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ONGC and SINOPEC’s joint acquisition of producing Colombian Oil Assets
21 September, 2006

A 50:50 joint venture comprising a subsidiary of ONGC Videsh Limited (“ONGC-VL”) and a subsidiary of Sinopec International Petroleum Exploration and Production Corporation (“SIPC”) has acquired Omimex de Colombia Ltd. ("Omimex”) from Texas based Omimex Resources, Inc for an undisclosed sum.

Omimex has oil & gas operations exclusively in Colombia, which include onshore production and exploration areas with gross proved reserves of more than 300 million barrels of oil and current production at approximately 20,000 barrels of oil per day.  Omimex's assets constitute a 100% interest in the light oil Velasquez fee mineral property and a 50% interest in the Nare and Cocorna association contracts where the Colombian national oil company, Ecopetrol S.A. (“Ecopetrol”) holds the remaining 50%.  Omimex also owns 100% of the Velasquez-Galan pipeline, which runs 189 km from the Velasquez property to Ecopetrol's Barrancabermeja refinery.

This is the first acquisition made jointly by ONGC-VL and SIPC.

About ONGC-VL

ONGC–VL  is a wholly owned subsidiary of the Oil and Natural Gas Corporation Limited (“ONGC”), India's largest corporation by market capitalisation (approximately US$36 billion) as well as India's first integrated oil and gas major.  ONGC-VL is engaged in the exploration and production of oil and gas in territories outside India. Today, ONGC-VL is second, only to its parent ONGC, with respect to the quantity of oil reserves held by an Indian company.  Prior to this acquisition, ONGC-VL had 24 overseas assets in 14 countries and is actively seeking more opportunities around the world.

About SIPC

Founded in January 2001, SIPC is a wholly-owned subsidiary of China Petrochemical Corporation (“Sinopec Group”).  Sinopec Group is a major petroleum and petrochemical entity incorporated in July 1998 on the basis of the former China Petrochemical Corporation. Sinopec Group is China’s largest producer and supplier of oil products (including gasoline, diesel and jet fuel) and major petrochemical products (including petrochemical intermediates, synthetic resin, synthetic fiber monomers and polymers, synthetic fiber and chemical fertilizer). It is also the second largest crude oil producer in China.  SIPC is the sole specialized subsidiary of the Sinopec Group responsible for overseas investments and operations in the upstream and downstream sectors. With a global workforce of over 1100 SIPC has 16 functional departments and more than 20 overseas branches around the world.  SIPC continues to look for global opportunities that play to its strengths and adhere to the principle of energy diversification.

About Omimex

Omimex Resources, Inc., which owns 100% of the stock of Omimex de Colombia, Ltd., is a privately held oil and gas exploration and production company with operations in the United States, Canada and Colombia.

ONGC-VL is advised by UBS Investment Bank, SIPC by Citigroup Global Markets Ltd and Omimex Resources, Inc. by Scotia Waterous.

CONTACT DETAILS

ONGC-VL:       Joeman Thomas, +91 11 4129 1301

SIPC:          Duan Zhibin, +861 08231 0847

Omimex:    Naresh K. Vashisht,  +1 817 735 1500



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