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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

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