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ONGC Videsh-Sinopec combine buys Colombian oil firm
Special Correspondent
NEW DELHI:
India and China have joined hands to take over a Colombian oil company. The overseas subsidiary of the Oil and Natural Gas Corporation (ONGC), ONGC Videsh Limited, and a subsidiary of China's Sinopec International Petroleum Exploration and Production (SIPC) have acquired the Colombian oil firm Omimex de Colombia for $850 million.
A release issued here by ONGC says the takeover has been carried out by a 50:50 joint venture between OVL and SIPC. Besides, it says, Omimex has oil and gas operations exclusively in Colombia, which include onshore production and exploration areas with gross proved reserves of more than 300 million barrels of oil and current production of about 20,000 barrels of oil a day.
OVL and SIPC will pay $425 million each for acquiring the company from Texas-based Omimex Resources, which owns the entire stock of Omimex de Colombia.
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