ONGC Videsh, the wholly-owned subsidiary and international arm of the Oil and Natural Gas Corporation Limited (ONGC), has signed an agreement with GeoPark, the Latin American oil and gas explorer, operator and consolidator, to jointly acquire, invest in and create value from upstream oil and gas projects in Latin America.
Latin America is one of the most attractive regions in the world for oil and gas investments, and has an immense hydrocarbon resource potential.
The partnership is expected to build a large-scale, economically-profitable and risk-balanced portfolio of assets and operations across the region. The agreement was signed by Narendra K Verma, ONGC Videsh MD, and James F Park, GeoPark CEO, in New Delhi recently.
Commenting on the partnership, James F Park said, “ONGC is one of the world’s leading oil and gas companies and India is the fastest growing consumer of oil and gas in the world today. We are honored to be given this opportunity to partner with ONGC Videsh and combine efforts to continue expanding across Latin America – a region of unlimited opportunity and very little competition. We also appreciate the recognition that ONGC Videsh has given by this partnership to the hard-working men and women of GeoPark and their tenacious track-record of delivering results and continuous growth.”
Under the agreement, ONGC Videsh and GeoPark will form a joint Business Development Group, which will be headquartered in Bogota, Colombia. Jointly, the companies intend to leverage the platforms, experience and strengths of each company and to create a long-term successful partnership in Latin America to achieve their expansion objectives.
ONGC Videsh has 40 projects in 19 countries in South America, South-East Asia, Central Asia, Middle East, Oceania and Europe.