El Espectador, Friday, July 4, 2008
India sets its eyes on Colombian Mining
It will invest US$ 5 billion
State and private enterprises will invest in exploitation of Colombian sub-soil.
Photo: Deepak Bhojwani, Ambassador of India in Colombia let us know that there are other companies of his country that are interested in minerals such as coal, gold and ferronickel.
The wave of investments which Colombian mining has generated has not abated. This was confirmed during the 4th International Congress on Mining and Oil which was held over several days in Cartagena.
During the meeting, the Ambassador of India in Colombia, Deepak Bhojwani, informed that firms of his country will invest US$ 5 billion in the coming years in exploration and exploitation of hydrocarbons and mines of iron, coal, ferronickel and other minerals.
The diplomat indicated that state companies as well as private enterprises from India will invest to exploit Colombian earth. He added that these companies hope to win licences to explore three or four blocks in the eastern plains(Llanos Orientales).
ONGC, the state company of India, has labelled Colombia an important destination for investment in hydrocarbons and has already invested in Colombia through OVL, over US$ 500 million in exploration and exploitation activities. For its part, the company Reliance expects to invest in the next two years US$ 50 million, he explains.
Reliance International is present in our country where it has two blocks in the Pacific Ocean, where it has begun surveys and expects in one or two years to commence oil exploration. This will make it the first Indian company to seek oil fields in the Pacific Ocean.
For its part, ONGC operates in Colombia through Mansarovar Energy, which currently produces 25,000 barrels of crude daily. With respect to OVL, this company has bid and obtained three gas blocks on the Atlantic coast.
As for mining, Essar is working on obtaining gold and iron ore mines in Colombia. “There are other companies which are interested in coal, gold and ferronickel” added Ambassador of India.
Separately, the Congress also named Mr. Aurelio Martinez Canabal, the Colombian representative as the new President of the Latin American Mineral Organization (OLAM) for the period 2008-10.
India is currently investing in mining and petroleum activity in 15 countries, 5 in Latin America : Colombia, Brazil, Venezuela, Cuba and Ecuador.
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