FIPI Names Cairn Oil & Gas, Vedanta Ltd. As "Digitally Advanced Company of the Year 2019"
- By NewsOnFloor Staff
- Dec 03, 2019
- 257 views
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, Ajay Kumar Dixit, CEO, Cairn Oil & Gas, Vedanta Ltd., 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.
Source : business-wire-india