ONGC Videsh makes new oil discovery in Colombia
ONGC Videsh Limited is the wholly-owned subsidiary and overseas arm of Oil and Natural Gas Corporation Limited (ONGC)
ONGC is a Maharatna company of India; ONGC Videsh is the first Indian company to produce equity oil and gas abroad; pic - ONGC
ONGC Videsh Limited (OVL), the wholly-owned subsidiary and overseas arm of Oil and Natural Gas Corporation Ltd. (ONGC), has discovered oil in its recently drilled well in Colombia.
“Oil discovery in the Lower Mirador play in this well opens up new areas for further exploration in the northern part of the block,” said ONGC Videsh in an official statement.
It had earlier discovered commercial oil in two wells in Colombia in 2017 and 2018, which are currently commercially producing around 20,000 bbl oil per day.
ONGC Videsh has a significant presence in the oil & gas sector in Colombia. Oil discovery in a new play in the block reiterates the technical and operational prowess of ONGC Videsh, said the company.
ONGC is the largest crude oil and natural gas company in India, and accounts for about 71% to Indian domestic production. Crude oil is the raw material used by downstream companies like IOC, BPCL, HPCL and MRPL (last two are subsidiaries of ONGC) to produce petroleum products like petrol, diesel, kerosene, naphtha, and cooking LPG.
ONGC Videsh Limited’s primary business is to prospect for oil and gas acreages outside India. It owns participating Interests in 35 oil and gas assets in 15 countries, and produced about 30.3% of oil and 23.7% of oil and natural gas of India’s domestic production in 2019-20.
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