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ONGC Videsh discovers oil in Colombia

Tags: Economics/Business

ONGC Videsh Limited (OVL), the wholly-owned subsidiary and overseas investment company of the Oil and Natural Gas Corporation Ltd. (ONGC), on June 23 announced that it has made an oil discovery in the Llanos Basin region of Colombia. ONGC is owned by the Government of India.

The company has made an oil discovery in the recently drilled Urraca-IX oil well, in CPO-5 block, Llanos Basin, Colombia.

The block was awarded to OVL in 2008 by Colombia. OVL holds 70% participating interest in the block while the remaining 30% stake in the block is held by its partner Geopark.

OVL in Colombia 

OVL has a significant presence in the oil and gas sector of Colombia. OVL has two oil producing blocks in Colombia .It is owned by Mansarovar Energy Colombia ltd (MECL)

MECL is a 50:50 joint venture company of OVL and Sinopec International Petroleum Exploration and Production Corporation (SIPC) of China. Apart from this OVL has a stake in seven exploratory blocks in Colombia.

OVL now has stake in 35 oil and gas projects in 15 countries. Of these, it produces oil & gas from 14 assets, hydrocarbons have been discovered in four assets, and exploration is at various stages in 14 assets while three projects are in the pipeline. 

ONGC Videsh Limited 

  • ONGC Videsh Limited is a Miniratna, Central Public Sector Enterprise (CPSE) of the Government of India.
  • It is  under the administrative control of the Ministry of Petroleum & Natural Gas
  • It is a wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Limited (ONGC), the flagship national oil company (NOC) of India. 
  • The primary business of ONGC Videsh is to prospect for oil and gas acreages outside India, including exploration, development and production of oil and gas. 
  • ONGC Videsh is the second largest petroleum company of India, next only to its parent ONGC.

Headquarters : New Delhi 

Chairperson: The Chairperson of ONGC is the Chairperson of OVL. At present Dr. Alka Mittal

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