Oil & Natural Gas Corporation Ltd.

ONGC’s overseas investment arm ONGC Videsh (OVL) has discovered oil in Colombia.  The entity did initial assessment of the well drilled in the block CPO-5 had produced oil varying in rate from 120 barrels of oil per day (BOPD) to 300 BOPD. The oil found in the well is heavy in nature with API gravity of about 14.

The CPO-5 block is located on land in llanos basin of Colombia and is under phase 1 of exploration having commitment of drilling two exploratory wells.  OVL is the operator of the block having 70% participating interest.