OVL holds 70 pc stake in onshore block, CPO-5
BBN Report
NEW DELHI/December 04, -2020: ONGC Videsh Ltd (OVL), the wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Ltd (ONGC), a company majority owned by the Government of India, has made a significant strike of oil in its onshore block CPO-5, Colombia, in Llanos Basin, according to a company statement.
OVL is an operator in the block with 70 per cent stake along with its partner, Geopark Ltd, a Latin American independent oil & gas explorer, with the remaining 30 per cent stake.
The well, Indico-2, lies approximately 0.9 kmts northwest of the well Indico-1 in subsurface and was spudded (initial drilling) on September 21, 2020.
The statement said that the target depth of 10,925 ft reached on October 20, 2020. The well has encountered a net pay of 147 ft in the LS-3 reservoir of Une Formation (Cretaceous) which during initial testing produced oil of 35.2 degrees API in commercial quantity at 6,300 BOPD (barrels of oil per day), with negligible BS&W (basic sediment & water) of 0.11 per cent.
“Currently the Well is flowing under Short Term Testing with multi bean study for further evaluation,” the official release elaborated further.
Fourth commercial find for OVL
ONGC said 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 5200 BOPD with a cumulative production of over three million barrels of oil so far.
CPO-5 is a large on-land block covering an area of 1,992 sq kmts and offers multi-play ‘Exploratory & Appraisal’ opportunities. The company said it now plans to drill more wells to explore the other plays in the block in the immediate future itself.
OVL is also undertaking additional 3D Seismic data to map more drillable prospects in the other sectors of the block.
OVL has a significant presence in Colombian Oil & Gas sector and holds participating interest in seven exploratory blocks in addition to two producing blocks with 50 per cent stake in the JV Company, Mansarovar Energy Colombia Ltd (MECL).
