are delighted to have Mr. Mayank
Ashar on board to lead the Company as the new Managing
Director & Chief Executive Officer. Mayank has a
strong track record of executing corporate strategy, driving
operational efficiency and delivering value to all
stakeholders. His appointment comes at a critical phase
when Cairn India is focused on delivering the next level of growth
from its world-class Rajasthan asset and other
assets.
We are confident that Mayank's unique blend of extensive oil
and gas experience, leadership, organisational ability and business
acumen will play a critical part in achieving Cairn India's vision
of sustained growth."
Mr. Mayank Ashar, Managing
Director & Chief Executive Officer Cairn India Limited
said:
"Cairn India has built a niche for itself in a short span of
time and it is a privilege to lead the
organisation. I am looking forward to working closely
with the team. Together, I believe we can make significant
contribution towards taking this world class organisation to new
heights."
Cairn India Limited Fact Sheet
On 9 January, 2007, Cairn India
Limited was listed on the Bombay Stock Exchange and the National
Stock Exchange of India. Cairn
India is now part of the Vedanta
Group, a globally diversified natural resources group.
Cairn India is headquartered in
Gurgaon in the National Capital Region. The Company has operational
offices in India including Andhra
Pradesh, Gujarat, Rajasthan, Tamil Nadu and International offices
in Colombo and London.
Cairn India is one of the
largest independent oil and gas exploration and production
companies in India. Together with
its JV partners, Cairn India accounts for around one fourth of
India's domestic crude oil
production. Average gross operated production was 217,869 boepd in
Q1 FY 15. The Company sells its oil to major refineries in
India and its gas to both PSU and
private buyers.
The Company has a world-class resource base, with interest in
seven blocks in India, one in
Sri Lanka and one in South Africa. Cairn India's resource base is located in four
strategically focused areas namely one block in Rajasthan, two on
the west coast of India, five on
the east coast of India (including
one in Sri Lanka) and one in
South Africa.
The blocks are located in the Barmer Basin, Krishna-Godavari
Basin, the Palar-Pennar Basin, the Cambay Basin, the Mumbai
Offshore Basin, the Mannar Basin and Orange Basin.
Cairn India's focus on
India has resulted in a
significant number of oil and gas discoveries. Cairn India made a major oil discovery (Mangala) in
Rajasthan in the north west of India at the beginning of 2004. To date,
thirty three discoveries have been made in the Rajasthan block
RJ-ON-90/1 and the exploration and appraisal drilling campaign is
targeting over 3 billion barrels of gross oil in place resources.
In Rajasthan, Cairn India operates Block RJ-ON-90/1 under a PSC
signed on 15 May, 1995 comprising of
three development areas. DA 1 (1,859
km[2]) includes discoveries namely
Mangala, Aishwariya, Raageshwari and Saraswati, DA 2 (430
km[2]), includes the Bhagyam and
Shakti fields and DA 3 (822 km[2])
comprising of the Kaameshwari West Development Area, is shared
between Cairn India and ONGC, with Cairn India holding 70% and ONGC
having exercised their back in right for 30%.
The total resource base supports a long term vision to produce
300,000 boepd, subject to exploration success, further development
investments and regulatory approvals.
In Andhra Pradesh and Gujarat, Cairn India on behalf of its JV
partners operates two processing plants, 11 platforms and more than
200 km of sub-sea pipelines with a production of over 34,000 boepd
as of Q1 FY 15.
Block SL-2007-01-001 was awarded to Cairn Lanka in the bid round
held in 2008. This offshore block is located in the Gulf of Mannar.
The water depths range from 400 to 1,900 meter. The signing of the
Petroleum Resources Agreement (PRA) to explore oil and natural gas
in the Mannar Basin was held in July
2008 in Colombo.
The farm-in agreement was signed with PetroSA on 16 August,
2012 in the 'Block-I' located in Orange basin, South Africa. The block covers an area of
19,898 sq km. The assignment of 60% interest and operatorship has
been granted by the South African regulatory authorities.
India's gross imports of crude
oil stood at 3.8* million bopd in 2013. India's domestic crude oil production for
FY2013-14 was approximately 0.76** million bopd of which Cairn
India operated assets (Ravva, CB/OS-2 and the RJ-ON-90/1)
contributed ~28%.
For further information on Cairn India Limited, kindly visit
http://www.cairnindia.com
*BP Statistical Review of World Energy 2014
**MoPNG March 2014 production
statistics
For Further information, please contact
About Sesa Sterlite Limited
Sesa Sterlite Limited ("Sesa Sterlite") is one of the world's
largest diversified natural resources companies. Our business
primarily involves exploring, extracting and processing minerals
and oil & gas. We produce oil & gas, zinc, lead, silver,
copper, iron ore, aluminium and commercial power and have a
presence across India,
South Africa, Namibia, Ireland, Australia, Liberia and Sri
Lanka. Sesa Sterlite has a strong position in emerging
markets with over 80% of its revenues from India, China,
East Asia, Africa and the Middle East.
Sustainability is at the core of Sesa Sterlite's strategy, with
a strong focus on health, safety and environment and on enhancing
the lives of local communities.
Sesa Sterlite is a subsidiary of Vedanta Resources plc, a
London-listed company. Sesa
Sterlite is listed on the Bombay Stock Exchange and the National
Stock Exchange in India and has
ADRs listed on the New York Stock Exchange.
Disclaimer
This press release 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," "should" or "will." Forward-looking statements by their
nature address matters that are, to different degrees, uncertain.
For us, uncertainties arise from the behavior 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
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.
For further details, please contact:
Media Relations
Neerja Sharma, Director, Assurance,
Communications and Company Secretary
+91-124 4593169; +91-9717098035; cilmedia@cairnindia.com;
Investor Relations
Nidhi Aggarwal, Head - Investor
Relations
+91-124 4593490; +91-9810197755; cilir@cairnindia.com
Investor Relations
Ashwin Bajaj
Senior Vice President - Investor Relations
Sheetal Khanduja
Associate General Manager - Investor Relations
Tel: +91-22-6646-1531
Sesasterlite.ir@vedanta.co.in
Sesa Sterlite Limited
(Formerly known as Sesa Goa Limited)
Vedanta, 75, Nehru Road,
Vile Parle (East), Mumbai - 400
099
http://www.sesasterlite.com
Registered Office:
Sesa Ghor, 20 EDC Complex,
Patto, Panaji (Goa) - 403 001
CIN: L13209GA1965PLC000044
Communications
Roma Balwani
Executive Vice President - Group Communications
& CSR
Tel: +91-22-6646-1000
gc@vedanta.co.in