ONGC achieves second consecutive success in an onshore well Indico-1X, Colombia
Deepthi | Myequity news | Date : 05-01-2019 15:35:00 IST
ONGC Videsh Limited (OVL), the wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Ltd. (ONGC), the National Oil Company of India has registered a significant discovery of oil in its onshore block CPO-5, Colombia, in Llanos Basin. OVL, which is Operator, holds 70% stake in the block along with its partner Petrodorado South America S.A. Sucursal (PDSA), Colombia (30%).
The well Indico-1 was spudded on 7th November 2018 and completed the drilling on 15th December 2018. The well Indico-1 encountered Lower Sands (LS-3) of Une Formation (Cretaceous) at a depth of 9833 feet (MD) found to be oil bearing, before terminating the drilling at 10,602 feet (MD) in Paleozoic. The well was successfully logged and found to have 284 feet of gross thickness and 241 feet net pay, single hydrodynamically connected reservoir with no indication of OWC. 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 appx. 4,000 BOPD at bean size 40/64" and THP of 241 psi with oil of 35.9° API, BS&W - 0.3/0.4% and negligible gas. Currently the Well is under Short Term Testing with multi bean study for further evaluation.
Importantly, OVL had earlier discovered commercial oil of 40° API in LS-3 sands 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 elastic 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.
OVL has a significant presence in Colombian Oil & Gas sector and holds Pl in 6 exploratory blocks in addition to a producing 50% joint venture company, Mansarovar Energy Colombia Ltd (MECL). About ONGC:
Oil and Natural Gas Corporation (ONGC) is an Indian multinational oil and gas company earlier headquartered in Dehradun, Uttarakhand, India. It is a Public Sector Undertaking (PSU) of the Government of India, under the administrative control of the Ministry of Petroleum and Natural Gas. It is India's largest oil and gas exploration and production company. It produces around 70% of India's crude oil and around 62% of its natural gas.