Indian oil company ONGC Videsh is looking at buying a stake in oil fields in Ecuador and may also participate in an upcoming tender for the Intercampos blocks, Ecuador’s oil minister Carlos Perez said on Wednesday.
“We will be signing a confidentiality agreement with them (ONGC Videsh) in the following weeks and we will provide them with information in new blocks,” he said on the sidelines of the International Energy Forum.
“They are (also) interested in partnerships with companies to take a share in the current production in certain fields over there,” Perez said.
ONGC is looking for fields with a minimum 25,000 barrels per day of oil production, he said.
ONGC Videsh managing director N K Verma said: “We had a good meeting with Ecuador and we will explore possibility of expanding our footprints in Ecuador. We are already present in Colombia.” Read More
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