FIPI Names Cairn Oil & Gas, Vedanta Ltd. As Digitally Advanced Company of the Year 2019. Award for implementing cutting-edge digital technologies to amplify value from oil and gas exploration and production operations
|Anand Laxshmivarahan R (sixth from left) CDO Cairn Oil Gas Vedanta Ltd. receiving award from Dharmendra Pradhan (seventh from left) Minister of Petroleum|
Cairn Oil & Gas, Vedanta Ltd., India’s largest private oil and gas exploration and production company, was named the “Digitally Advanced Company of the Year” at the Federation of Indian Petroleum Industry (FIPI) Annual Summit & Awards 2019 on Monday, 2 December 2019. The award was presented to Cairn Oil & Gas based on its intensive deployment of digitalisation initiatives to drive value-creation across business operations and functions.
Speaking on the recognition, said, “People assume that oil and gas is a traditional industrial, brick-and-mortar sector. However, it is witnessing a transformation due to digitalisation globally. At Cairn, there is a ‘business value’ focus for each digital initiative. We align our digital strategy with business goals to bring real transformation. We are proud of this achievement and we are using our learning to collaborate with MoPNG, other operators, and the digital ecosystem, to shape a digital roadmap for the India E&P sector.”
At present, Cairn contributes to approximately a quarter of India’s domestic crude production, with a vision to take it to 50 percent. Cairn is at the cusp of a transformation, having grown from 5 to 58 blocks, and ~6,000 to ~65,000 sq km of exploration acreage over the last year, catapulting it to become one of the largest exploration companies around the world. Cairn believes digitalisation is crucial to realise Cairn's vision, because data can drive significant speed and efficiency in exploration and production.
To drive this digitalisation journey, the company had formed a Cairn Digital Council to define, execute, and sustain all digital initiatives and establish co-ownership with the business. More than 100 pain points were identified through 30+ formal interactions across core business units and functions. Priority areas were identified through a digital maturity assessment and benchmarking exercise, and 15+ digital use cases were prioritized through design thinking workshops, with significant benefits and cost-savings over a three-year period. Multiple digital initiatives were undertaken and executed successfully in 2018-19.
Recently, for example, Cairn Oil & Gas won the SAP Industry Innovation Award 2019, for Excellence in Operations. The team was able to identify and solve several business processes, enhance resource efficiency, including the organization’s rigs, and improved and optimized scheduling frequency. The company also won the SAP ACE Award in the category – Breakthrough Innovation – Business Model Disruption, Step Growth for its rig schedule and automated workflow project.
The Federation of Indian Petroleum Industry (FIPI) is an apex Society of entities in the hydrocarbon sector and acts as an industry interface with Government and regulatory authorities. It aims to be the most effective and influential voice of the oil and gas industry to facilitate its development as a globally competitive industry in India that enjoys the respect and trust of the society.
About Cairn Oil & Gas, Vedanta Ltd.
Cairn Oil & Gas, Vedanta Ltd., is the largest private oil and gas exploration and production company in India, accounting for more than a quarter of India’s domestic crude oil production. It has a world-class resource base, with a current interest in 58 blocks in India, including the 41 blocks under the Open Acreage Licensing Policy (OALP) Round I auction, five blocks each under Round II and Round III, and two awarded under the Discovered Small Fields (DSF) Round-II. In 2004, Cairn made the largest onshore discovery in more than two decades in India at Mangala, Rajasthan. In its operations of 20 years, Cairn has opened four frontier basins with numerous discoveries, 38 in Rajasthan alone.
Vedanta Limited, a subsidiary of Vedanta Resources Limited, is one of the world’s leading diversified natural resource companies with business operations in India, South Africa, Namibia, and Australia. Vedanta is a leading producer of Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Steel, Aluminium & Power. Governance and Sustainable Development are at the core of Vedanta's strategy, with a strong focus on health, safety, and environment and on enhancing the lives of local communities. The company is conferred with, CII-ITC Sustainability Award, FICCI CSR Award, Dun & Bradstreet Awards in Metals & Mining & the Great Place to Work. For two decades, Vedanta has been contributing to India’s growth story. The company is amongst the top private sector contributors to the exchequer with the highest ever contribution of INR 42, 560 Crore in FY 2019. Vedanta’s operations contribute 1% to India’s GDP. Vedanta Limited is listed on the Bombay Stock Exchange and the National Stock Exchange in India and has ADRs listed on the New York Stock Exchange.
For more information, please visit www.cairnindia.com/www.vedantalimited.com