COVER STORYCREATING WEALTH FOR THE NATION

QUANTIFYING SOCIALINVESTMENTS

CHALLENGES OF THE FUTURE

Dear Readers,

refuses to translate into production!

to explore and discover and the endless meetings at

barriers associated with the remoteness of location and

is our endeavour to reach out to people working across

more shall follow, we have kept the focus on macrotrends of the sector and then relating the same to our

discoveries would be favourable!

Do write back to us with articles/views, critical orotherwise at corporate.communication@cairnindia.com

respective individuals and these views do not consult to

Editor’s Note

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18 H AND EN HV SIA RO FE NM YENT

14 C R ES RP PO ON RS AIB IL E S TY OCIAL

CONTENTS

Cairn India: Creating Wealth for theNation and Securing Energy

Cairn India and VedantaResources: FacingChallenges of theFuture

Drive to create O&Gworkforce of the future

Oil and Gas Companies:Socially Connected

2 COVER STORY

O

Volatile Oil Markets:Securing the Future

Quantifying Social Investments: IFCFinancial Valuation Tool and Cairn India

1

6 PERSPECTIVE

12 H U MAN RESOURCES

EALT T

O T

People, Process,Environment

20 SOCIAL MEDIA

SAFETY

EN

Cairn India:Creating Wealth for theNation and Securing Energy

It is a classic story of the David andthe Goliath. A young E&P companydaring to dream, having the visionand perseverance, was set to alter thebalance of domestic energy productionfor India, the largest democracy in theworld. Cairn has been unlocking valuethrough discovery and developmentof hydrocarbons in the sub-­continentfor more than 15 years. We pioneereddeepwater drilling in India throughAnnapurna. Cairn also developed one

auction – Ravva, off the coast of AndhraPradesh. Currently we are contributing

domestic crude production through our

approximately 7%. The discovery of the

Mangala in 2004, the largest onshorehydrocarbon discovery in India since1985, changed the scope and the natureof the business. The enormity of thediscovery, the largest in that year globally

the league of organisations having a keyrole in the energy security hence futuregrowth trajectory of India. Three outof the seven landmark oil discoveriesmade in India between 2000 and 2005have been by Cairn and the joint venturepartners.

resource nationalisation amongstcountries and the emergence of the new

bill this year could reach $100 billion ifcrude prices hover in the range of $100-­$120/barrel with uncertainties in supplyfrom the Middle East. This would not only

the country has experienced doubledigit growth in crude oil production for

2006-­2007 the crude production growthwas 5.6% which dipped to 0.4%,-­1.8%and 0.5% respectively in the last few

2011, the production by Cairn India andReliance led to a double digit growth indomestic crude oil production for the

“Seven Sisters” – the state run oil andto the 12th plan projects a growth rate

of 7% for commercial energy demand

C O V E R S T O R Y

2 2

3

RJ-­ON-­90/1

RAVVA

PR-­OSN-­2004/1

For more than a decade, Cairn has been undertaking pioneering activities

4

Currently we arecontributing more thana fifth of the country’sdomestic crude productionthrough our Rajasthanfields. This is helpingoffset India’s crude oilimport dependency byapproximately 7%.

for a GDP growth of 9%. This is onlypossible through a major supply side

management.

Cairn India has been a trailblazer in alot of areas in the oil and gas sector.Over the years the organisation hasbuilt an indigenous team with thecapability to execute projects across thewhole spectrum of the business -­ be itexploration, discovery, developmentand production. The team is capable of

executing projects with the scale of ourRajasthan development, maximise the

assets like Ravva (Andhra Pradesh),applying technology to transform fromgas to oil in Suvali, Gujarat and designto implementation of new lines of

continuously heated and insulatedpipeline from Rajasthan to Gujarat. Inour stage of transformational growthwith the pipeline operations bringing inthe desired scale, our safety standards

have been in the top quartile againstglobal benchmarks. Our terminal in

hydrocarbon facility, before connectingwith the market through our pipeline is a

maintained at half the global averagelast year. Responsibility and concern forthe environment has been integrated inour operation strategy be it the usageof environment friendly completion

environmental footprint or our well pad

design with horizontal deviated drillingto optimise usage of land and minimisedisruption. We have been creating valuethrough substantial contribution to thegovernment exchequer with royaltiespaid more than USD 1 billion, direct andindirect taxes of more than USD 1 billion,

government of greater than USD 5 billion

in foreign exchange due to reduced

The continuous growth in productionand its asset base has led to increasingvaluation of the company, which hasultimately enhanced shareholders wealth.The investor community and the marketshave also endorsed our initiatives tocreate value for our shareholders as aresult of which the market cap of the

company has nearly doubled from USD6bn to USD 12bn since IPO.

