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ONGC, Sinopec to spend $1 bil more in Colombia after Omimex buy
Platts
Cartagena, Colombia
Petroleumworld.com 09 26 06
India's state-owned Oil and Natural Gas Corp. and China's Sinopec plan to
invest as much as $1 billion more in operations in Colombia after their $850
million acquisition of Omimex de Colombia, the head of the country's oil
regulatory agency said Sunday. Armando Zamora said he met with the presidents
of ONGC and Sinopec last week during a low-profile visit to Colombia.
"They said they would invest $1 billion more in the area around
Velazquez," a field in the Middle Magdalena Basin with both light and heavy
crudes, Zamora said at a conference on Colombia's geological potential being
held in in Cartagena. "They will be drilling at deeper depths," he said.
The presidents of ONGC and Sinopec were in Bogota on September 18 to meet
with national officials, ahead of officially signing the acquisition of Omimex
de Colombia from Houston-based Omimex, Zamora said. The acquisition of the
company, which is to be renamed Mansorovar, was announced September 21.
Other operations acquired in the deal include the Nare and Cocorna fields, and 100%
of the Velasquez-Galan pipeline, which runs 189 km from Velasquez to the
Barrancabermeja refinery operated by Colombian national oil company Ecopetrol.
The areas contain more than 300 million barrels of oil and produce 20,000 b/d.
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Platts 25 09 06
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