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    HomeBusinessONGC Videsh discovers oil in Colombia

    ONGC Videsh discovers oil in Colombia

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    The block was awarded to OVL in the 2008 bid round of Colombia. OVL holds 70% participating interest in the block along with operatorship. The remaining 30% stake in the block is held by its partner Geopark.

    ONGC Videsh (OVL), the overseas arm of Oil and Natural Gas Corporation (ONGC), has made an oil discovery in the recently drilled well Urraca-IX, in CPO-5 block, Llanos Basin, Colombia.

    The block was awarded to OVL in the 2008 bid round of Colombia. OVL holds 70% participating interest in the block along with operatorship. The remaining 30% stake in the block is held by its partner Geopark.

    “During initial testing with electrical submersible pump (ESP), fluid flowed at the rate of approx. 600 barrel/day. Oil discovery in the Lower Mirador play in this well opens up new areas for further exploration in the northern part of the block,”the government said in a statement.

    OVL had earlier discovered commercial oil in the Lower Sand pay in Mariposa and Indico fields in the block in 2017 and 2018 respectively, which are currently commercially producing around 20,000 barrels of oil daily.

    With three other exploratory blocks in the country and joint ownership of the oil producing company Mansarovar Energy Colombia (MECL), OVL has a significant presence in Colombia’s oil and gas sector.

    The latest discovery will further enhance its presence in the African nation.

    OVL now has stake in 35 oil and gas projects in 15 countries. Of these, it produces oil & gas from 14 assets, hydrocarbons have been discovered in four assets, and exploration is at various stages in 14 assets while three projects are in the pipeline.

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