India likely to source more crude from Latin America, Colombia in particular: Minister

India is looking for a long- term partnership with Colombia in oil and gas sector, says Dharmendra Pradhan, Minister of State for Petroleum & Natural Gas, Government of India.

The Dollar Business Bureau Crude Oil India and Colombia held bilateral talks, discussed plans to enhance cooperation between the two countries in energy and oil exploration activities, during the Indian delegation’s recent visit to Colombia. The Indian delegation led by the Minister of State for Petroleum & Natural Gas, Dharmendra Pradhan, was on Colombia visit between May 20-22, 2015. During the meet, the Ministries of Petroleum & Natural Gas, of both the countries, discussed steps towards enhancement of energy partnership between the two countries, alongside encouraging participation of public and private companies of both sides in exploration and production activities. Speaking to Tomas Gonzalez Estrada, Minister of Minister of Energy and Mines of Colombia, the Indian Minister expressed the Government of India’s willingness to partner with Colombia in energy sector, while thanking the Government of Colombia for its 9-year-long support for ONGC Videsh Ltd (OVL) in its operations. Stating that the new Indian government wants to diversify its import sources of energy, the Indian Minister said, “India would like to source more crude from Latin America in general and Colombia in particular.” The Minister further highlighted the scope of enhancing cooperation between the public and private sector companies of both the countries in exploration and production activities in Colombia. The areas of cooperation, as noted by the Indian Minister, includes exploration and production in deep water and unconventional resources, refining sector, Engineering, Procurement, Construction (EPC) and infrastructure related to oil and gas. Further stating that the Indian public and private sector companies provide world-class technological solutions and services in most cost effective manner, the Indian Minister said informed that India is looking for a long- term partnership with Colombia in oil and gas sector. Responding to the Indian Minister, the Colombia n Minister for Energy and Mines and the CEO, ECOPETROL, largest and primary petroleum company in Colombia, invited Indian investments in all streams of hydrocarbons sector, while expressing willingness to collaborate with India. The two Ministers also agreed to renew a Joint Working Group (JWG) in Hydrocarbon sector, which was signed between the two countries in 2008 with a mandate to identify concrete projects where the two sides can work together and never discussed later. Apart from this, the Indian Minister also addressed the business association of Colombia and also visited Moriche oil field where OVL along with SINOPEC of China and ECOPETROL has formed a consortium- Mansarover Energy, which is producing about 2 MMT oil per year.