Cairn India with the help of its jointventure partners including ONGCcontinues to create value and wealthfor the nation and strive towards

5

imports.making the dream of India, an energy

independent country -­ a reality. As we

the organisation will keep working closelywith governments and communitiesacross the globe to develop faster, betterand more cost effective solutions for theenergy needs of growing economies thusenriching lives of the local populace.

30th Aug 2011 Price % chg since

NIFTY 5,001 28

*Cairn India IPO on 9th Jan 2007

The world of extractive industries has

been under a variety of pressures with a

seismic shift in terms of the way various

sectors like mining and oil & gas function.

The hard-­hat world of oil, gas and mining

has become intrinsically linked to the

has helped democratise the sector in

markets post the 2008 downturn,

traditional instruments of trading and

hedging used by organisations have to

be conducted in a different light. On the

other hand, demand in both the sectors

continue to be stoked from emerging

markets in the east rather than the

western countries while the supply side

has been constrained due to multiple

reasons of geopolitical risks, resource

nationalism, complexity of development

projects and location of resources across

increasingly remote and unfamiliar

territory.

transformation in terms of cost pressures,

consolidations, and nature of business

as well as vertical integration, bringing

about a change in the way we do

business. While a lot of the public oil

and gas majors, even the big guns,

have been vertically integrated with

their presence across the chain from

upstream to downstream and/or

retailing, independent O&Gs have always

preferred a particular segment for their

on a global scale, competition is actually

increasing with the appearance of new

companies from emerging economies.

commercial manner, along with further

privatisations in OECD countries such

6 6

PERSPECTIVE

Cairn India and Vedanta Resources:

Facing Challenges of the Future

7

every step of the value chain (particularly

in the U.S.) have also added to global

competitive pressure. To differentiate

from new competition, international

marketing, technological capabilities

to explore and produce on the most

challenging frontiers and scale and scope

to invest in new forms of energy. In the

mining industry, there is the scramble

to secure supplies of scarce resources

and to gain greater control over prices of

production units in an age of increasing

cost pressures, while many end users of

mining products have also gained control

of upstream assets. Companies are also

looking at other ways of achieving their

integration objectives, such as combining

strategic investment and off-­take or

partnership agreements to lower the

risk associated with integration, but still

investment in African Minerals with 20

year off-­take arrangement.

Sectors like oil and gas and mining

continue to climb up the political priority

list and according to a recent poll of

global CEOs by PwC – stakeholder

management, sustainability issues, etc.

are the key concerns of management

changing economic and social priorities,

governments across the globe are

tightening their grip on national resources

and are revisiting royalties and taxation

policies. It is common knowledge that

Sovereign Wealth Funds (SWFs), initially

set up with oil money, heavily invests in

the sector but non-­commodity based

SWFs are gradually increasing their

exposure in the mining industry in a bid

to diversify their investment portfolio.

Sectors like oil and gas and mining are continuing to climb up the politicalpriority list and according to a recent poll of global CEOs by PwC.

8

They also look for and leverage on the

under-­valued resources. A key shift

has been the political overtones behind

SWF investments, with SWF route being

often used to lead the charge by foreign

government to secure national resources.

In such evolving times for both the

sectors, the acquisition of a majority stake

in Cairn India by Vedanta Resources plc

provides the perfect platform to build

the natural resource champion of the

resource champion” are some of the

energy philosophy and aspirations.

major to foray into oil and gas, while this

acquisition puzzled many. While about

gas, received in inheritance and built over

ore miner, inked a deal with Petrobras

and entered oil sector in 2007 to reduce

mining costs and currently holds stake in

more than 20 exploration blocks.

