Cairn's new CEO visits Rajasthan

Vol 17, PW 20 (22 May 14) News in Brief

Cairn’s newly appointed acting CEO Sudhir Mathur visited the company’s Rajasthan block RJ-ON-90/1 on May 15.

At a closed-door meeting with senior block managers, Mathur suggested that oil and gas should each be managed separately by different managers to bring in more accountability. "We're used to working with Mathur,” says a Cairn manager.

“He was our chief financial officer earlier." In another development, the Management Committee on May 20 approved the much awaited $1.4bn Rajasthan block budget for 2014-15.

“Earlier Cairn had planned a budget of over $2bn,” says a government source. “But (partner) ONGC didn’t agree and wanted to bring Cairn down to $1bn.

However, they've both agreed on $1.4bn.” The budget includes $607.97m for the Bhagyam field development plan and the Enhanced Oil Recovery project for the Mangala field.

Mathur became CEO on May 2 after P. Elango announced he was stepping down.

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