OVL, GeoPark form Latin American venture

ONGC Videsh Ltd. (OVL) of India and GeoPark, Santiago, Chile, have formed a partnership to jointly acquire oil and gas exploration and production projects in Latin America.

ONGC Videsh Ltd. (OVL) of India and GeoPark, Santiago, Chile, have formed a partnership to jointly acquire oil and gas exploration and production projects in Latin America.

A joint statement said the objective is “building a large-scale, economically profitable and risk-balanced portfolio of assets and operations across Latin America,” which it called “one of the most attractive regions in the world for oil and gas investments.”

OVL is a wholly owned international investment subsidiary of state-owned Oil & Natural Gas Corp. GeoPark holds licenses in Argentina, Brazil, Chile, Colombia, and Peru, operating more than 61,000 boe/d of oil and natural gas production, 33,000 boe/d net to its interests.

More in Production Operations