OVL holds 70 per cent participating interest in the block at the llanos basin in Colombia

ONGC Videsh Ltd (OVL), the foreign investment arm of state-owned Oil and Natural Gas Corp (ONGC), has discovered oil on an onland block, CPO-5, in Colombia, it said in a statement on Sunday. “OVL has struck oil at two places in the first well drilled on the Block CPO-5 and produced 120-300 barrels per day on testing,” the OVL statement said. “The oil is heavy in nature with an API (American Petroleum Institute) gravity of about 14. To assess the potential and commerciality of the oil find, extended production testing will be taken up in due course for the remaining objects within the upper Mirador Formation at a depth of 9,533 feet,” the statement further said.