ONGC Videsh announces new oil discovery in Colombia

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ONGC Videsh Limited (OVL), the wholly-owned subsidiary and overseas arm of Oil and Natural Gas Corporation Ltd. (ONGC), on June 23 announced that it has made an oil discovery in the Llanos Basin region of Colombia.

The company, in its press release, said, it has made an "oil discovery in the recently drilled well, Urraca-IX, in CPO-5 block, Llanos Basin, Colombia. Well, Urraca-1X was spudded on 20th April 2022 and drilled to target depth (TD) of 10956 ft., encountering 17 ft thick oil-bearing sands at a depth from 10201ft -10218 ft. During initial testing with Electrical Submersible Pump (ESP), fluid flowed @ approx. 600 bbl./day with around 40-50% W/C and oil of 16oAPI. Oil discovery in the Lower Mirador play in this well opens up new areas for further exploration in the northern part of the block."

ONGC Videsh had earlier discovered oil in Mariposa and Indico fields, which are currently commercially producing 20,000 bbl of oil per day. The oil was discovered in 2017 and 2018, respectively.

Block CPO-5 was awarded to ONGC Videsh Limited in 2008. ONGC holds 70 percent of the participating interest (PI) and operatorship of the Block and its partner Geopark holds the remaining 30 percent, according to the release.

With three other exploratory blocks in the nation and joint ownership of the oil-producing company Mansarovar Energy Colombia Ltd, ONGC Videsh has a significant presence in the oil & gas sector in Colombia (MECL).

"Oil discovery in a new play in the block with the well Urraca-1X reiterates the technical and operational prowess of ONGC Videsh and adds one more feather to its cap towards the extensive Exploration and Drilling campaign in Colombia," the firm noted in its release.