India eyeing expanding crude imports from Colombia

India imports around 6.3 MT of crude from Colombia out of a total of 189 MT imports annually

India is looking at importing more crude oil from Colombia as part of an effort to diversify its crude oil import basket, Petroleum Minister Dharmendra Pradhan told his Colombian counterpart during the visit by an Indian delegation to that nation.

Pradhan also said Indian and Colombian companies had to expand the scope for cooperation in the exploration and production of petroleum. India imports around 6.3 million tonne (MT) of crude from Colombia of the total imports of 189 MT every year.

Pradhan met the leadership of Colombia’s national oil company, Ecopetrol, and visited the Moriche oil field where ONGC Videsh (OVL), SINOPEC of China and Ecopetrol have formed a consortium called Mansarover Energy, which is producing about 2 MMT oil per year.

Pradhan highlighted the scope of enhancing cooperation between Colombia and Indian public and private sector companies in the areas of exploration and production in Colombia, including in deep-water and unconventional resources, refining and infrastructure related to oil and gas.

Estrada invited Indian investment in all areas of hydrocarbon sector and expressed willingness to collaborate with India.

The two Ministers agreed to reactivate a Joint Working Group on hydrocarbon set up in 2008. It will identify concrete projects where the two sides can work together. Pradhan was accompanied by Indian Ambassador to Colombia Prabhat Kumar, Indian Oil (IOC) Chairman B Ashok and OVL Managing Director N K Verma..