ONGC Videsh in significant Colombia oil find

ONGC Videsh has struck oil in the CPO-5 block onshore Colombia, partner Amerisur Resources announced on Monday.

Well Indico-1, drilled about 6.5 kilometres southeast of the Mariposa discovery, has encountered a net oil column of about 64 metres, the statement added. Tests to evaluate the find continue.

“The results of the drilling have significantly exceeded our expectations in this respect and of course the very significant oil column encountered means we will have to review, with our partner ONGC Videsh, the resources associated with the Indico structure,” John Wardle, Amerisur’s CEO, said. “Our impression now is that we are developing an important play fairway within the LS3 unit of our large CPO-5 block, which will be further explored with the drilling of Sol-1 post short-term testing of Indico-1.”

ONGC Videsh operates the block with a 70% stake, while Amerisur holds the remaining 30%.