OVL wins bid to buy Columbia oil firm

ONGC Videsh Ltd, the overseas investment arm of state-owned ONGC, and Chinese firm Sinopec have jointly won the bid to acquire Columbian oil firm Omimex de Columbia.

"Just now, we have been informed that the bid made to buy Columbian firm has been accepted. This asset will give us 1 million tonnes of oil every year," Petroleum Minister Murli Deora said at the Golden Jubilee celebrations of ONGC in Dehradun.

OVL-Sinopec will have 50 per cent stake of Omimex de Columbia.

The Cabinet Committee on Economic Affairs, in its meeting held on August 3, had approved OVL-Sinopec bid for the acquisition of the US firm which has onshore production as well as exploration blocks in Columbia with the net proven reserves of around 157 million barrels.

Omimex de Colombia Ltd, a wholly-owned subsidiary of Omimex Resources, Inc., is an American exploration and production company with oil and gas assets in seven states.

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