India Business Journal - OVL finds oil in Columbia block

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OVL finds oil in Columbia block

IBJ Bureau
Dec 30, 2020

ONGC Videsh (OVL), the overseas investment arm of State-owned Oil and Natural Gas Corporation (ONGC), has made an oil discovery in an onshore block in Colombia. OVL struck oil while drilling an appraisal well, Indico-2, in CPO-5 block in Llanos Basin of Colombia, the company has said in a statement. OVL is the operator in the block with 70 per cent stake. Geopark, an independent oil company, has the remaining 30 per cent interest. Indico-2 is likely to produce oil at the rate of 6,300 barrels per day. OVL has a stake in seven exploratory blocks in Colombia, in addition to two producing blocks.