Vedanta has always shown an appetite

for strategic inorganic growth -­ acquiring

an asset and then scaling it up for

better returns, tending mostly towards

vertical integration in terms of takingsupply leadership to optimise the

performance of existing assets. Their

focus is on leveraging the low cost of

production, and in a lot of the acquired

assets, infusing them with new energy to

increase production by many multiples.

years and jump in revenue by 100 per

cent, while in Sesa Goa, the production

has gone up post acquisition by Vedanta,

by 115 per cent and the reserves by 75

per cent in three years. Its focus is on

organic and inorganic growth strategy for

bulk commodities and base metals.

In Cairn India, Vedanta Resources has

gained exposure to a new sector with

a top 20 non OECD E&P organisation.

Cairn India brings to the Vedanta stable

more than a decade of credibility with

pioneering efforts in the sector in the

sub-­continent, landmark discoveries,

reputation for technological adaptability

and innovation, exploration success

records, appetite for growth and new

avenues of business (midstream) with

a measured risk approach, which has

more often than not borne fruits, project

execution and delivery skills, and sound

corporate responsibility practices with

In Vedanta Resources, Cairn India has

a majority shareholder and owner, who

ambitions across various segments of the

oil and gas business, spanning multiple

geographies and helping leverage

international markets.

top global oil and gas entity, offering

unique value added solutions to cater

to energy requirements of emerging

economies across the globe with a deep

footprint in only select markets -­ and

million tonne plus annual production

business in copper and zinc and more

than 2.6 million tone for aluminum while

more than doubling its iron ore output in

excess of 50 million tone -­ underscores

the growth momentum, which can be

achieved despite economic pressures and

geopolitical risks, hence being targeted

for the next couple of years. Stakeholder

management, corporate reputation,

and the ability to deliver in challenging

times will be the key to synergising and

creating a natural resources champion

entity for the future.

Vedanta is not the-­

gas, received in inher-­

9

Securing energy is perhaps the

most critical challenge for India in

maintaining its economic growth rate. It

encompasses both physical supply and

(International Energy Agency) four major

concerns -­ Availability;; Deliverability;;

Affordability and Sustainability.

dependence which was about 50% in the

over 75% of its crude oil requirements –creating serious concerns on the supply

security. Compounding the above

stability of the country with oil import

bill rising to approx. USD 100 billion in

2010-­11.

The globalisation of economy in

the recent years has brought new

opportunities, more interdependence

along with larger group of risks.

International oil market in the current

world is affected by events ranging from

broad based macroeconomic picture;;

geo-­politics;; weather to dynamics of

fundamentals supply/demand.

After recovering from the global

recessions, recent months have

witnessed several events like French

Strike;; Middle East North Africa (MENA)

Japanese Earthquake & Sovereign credit

crisis in US & Europe impacting the

international oil prices.

Oil prices rose to $125/bbl plus in April,

however receded subsequently due to

COMMODITY TRENDS

Volatile Oil Markets:Securing the FutureEnergy is pivotal to economic growth

and as India, country with GDP of over

economy and the fourth largest energy

consumer, marches into the league of

top economies in the world, the need for

energy, to secure the needs of current

as well as future generation, would grow

exponentially. As compared to US &

22 barrels & 9 barrels of oil a year, an

average Indian burns close to 1 barrel a

year – representing the fact that there

is substantial upside for improvement

economy expands.

10

11

the double dip recession fear looming

Reduction in growth forecast of US,

Europe & China (contributing 50% of

with high unemployment & weak

economic data is forcing authorities to

come up with more income generating

policies and get economies on a

meaningful growth trajectory.

Market uncertainty is evident from

the wide forecast of oil prices by

International participant going into next

year. While most research divisions

crude prices in 2012 due to tight supply

demand fundamentals, Citibank inits latest forecast has predicted $86/

year placing importance on the credit

events. Uncertainty & volatility of thismagnitude creates further challengesin ensuring a stable and secure energyatmosphere.

Ensuring supply security remains anextremely challenging task for theGovernment as dynamic

global environment

have a pro-­founding impact on theeconomy and energy sector. In this

situation, increasing the domestic

production and reducing the import

reliance is an important element for

ensuring supply security.

which is now accounting for more

crude production, has contributed

security and bringing economic

to savings of foreign exchange and

is now responsible for the deliverycrude

production from its

operated assets

across the

country.

