ONGC Videsh Limited(OVL), the overseas investment arm of ONGC, has recorded discoveries of oil in its onshore exploration block CPO-5, Colombia in the Llanos basin and major gas in the deep offshore exploration block BM-SEAL-4, Brazil in the Sergipe Alagoas Basin.
Oil discovery in Colombia
In a statement issued here OVL said, 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 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.
ONGC Videsh, as Operator, holds 70% per cent participating interest (PI) in CPO-5 block. The balance 30 per cent PI is owned by Petrodorado South America S.A., Sucursal (PDSA), Colombia.
Gas discovery in Brazil
Petrobras as operator of BM-SEAL-4 consortium with ONGC Videsh, completed drilling of the well Moita Bonita-2 in deep offshore Brazil located in the Moita Bonita Area (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. Drill Stem Test (DST) was performed in the gas carrier interval 5252m to 5291m, and the result showed good production from the reservoir.
Petrobras is the Operator of the consortium (75 per cent PI) and partners ONGC Videsh (25 per cent PI). The consortium plan to continue the operational activities to evaluate the discovery to ascertain its commerciality.
ONGC Videsh has a significant presence in oil & gas sector of Brazil and Colombia. It holds stakes in seven exploratory blocks. In addition, ONGC Videsh is the joint owner of the oil producing company Mansarovar Energy Colombia Ltd (MECL) along with its partners Sinopec of China. In Brazil, ONGC Videsh holds 27 per cent PI in the offshore BC-10 block.
ONGC Videsh assets
OVL currently has stake in 41 operational oil and gas projects across 20 countries. Currently, it has oil and gas production from 15 assets, 4 assets where hydrocarbons have been discovered and are at various stages of development, 18 assets are under various stages of exploration and 4 projects are pipeline projects.
In financial year 2018-2019, OVL reported a production of 14.83 million tonne of oil equivalent (mtoe) crude oil and natural gas, up from 14.16 mtoe in financial year 2017-2018.