Business   

Oil PSUs look for more blocks in Colombia

NEW DELHI: Continuing with its ‘aggressive strategy’ and expansion spree, Oil and Natural Gas Corporation and Oil India Ltd. have expressed keen desire in acquiring more oil fields in Colombia. GAIL (India) has proposed to set up a petrochemical plant in the oil-rich South American nation.

The keenness of Indian oil companies was conveyed to the visiting Colombian Minister of Energy and Mines, Hernan Martinez, by Petroleum and Natural Gas Minister Murli Deora, who sought expansion of cooperation between the two nations in the energy sector.

OVL Managing Director R. S. Butola 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.

He said the company was already present in Colombia through various partners but was keen to get more oil assets. OVL, along with Sinopec of China, already has 50 per cent stake in an oilfield that produces about 25,000 barrels a day of oil. It also has acquired interest in three deep water exploration blocks on the Caribbean side of Colombia.

It is learnt that OIL also staked claim for oil blocks on nomination basis and would also participate in the Colombian international bid round where 43 exploration areas have been offered.

Representatives of the Indian companies would soon visit Colombia to take stock of the situation and then draw up their future plans,” Mr. Deora added.

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

Cabinet nod for HEC revival plan
Oil PSUs look for more blocks in Colombia
Max New York to add more products in health, retirement
Coal India to import 4 m tonnes
ONGC’s wind farm project
Allahabad Bank’s South focus
Bullion Rates

Copyright © 2008, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu