India Eyes Colombian Oil Concern

ONGC Videsh (the overseas investment arm of India’s state-owned Oil and Natural Gas Corp) has said it may bid for a stake in Omimex Colombia, owned by US oil company Omimex Resources. The Indian company is expected to bid together with China’s National Petroleum Corporation (CNPC). In June Omimex announced it would invest a further $70 million in its Colombian operations, looking to diversify from extraction of crude towards natural gas exploration and other alternative sources of energy.