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Oil and Natural Gas unit strikes oil in Colombian block

Oil and Natural Gas Corp. Ltd. announced its subsidiary, ONGC Videsh Ltd., found oil in Colombian block CPO-5 through well Sol-1.

The oil discovery confirms the extent of oil farther south of the block, Oil and Natural Gas said in an Oct. 16 news release.

Located in the Llanos Basin, the well encountered oil-bearing sands of eight meters at a depth of 2,852 meters.

ONGC Videsh serves as project operator with a 70% stake in the block. Petrodorado South America SA Sucursal Colombia holds the remaining 30%.

ONGC Videsh is also a partner in a consortium that explores offshore Brazilian block BM-SEAL-4 in the Sergipe Alagoas Basin.

The drilling of the Moita Bonita-2 well encountered gas-bearing sand with a total thickness of 39 meters and oil-bearing sand of total thickness of 24 meters at deeper depths.

Petróleo Brasileiro SA - Petrobras serves as project operator with a 75% stake, while ONGC Videsh holds the other 25%.