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ONGC’s overseas arm achieves significant discovery of oil in onshore well

05 Jan 2019 Evaluate

Oil and Natural Gas Corporation’s (ONGC) wholly owned subsidiary and overseas arm ONGC Videsh (OVL) has achieved a significant discovery of oil in its onshore block CPO-5, Colombia, in Llanos Basin. OVL holds 70% stake in the block along with its Partner Petrodorado South America S.A. Sucursal (PDSA), Colombia (30%).

OVL had earlier discovered commercial oil of 40 API in LS-3 sands in the well Mariposa-1 in 2017, which is located 6.5 km from Indico-1, and the continuation of same play is confirmed in the recent well. The Company now plans to drill more exploratory wells to chase this important Cretaceous elastic corridor in immediate future. OVL gets on acquiring additional 3D Seismic data to map more drillable prospects in the other sectors of the block.

ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.

ONGC Share Price

279.25 -4.70 (-1.66%)
08-May-2026 16:59 View Price Chart
Peers
Company Name CMP
ONGC 279.25
Oil India 454.40
Jindal Drilling&Inds 535.85
Deep Industries 457.70
Asian Energy Service 297.85
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