ONGC Videsh Reveals New Oil Discovery In Columbia

In a serious improvement, ONGC Videsh Restricted (OVL), the wholly owned subsidiary and abroad arm of Oil and Pure Fuel Company Ltd. (ONGC) has revealed on June 23 that it had made an oil discovery in Llnos Basin area of Columbia.

In its press launch on BSE the corporate stated, “It has made an oil discovery within the not too long ago drilled properly, Urraca-IX, in CPO5 block, Llanos Basin, Colombia. Effectively, Urraca-1X was spudded on twentieth April 2022 and drilled to focus on depth (TD) of 10956 ft., encountering 17 ft thick oilbearing sands at a depth from 10201ft -10218 ft.”
Throughout preliminary testing with Electrical Submersible Pump (ESP), fluid flowed @ approx. 600 bbl./day with round 40-50% W/C and oil of 16o API. Oil discovery within the Decrease Mirador play on this properly opens up new areas for additional exploration within the northern a part of the block.”

ONGC Videsh has earlier found business oil within the Decrease Sand pay in Mariposa and Indico fields within the block in 2017 and 2018 respectively, that are at present commercially producing @ 20,000 bbl oil per day.

Block CPO-5 was awarded to ONGC Videsh Restricted within the 2008 bid spherical of Colombia. ONGC Videsh holds 70% collaborating curiosity (PI) within the block together with operatorship, remaining 30% is held by associate Geopark. ONGC Videsh has a big presence in oil & gasoline sector in Colombia, with three different exploratory blocks within the nation and joint possession of the oil producing firm Mansarovar Vitality Colombia Ltd (MECL).

The present share worth of ONGC is Rs 134 apiece with a destructive return of 0.04 in right this moment’s commerce. The corporate has a market capitalization of Rs 169,582 crore. It’s a firm with robust financials.