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ONGC Videsh makes two new oil discoveries in Colombia, Brazil

ONGC Videsh struck an oilfield in Colombia and a major natural gas discovery in the deep offshore exploration in Brazil thereby strengthening its reserves in Latin America. Earlier in 2017 and 2018, OVL had discovered Mariposa-1 and Indico-1.

, ET Bureau|
Updated: Oct 16, 2019, 01.58 PM IST
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Agencies
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New Delhi: ONGC Videsh, the overseas arm of the state-run Oil and Natural Gas Corp, has made a major gas discovery in Brazil and an oil discovery in Colombia, the company said in a statement on Wednesday.

“Well Sol-1, in the block CPO-5 encountered the oil bearing sands of 8 meters at a depth of 2852m. Oil discovery in Sol-1 confirms the extent of oil pay further south of the block,” ONGC Videsh, the operator of the CPO-5 block in Colombia, said. ONGC Videsh owns 70% participating interest in CPO-5 block while the balance 30% is owned by Colombia’s Petrodorado South America S.A., (PDSA).

ONGC Videsh had earlier discovered commercial oil in the same pay in wells Mariposa-1 and Indico-1 in 2017 and 2018, respectively. Both the wells are under production now.

In Brazil, the consortium of Petrobras and ONGC Videsh completed drilling of the well Moita Bonita-2 in deep offshore block BM-SEAL-4 at a water depth of 2629m and encountered gas bearing sand of total thickness of 39m at the depth of 5227m and oil bearing sand of total thickness of 24m at deeper depths, as per the statement.

Petrobras is the operator of the consortium with 75% participating interest and ONGC Videsh owns 25%. “The consortium plan to continue the operational activities to evaluate the discovery to ascertain its commerciality,” the company said.

ONGC Videsh has a significant presence in oil and gas sector of Brazil and Colombia and holds stakes in seven exploratory blocks.

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