ONGC and Sinopec Jointly Acquire Colombian Oil Assets

A 50:50 joint venture - comprising a subsidiary of ONGC Videsh Ltd. and a subsidiary of Sinopec International Petroleum Exploration and Production Corporation - has acquired Omimex de Colombia Ltd. ('Omimex'), from Texas-based Omimex Resources, Inc.

Omimex has oil & gas operations exclusively in Colombia, which include onshore production and exploration areas with gross proved reserves of more than 300 million barrels of oil and current production at approximately 20,000 barrels of oil per day. Omimex's assets constitute a 100% interest in the light oil Velasquez fee mineral property and a 50% interest in the Nare and Cocorna association contracts where the Colombian national oil company Ecopetrol S.A. ('Ecopetrol') holds the remaining 50%. Omimex also owns 100% of the Velasquez-Galan pipeline, which runs 189 kilometers from the Velasquez property to Ecopetrol's Barrancabermeja refinery.

This is the first acquisition made jointly by ONGC-VL and SIPC.