ONGC Videsh Ltd (OVL), the overseas arm of state-run
Oil and Natural Gas Corporation of India (ONGC) and
Sinopec, the Chinese oil major, have jointly won a $800
million bid for the Colombian oil assets of Omimex of
and Sinopec will share a 50-per cent stake of Omimex
de Colombia, a Delaware, US-based company, in Colombia''s
oil fields. Colombia''s national oil company Ecopetrol
will continue to hold the remaining 50-per cent stake
in Omimex. The acquisition is likely to be concluded
by end of this month, reports quoting ONGC sources said.
is looking for stakes in "many more" overseas
oil assets in collaboration with Chinese firms, the
company''s chairman RS Sharma said after announcing the
corporation''s latest success in overseas acquisition.
de Columbia is a 100-per cent subsidiary of Omimex Resources
based in the US.
is ONGC''s second successful bid with a Chinese partner.
earlier teamed up with Cinopec to acquire a 37-per cent
stake in the Syrian oil fields from Canadian oil company
Petro-Canada for $580 million.