OVL Snaps Up 2 Exploration Blocks in Colombia
ONGC's wholly-owned subsidiary ONGC Videsh Ltd. (OVL) has bagged two blocks in Colombia, viz. Block CPO 5 and Block SSJN 7. Block CPO 5 is in the highly prospective onshore Llanos Basin in Block SSJN 7 is in prospective onshore Sinu San Jacinto Basin.
OVL secured these 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 (ANH).
43 blocks in four basins namely – Sinu San Jacinto, Cesar Rancheria / Guajira, Eastern Cordillera and Llanos basin were offered in the Colombia Round 2008. A number of E&P Companies applied for qualification; ONGC Videsh was among the companies to be shortlisted as Operator including Petrobras, Shell, etc.
In a public ceremony in Bogota, Colombia on the 7th November, 2008; companies submitted bids for the various blocks on offer which were opened same day. ONGC Videsh was declared the winner with 100% interest in block CPO 5 in the Llanos Basin and 50% 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 presently holds interest in a producing asset and in three offshore exploratory assets.
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