ONGC strikes oil in Colombia

ONGC Videsh Limited (OVL), a wholly owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), has struck oil in an onshore field in Colombia.

OVL is the operator of exploration block CPO-5 in which it holds a 70-per cent stake, with Canada's  Petrodorado Energy holding the rest.

The CPO-5 block is located on land in llanos basin of Colombia and is presently under phase 1 of exploration having commitment of drilling 2 exploratory wells.

The first of the two commitment wells, Kamal-1X was spudded on 29 October 2012 and drilled up to the target depth of 10,500 feet. The oil found in it is heavy in nature with API gravity of about 14.

OVL said that to assess the potential and commerciality of the oil find, extended production testing will be taken up in due course for the remaining area within Upper Mirador Formation at a depth of 9,533 feet.

Meanwhile, the company is gearing up to spud the second commitment well in the block in January 2013.