ONGC Videsh (OVL), the wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation (ONGC), the national oil company of India has registered a significant discovery of oil in its onshore block CPO-5, Colombia, in Llanos Basin. OVL, which is the operator, holds 70 percent stake in the block along with its partner Petrodorado South America S.A. Sucursal (PDSA), Colombia (30%).
The well Indico-1 was spudded on November 7, 2018 and completed the drilling on December 15, 2018. Currently, the well is under short-term testing with multi-bean study for further evaluation. Importantly, OVL had earlier discovered commercial oil of 40 degree API in LS-3 sands in the well Mariposa-1 in 2017, which is located 6.5 km from Indico-1, and the continuation of same play is confirmed in the recent well. The company now plans to drill more exploratory wells to chase this important Cretaceous elastic corridor in immediate future. OVL is also embarking on acquiring additional 3D Seismic data to map more drillable prospects in the other sectors of the block.
OVL has a significant presence in Colombian Oil & Gas sector and holds Pl (Participating Interest) in 6 exploratory blocks. The oil company also holds 50 percent stake in a JV with Mansarovar Energy Colombia (MECL).