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 has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.