Annual Report 2021
Renewed, Resilient, Responsible.
Active portfolio management, a diversified and extended production base and positioned for further growth.
Fiscal discipline, balance sheet strength and energy transition relevance. Our strategy has positioned the business for long-term value creation, whilst building on a track record of shareholder returns.
We continue to develop our responsible approach, announcing an accelerated commitment to delivering net zero operations by 2040 or earlier. During the year, we have maintained our enduring focus on meeting our commitments to the stakeholders and communities where we operate.
Net working interest oil and gas production averaged (boepd)
Year end Group cash
Egypt oil and gas sales revenue
Returned or committed to return to shareholders
Tax refund from Government of India
Acquisition of Egypt Western Desert assets
Accelerated net zero target
Why Capricorn Energy
Exploration activity, including seismic surveying and drilling, can create material value.
Moving exploration success into development, or acquiring development assets, adds value.
Progressing development assets into production results in cash flow to reinvest or return to shareholders, realises value.
Our key strategic goals are all about driving shorter investment cycles and ensuring low break-even costs across our asset base.
Cairn’s business model is to hold assets within the oil and gas life cycle in order to create, add and deliver value for stakeholders.