ONGC Videsh (OVL), the overseas arm of Indian state-owned oil and gas company ONGC, has made its fourth commercial oil discovery in Colombia.
The company hit oil at its onshore block CPO-5 located in Llanos Basin by drilling Indico-2 well, situated around 900m northwest of the well Indico-1.
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The well, spud on 21 September, was drilled to a target depth of 10,925ft. It encountered a net pay of 147ft in the LS-3 reservoir of Une Formation (Cretaceous).
During initial testing, it produced oil of 35.2° API in commercial quantity at the rate of 6,300 barrels of oil per day (BOPD), with basic sediment and water (BSW) of 0.11%.
Currently, the well is flowing under short term testing with multi bean study for further assessment.
CPO-5 is a large onshore block spanning an area of 1,992km². OVL operates the block with a 70% stake. The remaining interest is with Geopark, an independent oil and gas company focused in Latin America.
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By GlobalDataOVL first discovered light oil in the block by drilling Indico-1X in the Indico field during December 2018. To date, the well has delivered more than three million barrels of oil, demonstrating a sustained flow at the rate of 5,200BOPD.
The company now plans to drill additional wells to evaluate other plays, as well as conduct a 3D seismic data procurement programme to identify drillable prospects in the other sectors of the block.
In October, it was reported that the merger of ONGC subsidiaries Mangalore Refinery and Petrochemicals (MRPL) and Hindustan Petroleum (HPCL) will close in the next financial year.
