ONGC shares gain following OVL’s ‘significant’ oil discovery in Colombia

ONGC Videsh Ltd, the overseas investment arm of state-owned ONGC, has made a “significant” oil discovery in an onshore block in Colombia, a company statement said on Friday.

Shares of Oil and Natural Gas Corporation (ONGC) gained nearly 5 per cent in early trade on Monday after ONGC Videsh Ltd made a “significant” oil discovery in an onshore block in Colombia.

ONGC Videsh Limited is the operator in the onshore block in Colombia with 70 per cent stake. (Bloomberg News)

The stock jumped 4.61 per cent to ₹94 on both BSE and NSE.

ONGC Videsh Ltd, the overseas investment arm of state-owned ONGC, has made a “significant” oil discovery in an onshore block in Colombia, a company statement said on Friday.

OVL struck oil while drilling an appraisal well ‘Indico-2’ in CPO-5 block in Llanos Basin of Colombia, it added.

OVL is the operator in the block with 70 per cent stake. Geopark Ltd, an independent oil and gas company focussed in Latin America, has the remaining 30 per cent interest.