Cairn India has been adjudged the fastest growing energy company in Asia at the Platts Top 250 Energy Company Awards Dinner 2011 held as part of the Singapore International Energy Week.
The company received awards in four categories. The awards herald the arrival of the non-OECD energy companies on the global platform as both independent and government-owned companies had vied to win top honours.
Companies from emerging markets signalled their arrival in the forefront as for the first time in the 10-year history of the Awards they occupied positions among the top five, also leading the category of the fastest growing company. The Platts Top 250 Global Energy Company rankings are based on data compiled and maintained by S&P Capital IQ. To be ranked, the companies must have assets greater than US$3.5 billion and must be publicly listed.
At the sixth Annual Asia Awards dinner, attended by more than 350 executives from the oil and gas and energy industry including Exxon Mobil, PetroChina and CNOOC, Cairn India received awards in the categories of the fastest growing oil company in Asia and the fourth fastest in the world; the Award of Excellence to be No. 120 in the top 250 ranking global companies; the biggest mover (by 160 places) from the rankings in the last one year; and the finalist in GEA, second time running (winner to be announced in New York on December 2).
The rankings now include 53 companies from the BRIC countries (Brazil, Russia, India and China, excluding Hong Kong and Taiwan). BRIC had only 28 companies in the inaugural ranking the Platts' did 10 years back.
“Harnessing a combination of innovation and entrepreneurship, Cairn India Limited has emerged into a significant oil and gas exploration and production company in India. It has witnessed transformational growth in these last 16 years, successfully transforming itself from a small entity managing Ravva and CB/OS-2 to developing a world-class resource base in Rajasthan, building the world's longest continuous heated and insulated pipeline in India,” said a Cairn India spokesperson.