ONGC Videsh and GeoPark Announce Strategic Latin American Acquisition Partnership
BOGOTA, Colombia–(BUSINESS WIRE)–ONGC Videsh, the wholly-owned subsidiary and international arm of Oil
and Natural Gas Corporation Limited (ONGC), India’s national oil
company, and GeoPark, the Latin American oil and gas explorer, operator
and consolidator, are pleased to announce the formation of a new
long-term strategic partnership 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.
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 Mr. Narendra K.
Verma MD & CEO from ONGC Videsh and Mr. James F. Park, CEO from GeoPark
on February 16, 2018 at ONGC Videsh, Delhi.
About ONGC Videsh and ONGC
ONGC Videsh is a wholly-owned subsidiary of Oil and Natural Gas
Corporation Limited (ONGC), the National Oil Company of India, and is
India's largest international oil and gas Company. ONGC Videsh has 40
projects in 19 countries in South America, South-East Asia, Central
Asia, Middle East, Oceania and Europe. ONGC Videsh is currently
producing about 277,000 boepd and has total oil and gas reserves (2P) of
about 704 million tonnes equivalent (MMTOE) as of April 1, 2017. For
more information visit: www.ongcvidesh.com.
ONGC is an integrated energy company and the premier National Oil
Company of India. ONGC's market capitalization as of February 22, 2018
was INR 2,388.3 billion (US$36.7 billion). During the financial year
ending March 31, 2017, ONGC Group had produced 61.6 MMTOE (approximately
1.26 million boepd); the Consolidated Gross Turnover was INR 1,421
billion (US$21 billion) during financial year 2017 and total
consolidated oil and gas reserves were 1,818 MMTOE as of March 31, 2017.
For more information visit: www.ongcindia.com.
GeoPark is a pioneering Latin American E&P independent with a
self-funding asset platform consisting of 30 blocks and over six million
acres in Colombia, Argentina, Peru, Brazil and Chile and is listed on
the NYSE (NYSE:GPRK). GeoPark has consistently grown its oil and gas
reserves and production over the past 15 years and today operates over
61,000 boepd (over 33,000 boepd net to GeoPark), and has a certified net
proven and probable reserve base of 159 million barrels of oil
equivalent (boe) and exploration resources of 800 million-1.5 billion
boe. GeoPark is the third largest operator in Colombia and the first
private oil and gas producer in Chile.
Commenting, James F. Park, CEO of GeoPark, said: "ONGC is one of the
world’s leading oil and gas companies and India is the fastest growing
consumer of oil and gas in the world today. We are honored to be given
this opportunity to partner with ONGC Videsh and combine efforts to
continue expanding across Latin America – a region of unlimited
opportunity and very little competition. We also appreciate the
recognition that ONGC Videsh has given by this partnership to the
hard-working men and women of GeoPark and their tenacious track-record
of delivering results and continuous growth."
GeoPark can be visited online at www.geo-park.com
Additional information about GeoPark can be found in the “Investor
Support” section on the website at www.geo-park.com.
Rounding amounts and percentages: Certain amounts and percentages
included in this press release have been rounded for ease of
presentation. Percentage figures included in this press release have not
in all cases been calculated on the basis of such rounded figures, but
on the basis of such amounts prior to rounding. For this reason, certain
percentage amounts in this press release may vary from those obtained by
performing the same calculations using the figures in the financial
statements. In addition, certain other amounts that appear in this press
release may not sum due to rounding.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
This press release contains statements that constitute forward-looking
statements. Many of the forward looking statements contained in this
press release can be identified by the use of forward-looking words such
as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’
‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among
Forward-looking statements that appear in a number of places in this
press release include, but are not limited to, statements regarding the
intent, belief or current expectations, regarding various matters,
including the acquisition, estimated capital expenditures and currently
estimated gross unrisked resources relating to the acquisition.
Forward-looking statements are based on management’s beliefs and
assumptions, and on information currently available to the management.
Such statements are subject to risks and uncertainties, and actual
results may differ materially from those expressed or implied in the
forward-looking statements due to various factors.
Forward-looking statements speak only as of the date they are made, and
the Company does not undertake any obligation to update them in light of
new information or future developments or to release publicly any
revisions to these statements in order to reflect later events or
circumstances, or to reflect the occurrence of unanticipated events. For
a discussion of the risks facing the Company which could affect whether
these forward-looking statements are realized, see filings with the U.S.
Securities and Exchange Commission.
The reserve estimates provided in this release are estimates only, and
there is no guarantee that the estimated reserves will be recovered.
Actual reserves may eventually prove to be greater than, or less than,
the estimates provided herein. Statements relating to reserves are by
their nature forward-looking statements.
Readers are cautioned that the exploration resources disclosed in this
press release are not necessarily indicative of long term performance or
of ultimate recovery. Unrisked prospective resources are not risked for
change of development or chance of discovery. If a discovery is made,
there is no certainty that it will be developed or, if it is developed,
there is no certainty as to the timing of such development. There is no
certainty that any portion of the Prospective Resources will be
discovered. If discovered, there is no certainty that it will be
commercially viable to produce any portion of the resources. Prospective
Resource volumes are presented as unrisked.
Stacy Steimel – Shareholder Value Director
T: +562 2242 9600
Levy – Sard Verbinnen & Co
New York, USA
T: +1 (212)
Markovich – Sard Verbinnen & Co
New York, USA
T: +1 (212)