Business Daily from THE HINDU group of publications
Thursday, Aug 03, 2006

Cross Currency

Group Sites

Corporate - Mergers & Acquisitions
Industry & Economy - Petroleum
Get Latest BSE Quote
CCEA to consider ONGC bid for US co

Our Bureau

New Delhi, Aug. 2

The Cabinet Committee on Economic Affairs (CCEA) is likely to consider at its next meeting the proposal from Oil and Natural Gas Corp (ONGC) to acquire an American firm, Omimex de Colombia, jointly with a Chinese company.

Sources told Business Line that the ONGC's overseas arm, ONGC Videsh Ltd (OVL), had submitted a joint bid with China National Petroleum Corporation (CNPC) for Omimex de Colombia. This company has onshore producing as well as exploration blocks in Colombia, with net proven reserves of around 157 million barrels.

Under Project Amazon, OVL seeks to acquire Omimex's 20,000 barrels per day onshore oil block in Colombia. Omimex de Colombia Ltd is owned by Omimex Resources, Inc, a US exploration and production company with oil and gas assets in seven states. Acquisition interests in contract areas and pipeline in Colombia would give OVL a larger role to play in this region, sources said.

More Stories on : Mergers & Acquisitions | Petroleum | Oil & Natural Gas Corporation Ltd

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
RIL hikes diesel margins

Hindustan Lever to shift corporate office to Andheri
Hutch moves HC against Essar
HPC pays maiden dividend
Award for Ranbaxy's US subsidiary
De-stressing sessions for execs
Ruia Group may buy Monotona Tyre
CCEA to consider ONGC bid for US co
IOC, CPCL looking at 15 mt refinery, cracker unit
Usha Martin to invest Rs 1,200 cr to augment manufacturing capacity
Taj GVK lines up five-star hotel projects
Bangla power venture plan still on: Ratan Tata
ONGC re-negotiating ties with Shell
AFL ties up with Cartridge World
Hindustan Tin ties up with UK co to make beverage cans
Tatas, Dr Reddy's Foundation join hands
WHO accreditation for Panacea's vaccine
Govt begins Kerala State Drugs' revival process
Brandix's apparel park to start operations next year
Shell Global to advise Chennai Petro on process improvements
Pulsar upgrades to be launched soon
iGate CRI sees larger role in meningitis vaccine trial
4004 Inc draws up growth plans
Ruias plan to divest 15 pc stake in Dunlop
`Loss of Iveco tech won't impact Ashok Leyland'
Kinetic's Blaze heading for Japan

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line