OVL, GeoPark to Team Up in LatAm

ONGC Videsh (or OVL), the wholly-owned subsidiary and international arm of Indian state-owned ONGC, and New York-listed oil and gas explorer GeoPark, have formed a new long-term strategic partnership to jointly work in the upstream oil and gas projects Latin America, the companies said in a joint statement issued February 26.

The agreement was signed by the two CEOs, Narendra Verma and James Park, in New Delhi. The companies stated they are looking to “jointly acquire, invest in, and create value from upstream oil and gas projects with the objective of building a large-scale, economically-profitable and risk-balanced portfolio of assets and operations across Latin America.”

OVL and GeoPark will form a joint business development group headquartered in the Colombian capital, Bogota.