ONGC, Sinopec to share 50-per cent stake in Colombian oil field

Mumbai: 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 the US.

ONGC 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.

ONGC 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.

Omimex de Columbia is a 100-per cent subsidiary of Omimex Resources based in the US.

This is ONGC''s second successful bid with a Chinese partner. It had 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.