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November 22, 2008


India and Colombia to cooperate in the hydrocarbon sector

It is reported that India and Colombia have signed a MoU for cooperation in hydrocarbon sector. Mr Murli Deora minister for Petroleum & Natural Gas of India and Mr Hernan Martinez Torres visiting Minister of Energy & Mines of Colombia inked the MoU.

Mr Deora informed that the MoU provides an umbrella framework to facilitate and enhance bilateral cooperation in this sector. The two sides have agreed to cooperate in the entire spectrum of hydrocarbon sector particularly in the areas of exploration and production of oil and gas, exchange of training and human resource development, and exchange of visits of professionals and technicians. He also said that “we will be setting up a Joint Working Group in the hydrocarbon sector for enhancing cooperation between our two friendly countries.”

Mr Deora further underlined that despite geographical distance, India and Colombia are partners in pursuance of energy security. ONGC Videsh Limited 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 per day. ONGC Videsh Limited also has three offshore exploration blocks in Colombia. OVL is the operator in two of these blocks. He added, “We are exploring opportunities for participation in implementing enhanced oil recovery and improved oil recovery projects in the existing fields of Colombia.”

Mr Hernan Martinez Torres stated that the MoU between Colombia and India is significant, pointing out to tremendous potential for Colombia’s association with India in energy sector. This is first of a series of MoUs with Indian authorities which could be concluded between the two countries adding that similar MoU was considered in mining sector in a meeting yesterday. He stressed that the today’s MoU signing was initiation of an excellent process of cooperation between India and Colombia.

Colombia, the fifth-largest hydrocarbon rich country in South America had 1.54 billion barrels of proven crude oil reserves. The country produces nearly 525,000 barrels per day of oil. Colombia produced 830,000 barrels per day in 1999 and it is believed that with extensive exploration and new discoveries the production of oil in Colombia can be enhanced.