-­ Varun GujaralCommercial and New Business

12

Drive to create O&Gworkforce of the future

13

In recent days, the markets have

signalled concern about the economy.

and lagging economic indicators,

consumers, investors and businesses

are searching for some bright spot in

the market. Many believe that the oil

and gas industry, which has consistently

shown strength during this lengthy

economic downturn, has the potential

The industry, while shows promise,

is faced with its own challenges and

uncertainty. In addition to the existing

challenges relating to global energy

security, long term sustainability and the

uncertainty surrounding the investment

framework, the oil and gas industry

will face “new” challenges. Future

energy demand is expected to grow

substantially and the sector is in need of

massive investment – not just capital.

In order to meet the demand, the

industry will explore, develop and

produce oil and gas in increasingly

severe conditions. The ability to plan

and execute large-­scale, complex

development projects requires a highly

yet professionals with the required skill-­

set are a scarce commodity.

Over the last few decades, average age

of workforce in Indian upstream oil and

Whether one believes it is the result

of normally occurring competition,

attrition, aging or restructuring, one

theme permeates the current discussion

around human capital: how to develop,

deploy, and connect employees through

This issue has become particularly

workforce, combined with a diminishing

pipeline of new and experienced talent.

To guard against corporate brain drain,

companies need to formulate effective

strategies to attract and engage the

to help lift the economy if the right

energy policies are in place.generation is not all. It is also about

managing existing talent and developing

the periodic table of talent.

International Oil Companies (IOCs) are

facing a real challenge that may have an

impact on expansion and growth plans,

a challenge that requires commitment,

cooperation, investment and new

approaches in developing, managing and

retaining the talent pool.

There are many issues that call for an

their strategies in the face of slowing

NOCs and IOCs avoid ranging back and

forth between skill shortage and skill

and IOCs joining forces, learning lessons

The challenge facing NOCs and IOCs

sustainable long-­term solutions to

manage workforce demographics, both

in boom and bust times.

Partnership between NOCs and IOCs

can contribute to addressing the

Collective collaboration and coordinated

cooperation between government,

academic and industry on the various

issues related to curricula, employment

and social policies, and programme

term than isolated initiatives.

environment operational challenges will

to develop skilled personnel, manage

costs and develop new technology. This

situation creates new challenges and new

uncertainty, but also new opportunities

for cooperation and partnership between

NOCs, IOCs and services companies,

to share risks, technology advances and

invest in R&D.

requires commitment,cooperation, investment

14

Quantifying Social Investments

IFC Financial ValuationTool and Cairn India

Discovering the past to create a better

business for extractive industry including

oil and gas. It is this dichotomy of

synergising the past with the future,

by adhering to regulatory frameworks,

balancing investor expectations

and striving to create value for all

stakeholders, dealing with the sentiments

which surround “national resource”,all this while operating in the most remote

of regions across countries with state of

the art technology.

Gaining the trust, cooperation and

partnerships of communities in thesefrontier regions often becomes a business

necessity to ensure uninterrupted

operations and business activities. Since

the riches of the subsurface are often

found in the poorest and most remote of

regions, organisations invest a sizeable

portion in distributing the fruits of

hydrocarbon development to the resident

communities, trying again to balance this

need for developing energy resources

with the pace of development of the

local communities.

of community engagement initiatives

is not often appreciated or understood

by companies. Oil and gas is a sector

which offers a myriad range of activities,

all seemingly disconnected but bound

around a common product – the crude oil

or the gas!

The range of activities range from the

or oil services company person on the rig

of summer, to a community engagement

or social responsibility specialist

implementing programmes in remote

regions, to the oil trader surrounded

attendant – seemingly diverse persons

united by the same product. The same

paradoxes are also prevalent in costs.

While most are aware of the almost

perpetual windfall gains in the oil

business, one overlooks the risk capital

deployed during exploration time running

into hundreds of thousands of dollars per

day in remote onshore or offshore areas!

Fraught with such inherent

contradictions, it is imperative to have

a strategic approach for designing andimplementing community development

programmes in order to ensure that they

deliver the desired results of community

support, mitigate risks, and help in the

unhindered growth of business.

15

the absence of any standardised

measurement matrix entails that the

impact of the social, environmental

and community investments cannot be

investment for social initiatives also posed

Not being able to maximise the full

potential/impact of the investment

Not being able to compare the

investments

Not being able to advocate,

communicate, support and justify theinvestments

Not being able to prioritise

investment options

initiatives

Awareness about such investmentswithin organisation and cross-­

functional collaboration

Tinto are the organisations with whom

IFC collaborated extensively to come

up with the Sustainability Planning and

Financial Valuation Tool. The model was

piloted on a couple of projects like the

SMS programme initiated for farmers

in partnership with Reuters along

tangibly measured in business language.longest heated and insulated pipeline

in the world) and the mobile health van

programme in Rajasthan.

various problems like:-­“Through this tool companies can

develop metrics to guide their community

investments and translate community

program outcomes into company value,

in terms that are understood by the

market – risk reduction, productivity

gains, savings, return on investment,

and enhanced reputation. An additional

incentive is that high-­performing

environmental and social programs

are increasingly seen as a proxy for

effective business management.

According to Multilateral Investment

Guarantee Agency (MIGA), a World Bankpolitical risk insurer, they would reduce

insurance premiums for an operation thatdemonstrates rigorous risk management.”

Cairn along with Newmont and Rio

– Excerpt from IFC article on Valuing

Returns on Sustainability Investments.

in the organisation but also contributions

etc. to wholly participate in the

implementation of the tool.

The two basic concepts comprising the

tool are direct value creation and indirect

investments through community risk

mitigation which involved steering clear

of risks which could result in delay of

construction, production postponement,

planning, legal action, etc.

The process involves rigorous

stakeholder analysis, traditional

The tool has been designed in a way to

supplement the traditional discountedcost of manpower, etc.) while the latter

the quality of social investments

simulation (algorithms which utilise

repeated random samplings to compute

results) to arrive at a net value accruedto the company.

with Reuters involved providing crop

1616

advisory and marketing information

through the mobile phone for 10,000

farmers along the Cairn India pipeline

in Gujarat. This programme not only

helped maintain a continued relationship

with the farmers but ensured that the

communication was two way.

mobile phones inform the organisation

about breaches in pipeline security

with pilferage, leakage, sabotage or

other maintenance issues. So while the

SMS programme helped increase the

income of farmers through the price

advisory, the farmers were also able to

act as the pipeline reporting contact for

the company. So both the modes of

value creation and value protection was

security personnel.

cases of pipeline security were reported

by farmers, thus preventing sabotage,

leak, and damage to the pipeline,

cost of $2 million for the company.

The second project studied was one

which involved access to preventive and

curative healthcare – the mobile health17

van. The van operated and traveled

to 64 villages in and around the Cairn

project area in Rajasthan. The FV tool was

able to calculate and ascertain that this

the company as the alternative to setting

up 15 clinics to provide similar services tothe concerned population.

The farmers could also through their

Another key saving was in terms of

mandays for workers from the village.

With the van servicing the local village

populace, loss of manhours/days due to

illness of village workers were minimised

and made negligible.

The same FV tool could be applied

holistically to quantify the returns of

various other CSR programmes andprovide a direction to implement future

it also helped the company by providing

an effective replacement for pipeline

management support and commitment,

an attitude for cross-­functional support

management, etc.) and developing

requisite expertise like value drive

StakeholderAnalysis

1

RiskQuantification

5

TraditionalInvestment

Analysis (MPV)2

Quality ofSustainabilityInvestment

6

+

+

+

+

Value Protection(Indirect benefit)

3

Monte CarloSimulation

7

Value Creation(Cost benefit

analysis)

4

Net Value toCompany FromSustainabilityInvestments

+

=

Source: IFC Article

18

People, Process, EnvironmentOil & Gas is considered to be an unsafe

at various stages can be a threat to thehealth and wellbeing of not just peopleworking on site, but also the communities

Good governance is the only way onecan ensure an economic climate whichis favourable not only to investments,but also well being and sustainabilityof people and environment that wecome in contact with. We, at Cairn, arecommitted to protecting the health,safety and wellbeing of people workingon our sites, people who come in contactwith our operations and the health andsustainability of environment that weoperate in. ‘

Our Corporate ResponsibilityManagement System (CRMS) lays downdetailed guidelines and procedures thatsupport the delivery of our commitment

values and our approach to business.

Respect: for people, communities, theenvironment, the rule oflaw and human rights;;

Relationships: we believe that buildingstrong, open and lasting relationshipswith our stakeholders is not merelya social responsibility but is vital toachieving our business goals;; and

Responsibility: We recognise ourresponsibility to ensure our actions donot harm people, the environment orsociety.

