ONGC Videsh (OVL) has made a significant strike of oil in its onshore block CPO5. OVL is the operator in the block with a 70 percent stake along with its partner GeoPark and this is the fourth commercial find in the block by OVL.

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“This oil well (Indico-2) is producing around 6,300 barrels a day. We are in a position to produce about a million tonnes from this field in a short span of time. So this is a good discovery from us,” GS Chaturvedi, Director-Exploration, ONGC Videsh said in an interview with CNBC-TV18.

CPO-5 block has a potential of more than 1 billion barrels of oil.

“As ONGC Videsh, we have established ourselves as an international operator which was not existing at this point in time and perhaps we are now being looked by other companies like Chevron, Occidental, Shell and Ecopetrol and our partner GeoPark as a very prudent operator in Columbia,” he said.

CPO-5 block is producing 3,000 barrels a day in a year.

When asked about the plans to list ONGC Videsh, he replied, “The government has asked us to look into it and it is more for ONGC to decide on it.”

“We are presently working in other countries as an operator, as an explorer in Myanmar, in Bangladesh and in Brazil. We will be drilling a total of 10-12 wells in the next two years. We would be establishing those countries also if we are successful for oil in those countries and for gas in Bangladesh,” he said.

For the entire discussion, watch the video

(Edited by : Anshul)