ONGC Videsh Ltd (OVL) has achieved its second consecutive success in Colombia’s onshore well, Indico-1X.

A company statement said that OVL has registered a significant discovery of oil in its onshore block CPO-5, Colombia, in Llanos Basin. OVL, which is the Operator, holds 70 per cent stake in the block along with its Partner Petrodorado South America S.A. Sucursal (PDSA), Colombia (30 per cent).

OVL is a wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation (ONGC).

The well Indico-1 completed drilling on December 15, 2018. The well was found to be oil bearing at a depth of 9,833 feet. Currently the well is under Short Term Testing with multi bean study for further evaluation, the company statement said.

OVL had earlier discovered commercial oil in the well Mariposa-1 in 2017, which is located 6.5 km from Indico-1, and the continuation of same play is confirmed in the recent well.

“The company now plans to drill more exploratory wells to chase this important Cretaceous clastic corridor in immediate future. OVL is also embarking on acquiring additional 3D Seismic data to map more drillable prospects in the other sectors of the block,” the statement added.