India Strikes New Deal To Expand In Colombia

India and Colombia have signed a Memorandum of Understanding (MoU) paving the way for an expansion of India's presence in the country's upstream and downstream oil segments. The MoU was signed by the Indian oil minister Murli Deora and the Colombian energy and mines minister Hernán Martínez Torres and lays out a plan for joint participation in exploration and production (E&P), as well as refining, marketing and liquefied natural gas (LNG) projects. In addition, the deal provides for collaboration between the two countries' national oil companies (NOCs) in exploration ventures in third countries.

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