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Ongc Videsh strikes oil in the Colombian bloc


ONGC Videsh Ltd (OVL), the overseas investment arm of state-owned Oil and Natural Gas Corporation (ONGC), announced on Thursday that it had made an oil discovery in an onshore block in Colombia.

OVL has found oil in the recently drilled well, Urraca-IX, in Block CPO5, Colombia’s Llanos Basin, the company said in a statement. In initial tests with an electric submersible pump, the fluid flowed about 6,000 barrels per day with about 40-50 percent W/C and 16 API oil, he added.

OVL is the block operator with a 70% stake. Geopark Ltd, an independent oil and gas company focused on Latin America, owns the remaining 30%. Block CPO-5 was awarded to OVL in Colombia’s 2008 tender.

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The discovery of oil in the lower part of the Mirador in this well opens up new exploration areas in the northern part of the block. ONGC Videsh previously discovered commercial oil in the Lower Sand fields at Mariposa and Indico in the block in 2017 and 2018 respectively, which are currently commercially producing 20,000 barrels of oil per day, the company said.

OVL holds an interest in 7 exploratory blocks in Colombia. These are in addition to two production blocks with 50% in the JV company, Mansarovar Energy Colombia Ltd (MECL).

First post: STI

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