Colombia has taken back a part of the oil property OVL and China's Sinopec had together acquired for $850 million two years ago. The Colombian national oil company, Ecopetrol, last week took control of the Teca oilfield that was part of Omimex de Colombia which OVL-Sinopec consortium had acquired from Texas-based Omimex Resources in September 2006, industry sources said.
Mansarovar Energy Colombia, the 50:50 JV between OVL and Sinopec International, has disputed the decision and taken Colombia to arbitration.
Colombia believes that the licence for the Teca field, which on an average produced 2,200 barrels of heavy crude oil per day, has expired while Mansarovar feels the contract remained valid till 2011, sources said.
