ONGC Videsh Ltd., the international arm of Oil & Natural Gas Corp. Ltd., said Feb. 26 it has formed a long-term partnership with India’s GeoPark Ltd. (NYSE: GPRK) to jointly acquire assets across Latin America.
The companies have agreed 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.
Latin America is one of the most attractive regions in the world for oil and gas investments, and has an immense hydrocarbon resource potential, according to GeoPark.
ONGC Videsh and GeoPark will form a joint business development group headquartered in Bogota, Colombia.
Jointly, the companies intend to leverage the platforms, experience and strengths of each company and to create a long-term successful partnership in Latin America to achieve their expansion objectives.
The agreement was signed by ONGC Videsh’s CEO and managing director Narendra K. Verma and GeoPark’s CEO James F. Park on February 16, 2018 at ONGC Videsh, Delhi.