New Delhi: Oil and Natural Gas Corporation (ONGC), the leading Indian company in the oil and natural gas sector, found a huge oil reserve in the Latin American country of Colombia. ONGC Videsh (OVL) has a 70% stake in the CPO-5 block, in the Llanos Basin in Colombia and it is reported that a massive oil stock has been found there, during exploration.
OVL is carrying out oil exploration work in seven blocks in the marshlands, in the Llanos Basin, in Colombia. OVL has a 70% stake in these blocks. OVL is carrying out joint exploration with another company, at a 50% stake, in two other blocks. Out of the seven blocks, oil reserves have been found in the CPO-5 block. While digging in the Indico-2 well, oil was found at 147 feet.
As per initial estimates, 6,300 barrels of oil can be extracted per day. In the same block, OVL found major oil reserves even in the Indico-1 well. This well is producing 5,200 barrels of crude oil per day. CPO-5, the region under exploration, is spread over 1,992 square kilometres and OVL is preparing to dig more wells in this region. Therefore, there is a possibility of OVL stumbling upon more oil reserves in this region, in the future. As of today, OVL controls 37 oil blocks in 27 countries. OVL accounts for 30.3% of oil and 13.7% of natural gas production in the country.