CALGARY, Alberta and NEW DELHI, India, November 14, 2014 /PRNewswire/ --
Post announcing the appointment of its new CEO, Cairn India is all set for a roadshow to Calgary and Houston to tap into the Oil Field Services Companies Offering Technology & Technical Solutions and Companies Providing Oil Field Technology Solutions informs sources privy to the development
Calgary in Canada and Barmer in the State of Rajasthan, India, have something in common - its penchant to bring the best out of crude oil tucked in the bottom of earth's crust. With Canada being a major hub for oil field services companies that have made significant advancement in terms of providing oil field technical solutions, India's 2nd largest oil producer Cairn India is all set to tap into the learning curve to optimise India's biggest onshore oil field more than two decades. According to industry sources, the upcoming vendors' meet in Calgary would provide the ideal opportunity to for Canadian oil field services companies to get a first-hand understanding on this major O&G development.
The company accounts for around 28% of India's domestic crude oil production in FY14. It is one of the largest independent oil and gas exploration and production companies in India, as per the 2012 & 2013 Platts Top 250 Global Energy Rankings, Cairn India Ltd is the world's fastest-growing energy company.
The blocks located at the Barmer Basin in the State of Rajasthan, India, are the biggest oil and gas development in India. Cairn India plans to invest $3 billion till 2017. The focus on India has resulted in a significant number of oil and gas discoveries. Cairn India made a major oil discovery (Mangala) in Rajasthan (northwest India) at the beginning of 2004. To date, 36 discoveries have been made.
To drive operational efficiencies and sustain its high standards, Cairn India has appointed Mayank Ashar as the Managing Director & Chief Executive Officer with effect from 17 November 2014. With more than 36 years' diverse experience in the international oil and gas industry under his belt, analysts assert Ashar is the right choice to lead Cairn India to higher levels of growth. Considering Ashar's past experience of working in Canada, analysts believe will help guide the company in this endeavour.
SOURCE Cairn India Limited