OVL reports second consecutive oil discovery in Colombia oil block
07 January 2019
ONGC Videsh Ltd (OVL), the overseas arm of state-run oil and gas explorer Oil and Natural Gas Ltd (ONGC), has reported a second consecutive discovery of oil in Colombia’s onshore well, Indico-1X.
“OVL has registered a significant discovery of oil in its onshore block CPO-5, Colombia, in Llanos Basin, a company statement said.
OVL, which is the Operator of the block, holds 70 per cent stake in the block while its Partner Petrodorado South America SA Sucursal (PDSA), Colombia holds the remaining 30 per cent.
OVL is a wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation (ONGC).
The well Indico-1 completed drilling on 15 December 2018. The well was found to be oil bearing at a depth of 9,833 feet. Currently the well is under short term testing with multi bean study for further evaluation, the company statement said.
OVL had earlier discovered commercial oil 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 clastic 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,” the statement added.