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Cabinet to accept OVL's foreign buy
NEW DELHI: The cabinet Committee of Economic Affairs (CCEA) is expected to accept ONGC Videsh?s (OVL) proposal to submit an ultimate bid to procure Omimex de Columbia, a Delware-U.S. listed company which has operations in Columbia. Government sources said that OVL has submitted a joint bid with China National Petroleum Corporation (CNPC) for Omimex de Columbia, which has an onshore production and exploration block in Columbia, with coffers of about 157 million barrels. CCEA is understood to evaluate geopolitical risks associated with its Project Amazon. The government had earlier declined OVL?s proposal to buy equity in an oil block in Nigeria. OVL would not seek financial help from its parent company, ONGC and is exploring possibilities for buying 100 percent stake, sources added. It may be noted that OVL is the second company after RIL to get participating interests in Columbia.