ONGC Videsh makes oil discovery in Llanos Basin, Colombia

Image
Capital Market
Last Updated : Jun 23 2022 | 5:50 PM IST
ONGC Videsh, the wholly owned subsidiary of Oil & Natural Gas Corpn has made an oil discovery in the recently drilled well, Urraca-IX, in CPO5 block, Llanos Basin, Colombia.

Block CPO-5 was awarded to ONGC Videsh in the 2008 bid round of Colombia. ONGC Videsh holds 70% participating interest (PI) in the block along with operatorship, remaining 30% is held by partner Geopark.

ONGC Videsh has a significant presence in oil & gas sector in Colombia, with three other exploratory blocks in the country and joint ownership of the oil producing company Mansarovar Energy Colombia (MECL).

ONGC Videsh has earlier discovered commercial oil in the Lower Sand pay in Mariposa and Indico fields in the block in 2017 and 2018 respectively, which are currently commercially producing @ 20,000 bbl oil per day.

Powered by Capital Market - Live News

Disclaimer: No Business Standard Journalist was involved in creation of this content

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Jun 23 2022 | 5:02 PM IST

Next Story