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Cairn reshuffles top deck in bid to double output

Sudhir Mathur, acting CEO and CFO, has been elevated to CEO

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Cairn India
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Cairn India, the oil & gas vertical of Vedanta Ltd, on Thursday announced rejig of its senior leadership team as part of its efforts to raise its share of crude oil and gas production in India to 50% from around 27% at present.

Sudhir Mathur, acting CEO and CFO, has been elevated to CEO. He is expected to focus on Barmer Block and grow the offshore business.

Suniti Bhat, who was earlier director and a part of the successful implementation of the world's largest polymer flooding project in the Mangala field, India's largest onshore oil discovery, will be chief operating officer (COO). The company has mandated Bhat to deliver production of 300 thousand barrels of oil equivalent per day (kboepd) in the short term and 500 kboepd in the future.

Similarly, Pankaj Kalra, deputy CFO, has been elevated to chief financial officer (CFO). Sharad R Goenka has been elevated to chief strategy & policy officer from his earlier role as head – new business.

Cairn India, which has so far invested around $33 billion in the country, has reportedly chalked out plans to pump another $2-2.5 billion in oil & gas over next three years, taking its market share to 50% back on the proposed investment. Also, the company has submitted expressions of interest (EoI) for 15 fields (a combination of onshore and offshore fields) being put up for exploration under the Open Access Licensing Policy (OALP). The Union Ministry of Petroleum and Gas had in July opened 2.8 million sq km of sedimentary basins for O&G exploration in a bid to raise domestic production and cut excessive dependence on imports. The new policy allows companies to select blocks/areas after studying seismic data for exploration and production.

DNA Money had on December 7 reported that as part of its plan Cairn India is seeking to ramp up its production at the MBA block (Rajasthan) after a successful pilot project increased the output manifold. The company is also planning to fast-track Ravva block in Andhra Pradesh monetise it at the earliest. The company has issued global tenders for integrated developments in these blocks.

PINNING HOPES

  • Sudhir Mathur, acting CEO and CFO, has been elevated to CEO
     
  • Suniti Bhat, who was earlier director, will be chief operating officer
     
  • Pankaj Kalra, deputy CFO, has been elevated to CFO
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