New oil discovery by ONGC Videsh Limited in Colombia
ONGC Videsh Limited (OVL) recently discovered oil in a drilled well, Urraca-IX, in Colombia.
- The well was spudded on April 20, 2022 and was drilled to target depth of 10,956 feet. It encountered 17 feet thick oil-bearing sands at the depth from 10201-10218 feet.
- While testing with Electrical Submersible Pump (ESP) initially, fluid flowed at around 600 barrels/day.
- Oil discovery in Lower Mirador play in the well has opened up new areas to further explore in northern part of the block.
- Earlier, the ONGC Videsh had discovered commercial oil in Lower Sand play of Indico and Mariposa fields in 2018 and 2017 respectively. Both the fields are commercially producing 20,000-barrel oil per day, currently.
ONGC Videsh Limited was awarded with Block CPO-5 in 2008 bid round of Colombia. The organisation holds 70% participating interest in this block along with operatorship. On the other hand, 30% participating interest is held by partner Geopark.
ONGC Videsh in Colombia
ONGC Videsh is significantly present in oil and gas sector of Colombia, along with 3 other exploratory blocks and joint ownership of oil producing Mansarovar Energy Colombia Ltd (MECL) company.
ONGC Videsh Limited
It is a Mini-Ratna Schedule “A” Central Public Sector Enterprise (CPSE), operating under the administrative control of Ministry of Petroleum & Natural Gas. It is the overseas arm and wholly owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC). The primary business of the subsidiary is to explore, develop and produce oil and gas acreages outside India. It owns Participating Interests in 35 oil and gas assets across 15 countries. It is involved in producing around 30.3% of oil and 23.7% of oil and natural gas of domestic production in India during 2019-20. It is the second largest petroleum company in India, in terms of reserves and production.
Month: Current Affairs - June, 2022
Category: International / World Current Affairs
Topics: ONGC Videsh Ltd (OVL)
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