India,Colombia sign agreement in hydrocarbon sector

New Delhi, Sep 5 : India and Colombia Friday signed an agreement for cooperation in the hydrocarbon sector, expanding India's presence in the distant oil-rich country.

A memorandum of understanding (MoU) was signed by India's Petroleum Minister Murli Deora and Colombian Minister for Energy and Mines Hernan Martinez Torres that provides for cooperation in the entire spectrum of the hydrocarbon sector, particularly in exploration and production of oil and gas.

It also includes exchange of training and human resource development, and exchange visits of professionals and technicians. A joint working group in the hydrocarbon sector would be also be set up.

Deora pointed out that India already has a presence in Colombia through a joint venture of ONGC Videsh Ltd (OVL) and China's Sinopec to operate an asset with a crude oil production of 25,000 barrels a day.

OVL also has three offshore exploration blocks in Colombia. “We are exploring opportunities for participation in implementing enhanced oil recovery (EOR) and improved oil recovery (IOR) projects in the existing fields of Colombia,” said Deora.

The Colombian minister, visiting here, said the deal was the first in a series of agreements with India, with the next probably in the mining sector.

Colombia, the fifth-largest hydrocarbon rich country in South America, has 1.54 billion barrels of proven crude oil reserves.

--IANS