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India okays state oil firm's Colombia venture
New Delhi, Aug 3, 2006 The Indian government gave the go ahead Thursday to state-run oil firm OGNC for the joint acquisition of a US oil firm in Colombia along with China's largest oil company, a report said. Oil and Natural Gas Corporation's overseas acquisition arm, ONGC Videsh Limited (OVL), has been looking to acquire US oil firm Ominex De Columbia jointly with the China National Petroleum Corporation (CNPC). "The Cabinet Committee of Economic Affairs has permitted OVL to go ahead with the acquisition," India's PTI news agency quoted Finance Minister P. Chidambaram as saying. He said OVL would fund the acquisition either from its own resources or with that of its parent company, ONGC. PTI, however, quoted unidentified sources as saying that OVL had submitted a joint winning bid with CNPC. Omimex de Columbia has onshore producing and exploration blocks in Columbia, with net proven reserves of around 157 million barrels. OVL is seeking Omimex's onshore oil block which produces 20,000 barrels per day, it said. Omimex de Colombia, Ltd. is fully owned by Omimex Resources, Inc., an American oil and gas exploration and production company. Asian giants and economic rivals, India and China have been cooperating in securing energy assets in third countries to fuel their runaway economic growths. In December Indian and Chinese energy firms joined hands to buy Petro-Canada's 37-percent stake in Syrian oil fields for 573 million dollars. In January the two rising economic giants formalised their cooperation by signing an agreement to formulate a joint strategy to secure global energy assets. In June, an Indian official said the two were planning a joint bid for oil assets in the Central Asian country of Kazakhstan. China consumes 6.5 million barrels of oil every day, or eight percent of world consumption. It is forced to import more than 40 percent, and as a result it has been hiking global demand together with the United States for the past few years. India consumes 2.5 million barrels of oil a day, of which close to 70 percent is imported. Community Email This Article Comment On This Article Related Links China News from SinoDaily.com
Evacuations, transport havoc as typhoon hits China
Beijing, Aug 3, 2006 Typhoon Prapiroon slammed into southern China Thursday, forcing the evacuation of hundreds of thousands of people as the region braced for destruction. |
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