An interest in acquiring more oil fields in Colombia has been shown by the state-run Oil and Gas Corporation and Oil India Ltd, when GAIL, expressed the idea to set a petrochemical plant in South America, a nation which is rich in oil.

The Colombian Minister of Energy and Mines, Hernan Martinez, who had come for a visit and signed an agreement with Petroleum Minister Murli Doera, agreeing to give cooperation in energy sector, and it was during this meeting that the two companies communicated their interest to acquire oil-fields in Colombia.

The desire to acquire more oil blocks in Colombia and also the interest to be a part of the latest licensing round in the Latin American nation, that ends in early November, was put forward by ONGC Chairman and Managing Director R S Sharma and ONGC Videsh Ltd Managing Director R S Butola.

The taking of oil blocks on nominations was expressed by OIL Chairman and Managing Director Pasrija, who is also looking forward to participate in the Colombian International Bid round, where there is an offer of 43 exploration areas.

U D Choubey, GAIL Chairman and Managing Director, put forward his plan to build a petrochemical plant, setting a gas pipeline network and gas distribution projects in the fifth-largest oil-rich country of South America.

Deora informed, after the memorandum of understanding was signed, “We are exploring opportunities for participation in implementing enhanced oil recovery (EOR) and improved oil recovery (IOR) projects in the existing fields of Colombia.”

Already, 50% of stakes are acquired by OVL along with Sinopec of China, in an oil-filed, which ahs the daily production of 25,000 barrels of oil. To add more, OVL also has acquired interest in three deep water exploration blocks on the Caribbean side of Colombia.