ONGC Videsh, the wholly owned subsidiary of Oil & Natural Gas Corpn has made an oil discovery in the recently drilled well, Urraca-IX, in CPO5 block, Llanos Basin, Colombia.
Block CPO-5 was awarded to ONGC Videsh in the 2008 bid round of Colombia. ONGC Videsh holds 70% participating interest (PI) in the block along with operatorship, remaining 30% is held by partner Geopark.
ONGC Videsh has a significant presence in oil & gas sector in Colombia, with three other exploratory blocks in the country and joint ownership of the oil producing company Mansarovar Energy Colombia (MECL).
ONGC Videsh has earlier discovered commercial oil in the Lower Sand pay in Mariposa and Indico fields in the block in 2017 and 2018 respectively, which are currently commercially producing @ 20,000 bbl oil per day.