OVL gets two onshore blocks in Colombia

New Delhi: ONGC Videsh (OVL), the wholly owned subsidiary of ONGC, has bagged two hydrocarbon exploration blocks in Colombia. In a statement issued here, OVL said CPO 5 and SSJN 7 are onshore blocks.

While block CPO 5 is in the highly prospective onshore Llanos Basin, block SSJN 7 is in prospective onshore Sinu San Jacinto Basin.

The statement said OVL secured the two blocks amid stiff competition from international companies in ‘Colombia Round 2008’, announced earlier by the Government of Colombia, through its regulatory agency Agencia Nacional de Hydrocarbons.

Colombia had put on offer 43 blocks in four basins namely — Sinu San Jacinto, Cesar Rancheria / Guajira, Eastern Cordillera and Llanos basin in the auction rounds. A number of exploration and production companies applied for qualification and OVL was among the companies to be shortlisted.

On November 7, companies submitted bids for the various blocks on offer which were opened the same day. OVL was declared the winner with 100 per cent interest in block CPO 5 in the Llanos Basin and 50 per cent interest with Pacific Stratus for Block SSJN 7 in the Sinu San Jacinto Basin.

With this, OVL has further consolidated its presence in Colombia where it, at present, holds interest in a producing asset and in three offshore exploratory assets.