ONGC Videsh Ltd. (OVL) strikes oil in Colombia
Dated : 21 January 2013 07:35:11 AM
ONGC Videsh Limited (OVL), a 100% subsidiary company of Oil and Natural Gas Corporation Limited (ONGC), is operator of an exploration block CPO-5 in Colombia in which it has 70% participating interest. The CPO-5 block is located on land in llanos basin of Colombia and is presently under phase 1 of exploration having commitment of drilling 2 exploratory wells. The first of the two commitment wells i.e. Kamal-1X was spudded on October 29, 2012 and drilled up to the target depth of 10,500 feet. Based on analysis of drilling and well log data, two objects were released for production testing within the primary target horizon of Mirador Formation. The first of the two objects, in the interval 9643-9649 feet, produced oil varying in rate from 120 BOPD to 300 BOPD through bean sizes of 24/64” and 64/64”. The oil is heavy in nature with API gravity of about 14.
To assess the potential and commerciality of the oil find, extended production testing will be taken up in due course for the remaining object within Upper Mirador Formation at a depth of 9533 feet.
Meanwhile, the Company is gearing up for spudding the second commitment well in the block in January 2013. The results from the two wells will lead to increase in exploratory efforts in the block which has an inventory of exploration leads based on the studies made so far.
Oil and Natural Gas Corporation Ltd.
Corporate Communications, New Delhi,