While we follow the highest level ofinternational codes and standards in our

upgrade them.

The nature of the work involves someinherent risks and facing challengingenvironments. We strive to make surethat everyone associated with our workgoes back home in the evening exactly

the way he/she arrives at the work in themorning. Our goal is to create a healthy,supportive working environment that canhelp reduce absenteeism due to fatalities.

comprehensive one, wherein all theprocess and procedures, to effectively

laid down. This system ensures thatthe policies are implemented acrossvarious activities through design,implementation, operations, monitoringand reporting as it is based on the

implementation in progress for theRajasthan operations.

We take precautions to avoid accidents orpollution incidents, and all our operationshave rigorous procedures, equipmentand emergency teams in place to

training is mandatory for all visitors to thesite to ensure their safety.

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Companies are increasingly becomingcautious about the issues concerningenvironmental protecting, including air,land and water quality.

Most of it is due to the heavy regulationsand compliances. These regulationscontinue to evolve. For example, the

(EPA) greenhouse gas reporting rule was

and production sector on November 8,2010 and requires companies to reporttheir 2011 greenhouse gas emissionsbeginning in March 2012.

We at Cairn have been committed tominimising the impact of our businesson the environment. We introducedstringent measures, from initial impactassessments to waste management, and,in the event of any unplanned incident,have put in place comprehensiveemergency response and oil spillcontingency plans.

Our approach to each new projectincludes undertaking PreliminaryEnvironmental Impact Assessments(PEIAs), Environmental ImpactAssessments (EIAs) and Social ImpactAssessments (SIAs), to minimise anypotential impacts of its activities

recognition from time to time. Thisyear, the Rajasthan operations won ninesafety awards in the 24th Mine SafetyAwards organised under the aegis of theDGMS, Rajasthan.

Environment

According to the ‘Ernst & Young

the climate debate will continue tocomplicate the strategic decision-­making of oil and gas companies acrossthe industry.”Today, climate change and sustainabilityissues are a key component of corporateagenda. The stakeholders are asmuch interested and passionate aboutthese issues as they are about the

compensation.

SETY EN

Oil and Gas Companies:Socially Connected

Social networking is booming. Facebook

has become the most visited website on

Internet population visit social networking

or blogging sites.

Social networking is facilitating business

and personal relationships, with

individual sectors now starting to cotton

on to the potential of information sharing

via these channels.

Gartner predicts that by 2014, social

networking services will replace e-­mail

as the primary vehicle for interpersonal

communications, including knowledge

and information management for 20

percent of business users.

AccordingtoastudybyMicrosoftand

Accenture,nearly75%ofoilandgas

professionalsseevalueinusingsocial

mediaandcollaborationtoolsat

technologyatacorporatelevel.Thestudy

whichsurveyed275professionalswithin

international,nationalandindependent

oilandgasandrelatedcompanies,found

thatsocialmediaandcollaboration

communications,

20

21

thesametime,halfofthosesurveyedsaid

theircompaniesprohibitorrestrictthe

useofmanyofthesepubliclyavailable

tools,suchasphoto-­sharingandsocial

networkingsites.

networking sites, such as www.energy-­

networks.net, www.oilandgascommunity.

com, www.hsee.co.uk and www.oilpals.

com. These are facilitating knowledge

and information management.

Energy is a highly regulated industry,

and its companies are required to make

information available to their work forces

manner. Cloud computing, public

instant messaging systems and internal

social networks allow for more cross-­

changing face of technology.

technologyadoptionisprimarilyacompanies that are using social media

tools for other purposes. Chesapeake

Energy has successfully implemented

stream that posts current job openings,

interacts with followers and offerscareer advice to nearly 2000 people.

On the other hand, the oil and gas

industry itself boasts of various social

opportunity to communicate via social

networks to media, Gulf Coast residents

and businesses affected by the spill,

concerned citizens, and employees.

industry from social media is most likely

the increased productivity, thanks to

improved collaboration and knowledge-­

sharing between workers. These

elements are important for driving

revenue, cutting costs and contributing

to the health and safety of workers (Oiland Gas Collaboration Survey 2009)

barriers while keeping up with the

industry.