New Oil Discoveries in Colombia

///New Oil Discoveries in Colombia

New Oil Discoveries in Colombia

Please find below the latest news on the recent finding of oil in Colombia.

ONGC Videsh Finds More Oil In Colombia

India’s ONGC Videsh Ltd. (OVL), the wholly owned subsidiary and overseas arm of Oil and Natural Gas Corp. Ltd. (ONGC), said it has found more oil in Colombia’s CPO-5 Block in the Llanos Basin.

The Indico-1 well hit oil in the Lower Sands (LS-3) of the Une Formation (Cretaceous). The well was successfully logged and found to have 284 ft of gross thickness and 241 ft net pay, OVL said in a news release Jan. 6.

A 40-ft interval of the upper part of LS-3 reservoir was perforated and completed for production in self-flow. During the test, the well flowed at self-flow rate of about 4,000 barrels per day, OVL said.

The well was spudded on Nov. 7, 2018, and drilling was completed on Dec. 15. Currently, testing is underway at the well, the company said.

The discovery marked the second for the company in Colombia. OVL found commercial quantities of oil in the LS-3 sands in 2017 with the Mariposa-1 well, located 6.5 km from Indico-1. The latest well confirmed the continuation of the same play, OVL said.

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

ONGC Videsh has a 70% stake in the block. Partner Petrodorado South America S.A. Sucursal holds the rest.

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Government of Colombia Welcomes Oil Discovery

Bogota, Jan 9 (Prensa Latina) – Colombian President Ivan Duque applauded on Wednesday the discovery of light oil in a deposit in the municipality of Cabuyaro, in the central department of Meta.

‘Good news. The new well discovered is already producing more than four thousand barrels per day, ‘said the president through the social network Twitter.

The discovery was reported by the Indian state company ONGC Videsh Limited in the Indico-1X exploratory well.

It is the second find in the same block, after the first in July of 2017 of a well that produces three thousand 200 barrels per day.

The Minister of Mines and Energy of Colombia, Maria Fernanda Suarez, also celebrated the news and stated that the revitalization of the industry will increase the country’s oil reserves that are now 5.7 years.

In 2018, the national production of crude oil exceeded 863 thousand barrels per day on average.

The Meta is considered the first oil producing department in Colombia, with a participation close to 50 percent of the national production.

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By |2019-01-10T10:16:32+00:00January 10th, 2019|News|0 Comments

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