ONGC Videsh Ltd, the overseas arm of state-owned Oil & Natural Gas Corp , has discovered oil in the very first well it drilled on an onland block in Colombia.
OVL's first well on the Block CPO-5 struck oil at two places and produced 120-300 barrels per day on testing, the company said in a statement.
"The oil is heavy in nature with API gravity of about 14," it said. "To assess the potential and commerciality of the oil find, extended production testing will be taken up in due course".
OVL is the operator of exploration block CPO-5 in Colombia with 70 per cent stake. The CPO-5 block is located on land in llanos basin of Colombia and is presently under phase 1 of exploration. It has committed to drill 2 exploratory wells in this phase.
OVL drilled first of the two commitment wells i.e.
Kamal-1X on October 29, 2012 and drilled up to the target depth of 10,500 feet.
The company is gearing up for spudding the second well in the block this month.
"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," the statement said.
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