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OVL finds oil in Colombia block

OVL finds oil in Colombia block

ONGC Videsh (OVL), which has 70 per cent participating interest in an onshore oil block at llanos basin of Colombia, said it discovered oil in the block.

The firm secured the block in the 2008 bidding round in Colombia with 100 per cent participating interest. Later in 2010, OVL divested the 30 per cent participating interest to Petrodorado.

The overseas investment arm of ONGC is developing the CPO-5 block under phase 1 of exploration. The firm has commitment of drilling two exploratory wells.

Initial assessment of the well drilled in the block CPO-5 produces oil varying in rate from 120 barrels of oil per day (BOPD) to 300 BOPD. The oil is heavy in nature with API gravity of about 14, the company said in a statement.

On October 29, the first of the two wells — Kamal-1X— was spudded and drilled up to the target depth of 10,500 feet.

The company would conduct extended production testing in due course for the remaining object within Upper Mirador Formation at a depth of 9,533 feet. This would enable it to assess the potential and commerciality of the oil find.

Meanwhile, the company is gearing up for spudding the second well in the block. The results from the two wells will lead to increase in exploratory efforts in the block which has an inventory of exploration leads based on the studies made so far.

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