Our strategy is to deliver value for stakeholders from a balanced portfolio of exploration, development and production assets.
We set strategic objectives annually which monitor delivery of strategy and which are measured by Key Performance Indicators (KPIs) set by the Board. Our risk management process identifies the principal risks to the delivery of our strategic objectives. Working responsibly is a key part of our business model and our KPIs directly measure our ability to work responsibly.
Mature prospects to drill ready status.
Secure funds and JV support for drilling.
Execute exploration drilling, to deliver potentially commercial volumes to add to our Group Reserves and Resources (2P and 2C).
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Mature six or more prospects with all internal
Drill four or more exploration wells before
year end 2018.
Efficiently discover commercial quantities of
hydrocarbons in line with pre-drill estimates
at an attractive Group finding efficiency rate
including estimated subsequent appraisal
Prospects successfully matured, assured
and recommended during 2018 for drilling
in 2018 or 2019 including two prospects in
Block 9, Mexico; one prospect in Block 7,
Mexico; the Agar-Plantain prospect in the UK
(drilled 2018); the Chimera prospect in the
UK; and the Godalen prospect in Norway.
Wells on Ekland and Agar-Plantain, each in
the UK, were drilled in 2018 with an oil
discovery made on Agar-Plantain. 2C
volumes discovered were lower than
In general, monetary policy will continue to loose logic, we are of the view that
Successfully drill and evaluate a
programme of six exploration wells
across our portfolio.
Discover potentially commercial
hydrocarbons in line with
Mature up to six new independent
exploration prospects with JV support
for drilling in the period 2020-2021.
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Lack of exploration success.
Mature the Senegal SNE development and
funding plans for presentation to the
Government of Senegal.
Mature the Nova development project to Final Investment Decision.
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Timely submission of the SNE Area
Evaluation Report, Exploitation Plan
and associated Environmental and
Social Impact Assessment.
Approval of the SNE Exploitation Plan and
associated Exploitation Area by the end of
the production sharing contract (PSC) term
and finalisation and approval of joint venture
Submission of the Nova Plan of
Development to Norwegian authorities in H1
2018 and all internal approvals in place to
complete a Final Investment Decision and
approve the operator entering into
acceptable contractual commitments on
behalf of the joint venture during 2018.
The SNE Area Evaluation Report was
submitted to the Ministry of Energy in
The SNE Field Development Phase 1
environmental and social impact assessment
was submitted to the authorities in June 2018
and approved in January 2019.
The SNE Exploitation Plan was submitted to
the authorities in October 2018 and is
technically approved, subject to finalisation
of the front end engineering design. The joint
venture financing plan is underway and
expected to be concluded during 2019.
The Final Investment Decision was taken on
the Nova development in H1 2018 and the
Plan of Development submitted to the
Norwegian authorities also in H1 2018.
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Mature the SNE field development
project in Senegal to Final Investment
Progress the Nova development
project against key predefined
Delay in Senegal development plan.
Reliance on JV operators for asset
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Secure two or more new exploration
opportunities that enhance our portfolio,
meet corporate hurdles and offer exploration
drilling in the near to medium term.
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Each new exploration opportunity secured
will be measured against tests of:
(ii) commercial robustness based on
success case Pmean economics; and.
(iii) materiality based on documented
Awarded five licences in the UK 30th
Offshore Exploration Licence Round,
operating two of the awards.
Completed one farm-in in the UK with the
option to operate.
Secured one block in the Mexico Licence
Round 3.1, as operator.
Secured one block offshore Suriname,
Secure two new venture opportunities
that meet corporate hurdles and have
risk levels consistent with our Risk
Appetite Statement. Measured against
tests of control, materiality and
Securing new venture opportunities.
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Demonstrate clear progress and achieve
defined milestones in relation to health,
safety, security, environment (HSSE)/
corporate responsibility (CR) objectives,
split into four key categories: Society and
Communities; People; the Environment; and
Achieve lagging HSSE indicators set in line
with the International Association of Oil and
Gas Producers (IOGP) targets and guidelines.
Achievements of leading indicators linked to
the four key categories listed.
Lagging indicators set in line with IOGP
targets and guidelines.
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Good progress against leading indicators –
There were zero lost time injuries, recordable
injuries or spills across Cairn operations.
Good progress made against leading
Inductions on the Code of Ethics
completed by all new staff;
Anti-bribery and corruption assessment
completed for all new assets;
Inclusion of Modern Slavery Act conditions
in all relevant contracts and issue of the
first Cairn Modern Slavery Act statement;
Outperformed our training plan for Crisis
and Emergency Response Team training in
preparedness for the UK operated well; and
Health and well-being, talent
management and management
development programmes all
successfully developed and launched.
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Demonstrate clear progress and achieve
defined milestones in relation to HSSE/
CR objectives, split into four key
categories (Governance, Society,
People and the Environment).
Achieve lagging HSSE indicators set in
line with IOGP targets.
Health, safety, environment
Fraud, bribery and corruption.
Reliance on JV operators for
Deliver target production volumes, operating
costs and crude values from Kraken and
Catcher at pre-determined levels.
Measured against target net oil production
volumes, operating costs per bbl targets,
average crude realisation relative to brent
targets and 1P/2P targets.
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Catcher – Target net oil production volumes
were exceeded, at better than target
operating costs and realised at a price within
the expected target. Reserves at Catcher
have been marginally upgraded.
Kraken – 2018 KPI target production volumes
and operating costs were not met in 2018
but the price realised for the crude was
better than target. Reserves at Kraken have
Ensure production and operating cash
flow from Kraken and Catcher are at or
within guidance on net production
volume and lifting cost per barrel.
Kraken and Catcher operational and
Reliance on JV operators for
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Develop and implement a funding strategy
that ensures that an executable funding plan
is developed and that a minimum headroom
cushion from existing sources of funding
Success in the action under the UK – India
bilateral treaty arbitration.
Funding strategy implementation measured
against four funding strategy criteria being
met throughout the year.
Measured against positive progress achieved
in the UK-India bilateral treaty arbitration and
a successful award.
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Funding headroom was maintained
throughout the year covering the Group’s
committed forward capital expenditure.
Debt covenants were maintained with
surplus in each quarter.
Liquidity was increased during the year to
add material new exploration commitments
in Mexico Suriname and UK/Norway.
All arbitration hearings have taken place.
Whilst the award has not yet been made,
recognition had been given for the progress
made in the process and for the significant
strategic planning that had been carried out
for the result.
Implement funding strategy to support
exploration, appraisal and development
activity and to mitigate any downside
Progress the UK-India bilateral treaty
arbitration to conclusion and receipt of
awarded sums in event of success.
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Volatile oil and gas prices.
Political and fiscal uncertainties.
Access to debt markets.
Inability to secure or repatriate value
from Indian assets.