OVL consortium bags Colombia oil block

by Dave

The Economic Times

ONGC Videsh (OVL), the overseas arm of public sector oil explorer ONGC, has bagged an oil block in Colombia. OVL, as part of a 50:50consortium, has been awarded the block through an auction.

An ONGC official confirmed the development. “We will sign the contract in coming weeks,” he said. The other member of the consortium is a local oil and gas
firm, Pacific Stratus.

It is learnt that the consortium will invest $23 million in the first phase of exploration. The 550-km long block has a total area of 270,702 hectare and is adjacent to the La Creciente natural gas field, which is located in northwestern Colombia. The consortium will explore the block, which will remain the property of the Colombian government.