ONGC Videsh Limited (OVL) has reported striking oil in its onshore block CPO-5, Colombia, in Llanos Basin.
A company statement said that OVL is the operator in the block with 70 per cent stake along with its Partner Geopark Ltd (with 30 per cent stake), an independent oil and gas company focussed in Latin America.
The well Indico-2 lies approximately 0.9 km northwest of the well Indico-1 in subsurface and was spudded on September 21, 2020. Currently, the Well is flowing under short-term testing with multi- bean study for further evaluation. This is the fourth commercial find in the block by OVL. The light oil was discovered in the first well Indico-1X in the Indico field during December 2018, and to-date it has demonstrated a sustained flow at 5,200 barrels of oil per day with a cumulative production of over three million barrels of oil so far.
CPO-5 is a large onland block covering an area of 1,992 square km and offers multi-play Exploratory and Appraisal opportunities. The company now plans to drill more wells to explore the other plays in the block in immediate future.
OVL is also undertaking additional 3D Seismic data to map more drillable prospects in the other sectors of the block, the statement said.