ONGC Videsh makes fourth commercial oil find in its Colombian block

Topics ONGC Oil | ONGC Videsh | oil and gas

The company added light oil was discovered in the first well “Indico-1X” in the Indico field in December 2018.
Oil Natural Gas Corporation (ONGC) on Friday announced its overseas subsidiary struck commercial oil in one of its Colombian blocks. This is the fourth commercial find in the block by ONGC Videsh.

In its statement, ONGC said ONGC Videsh (OVL) has made a significant strike of oil in its onshore block CPO-5, Colombia, in Llanos Basin. 

The firm said: “Currently, the well (Indico-2) is flowing under short-term testing with multi-bean study for further evaluation.”

OVL is the operator in the block with a 70 per cent stake, along with its partner Geopark, an independent oil and gas company focused in Latin America.

The company added light oil was discovered in the first well “Indico-1X” in the Indico field in December 2018. 

“(So far) it has demonstrated a sustained flow at 5,200 barrels of oil per day, with a cumulative production of over 3 million barrels of oil,” the statement said.

ONGC said the company plans to drill more wells to explore the other plays in the block shortly. OVL is also undertaking additional 3D seismic data to map more drillable prospects in the other sectors of the block. CPO-5 block is a large on-land block covering an area of 1,992 km2.

Overall, ONGC Videsh holds a participating interest in seven exploratory blocks in the Colombian oil and gas sector. Besides, it has an interest in two other producing blocks through a 50 per cent stake in JV company Mansarovar Energy Colombia




Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel