ONGC's global arm, ONGC Videsh Ltd (OVL), has struck oil in Colombia. OVL operates an exploration block CPO-5 in Colombia in which it has a 70% stake.
The CPO-5 block is located on land in llanos basin of Colombia and is presently under phase 1 of exploration having commitment of
drilling 2 exploratory wells.
The first of the two commitment wells i.e. Kamal-1X was spudded on October 29, 2012 and drilled up to the target depth of 10,500 feet.
The first well on the block CPO-5 struck oil at two places and produced 120-300 barrels per day on testing, the company said in a statement here.
"To assess the potential and commerciality of the oil find, extended production testing will be taken up in due course for the remaining object within Upper Mirador Formation at a depth of 9,533 feet," ONGC said in a press release on Sunday.
Meanwhile, the company said it is gearing up for spudding the second commitment well in the block in January 2013.
The results from the two wells will lead to increase in exploratory efforts in the block which has an inventory of exploration leads based on the studies made so far.