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India signs ‘historic’ pact with Colombia

NEW DELHI: Seeking to expand its wings to new territories, India on Friday inked a ‘historic’ agreement with oil rich Colombia for cooperation in the entire spectrum of hydrocarbon sector, particularly in exploration and production of oil and gas, exchange of training and human resource development, and exchange of visits of professionals and technicians.

The memorandum of understanding (MoU) was signed by the Union Petroleum and Natural Gas Minister, Murli Deora, and Hernan Martinez Torres, the visiting Colombian Minister of Energy and Mines.

The MoU provides for an umbrella framework to facilitate and enhance bilateral cooperation in this sector. It was also agreed to set up a joint working group in the hydrocarbon sector for enhancing cooperation between the two friendly countries.

Speaking on the occasion, Mr. Deora said ONGC Videsh Limited (OVL) has a producing asset in Colombia as a joint venture with a Chinese company, Sinopec. This asset has current crude oil production of 25,000 barrels daily. OVL also has three offshore exploration blocks in Colombia. OVL is the operator in two of these blocks. “We are exploring opportunities for participation in implementing enhanced oil recovery (EOR) and improved oil recovery (IOR) projects in the existing oil fields of Colombia,” he added.

Mr. Martinez Torres said this was first of a series of MoUs with the Indian authorities which could be concluded between the two countries. “Colombia has surplus oil and we would welcome participation of Indian companies in this sector. We would also look for further cooperation with OVL,” he added.

ONGC Videsh Managing Director, R. S. Butola, who is credited with the Imperial Energy deal, sought more oil blocks in Colombia and expressed the desire to participate in the latest licensing round in the Latin American nation that closes in early November.

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