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Oil & Natural Gas Corporation Ltd.
BSE: 500312 | NSE: ONGC
Large Cap | Oil Exploration
241.15
-1.85 (-0.76%) ONGC’s arm strikes commercial oil in appraisal well ‘Indico2’ in CPO-5 block, Colombia
Date: 05-12-2020Oil and Natural Gas Corporation’s (ONGC) wholly owned subsidiary and overseas arm -- ONGC Videsh (OVL) has made a significant strike of oil in its onshore block CPO-5, Colombia, in Llanos Basin. OVL is Operator in the block with 70% stake along with its Partner Geopark (30% stake) an independent oil and gas company focussed in Latin America.
The well ‘Indico-2’ lies approximately 0.9 km northwest of the well Indico-1 in subsurface and was spudded on September 21, 2020. The target depth of 10,925 ft reached on October 20, 2020.
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.