ONGC Videsh Limited (OVL), a wholly owned subsidiary of Oil and Natural Gas Corporation Ltd (ONGC), has announced that it has made a significant strike of oil in its onshore CPO-5 block, which is located in Colombia’s Llanos Basin.
CPO-5 offers multiplay exploratory and appraisal opportunities, according to OVL, which says it now plans to drill more wells to explore other plays in the block in the immediate future. The company noted that it is undertaking additional 3D seismic data to map more drillable prospects in the other sectors of the block.
OVL is the operator of the CPO-5 block with a 70 percent interest. Geopark Ltd, an independent oil and gas company focused on Latin America, owns the remaining 30 percent stake.
In October last year, OVL revealed that the Sol-1 well in block CPO-5 had encountered oil bearing sands. The company said the Sol-1 oil discovery confirmed the extent of oil pay further south of the block.
OVL is the overseas arm of ONGC, which is described as the flagship national oil company of India. The primary business of OVL is to prospect for oil and gas acreages outside India, including exploration, development and production. OVL owns participating interests in 37 oil and gas assets in 17 countries and produced about 30.3 percent of India’s oil and 23.7 percent of the country’s oil and natural gas in 2019-20, according to its website.
