ONGC partners with GeoPark to pursue investment in Latin America

India-based Oil and Natural Gas’ (ONGC) international division ONGC Videsh has launched a new long-term strategic partnership with GeoPark to explore joint acquisition and investment opportunities in upstream oil and gas projects in Latin America.

Through the partnership, the companies intend to build an economically profitable and risk-balanced portfolio of assets and operations across the region.

The partners are set to form a joint business development group that will be headquartered in Bogota, Colombia.

GeoPark CEO James Park said: “We are honoured to be given this opportunity to partner with ONGC Videsh and combine efforts to continue expanding across Latin America – a region of unlimited opportunity and very little competition.”

The collaboration is expected to benefit from the platforms, experience and strengths of each company.

GeoPark noted that Latin America has an immense hydrocarbon resource potential.

ONGC Videsh’s portfolio includes 40 projects in 19 countries in South America, South-East Asia, Central Asia, Middle East, Oceania and Europe.

The company’s production currently stands at around 277,000 barrel of oil equivalent per day (boepd).

As of 1 April last year, the firm has aggregate oil and gas reserves (2P) of about 704 million tonnes equivalent (mmtoe).

With an asset base comprising 30 blocks and more than six million acres in Colombia, Argentina, Peru, Brazil and Chile, GeoPark operates more than 61,000boepd.