Mansarovar Energy Colombia Limited (MECL) which is a joint venture of India’s ONGC Videsh Limited and China’s SIPC (SINOPEC International Exploration and Production Corporation) conducted its 32nd Board and 9th Shareholder meet in Delhi recently. During the meeting crucial issues including company’s performance, strategic plans and growth were discussed and deliberated.
The four-day meet started with MECL Board meeting from 26th to 28th July which was attended by Mr. Sudhir Sharma, Director (Exploration), Mr. Sanjiv Nath, Regional President, Latin American Countries and project team from ONGC Videsh and Mr. Zhang Jianqiang, Mr XouLunfrom SIPC side. The meet was successfully concluded with vital deliberations by active participation of representatives from ONGC Videsh, SIPC and MECL, Colombia.
Mr Sudhir Sharma complimented MECL on good financial performance. He emphasized that the Mansarovar team should be focused on planningand implementation of key strategic initiatives on which future growth of Mansarovar is dependent. He encouraged Mansarovar to keep looking for upsides and possibilities to increase production from existing asset.
Mr Zhang, Director (Business Strategy)-SIPC congratulated the MECL team for achieving good performance in terms of OPEX reduction & satisfactory financial results. He also advised that Mansarovar should build good relationship with stakeholders for smooth running of the project. He stressed Mansarovar to focus on building technical capabilities while operating in the existing asset.
On 29thJuly, MD, ONGC Videsh, Dir (Expl), Regional President-LAC, Project team from ONGC Videsh and President – SIPC, Director from SIPC along with MECL team participated in the MECL Shareholder meet. The one-day long Shareholder meet concluded with detailed discussion concerning MECL present performance and future growth.
Mr Feng, President-SIPC expressed his satisfaction with the progress of the Company and also co-operation between India& China. He advised Mansarovar to find a balance between profitable and sustainable development. He also suggested that MECL should pursue opportunities for its growth, but each opportunity should add value to the shareholder.
Mr N.K Verma, MD, ONGC Videsh emphasized that MECL has become a role model for cooperation and collaboration between Indian and Chinese companies. The Joint Venture has been performing nicely and has a good reputation. He suggested Mansarovar team for optimization of expenditure and going for cost control in current market condition. He supported SIPC view on inorganic growth with value creation for the shareholder. He opined that this is a good time for both shareholders to look forward for more collaboration inside and outside Colombia.
Mansarovar was acquired in 2006 and this year marks 10 years of its operations in E&P business in Colombia. The occasion was commemorated through a book release ceremony organized on evening of 29th July. MECL Coffee table book was released by MD, ONGC Videsh and President, SIPC in the presence of Directors on MECL Board and team from MECL. Mr N.K Verma and Mr Feng complimented MECL on its decade long potent presence in the E&P business and wished them good fortune in the times to come.