The annual Senior Executive Committee Meeting of minority shareholders of Project Petro Carabobo, Venezuela was held recently in the office of ONGC Videsh, New Delhi. The senior executives of the minority shareholder partners namely ONGC Videsh, Repsol, Indian Oil Corporation and Oil India deliberated on the project performance, strategic plans and way forward for the project PetroCarabobo which is at present in early stages of project development.
Director (Operations), ONGC Videsh chairing the SEC Meeting at New Delhi
ONGC Videsh in consortium with Spain Major – Repsol, holds 11% each and Indian Oil Corporation and Oil India Limited hold 3.5% each in the Project, rest being held by majority partner PdVSA, the National Oil Company of Venezuela. The contract was signed on 12th May 2010 for 25 years which is extendable by another 15 years. In accordance with the contract, the minority partners have set up a service company – Carabobo Ingenieria y Construcciones s.aS.A. (“CICSA”) in Venezuela. The contract mandates that CICSA has to carry out certain activities related to construction of upstream and downstream facilities and also arrange for the project finance with the approval of PetroCarabobo.
After taking over the lead role of Minority Shareholders coordinatorship in the project in July 2016 from Repsol, ONGC Videsh organised this 8th Senior Executive Committee Meeting in its office at New Delhi. The day long meeting was attended by Mr. P.K.Rao, Director (Ops), Mr. Sukant Tiwari, Regional President-Venezuela and project team from ONGC Videsh; Mr. Luis Cabra, Executive Managing Director (E&P), Mr. Evandro Correo, Executive Director – Latin America & Mr. Jose Maria Moreno, Country Manager – Venezuela from Repsol ; Mr. B. Roy, Director (HR & BD), Oil India & Mr. G.K. Satish, Director (P & BD), Indian Oil along with their project officials.
The Senior Executive Committee (SEC) members took stock of the current developments in the project and pondered over the challenges being faced in the Joint Venture due to the geo-political and financial constraints in the country at the moment. The SEC was unanimous in its positive approach for enabling the project overcome its difficulties that were challenging but not insurmountable. Many out-of- the-box ideas were considered by the SEC to take the project forward and at the end of the day it was an excellent exercise in bringing bonhomie among the minority partners with the issues tackled considerabely at the senior level.
Officials attending the 8th Senior Executive Committee Meeting
Mr. P.K.Rao, Director (Ops) complimented Team Venezuela for their persistent efforts in a challenging environment. He emphasised that Team Venezuela should be focussed in planning and implementation of strategic initiatives for future growth of the project.