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ONGC’s overseas division, ONGC Videsh Ltd has made major oil discoveries in Brazil and Colombia. In a statement released on Wednesday, the E&P major informed about encountering the oil bearing sands of 8 meters at a depth of 2852m in Block CPO-5. ONGC Videsh operates the block where PDSA is the partner. In Brazil, ONGC Videsh drilled with its consortium partner, Petrobras in block BM-SEAL-4, encountering oil and gas bearing sands.
An estimated 1.3 billion barrels of oil reserves are found in the Southeastern region of Colombia by the oil companies Ecopetrol and Talisman Energy. This is an important addition to the shrinking reserves the Andean country has been urgently trying to boost. Ecopetrol, last Thursday, had said that it had discovered crude in the Caño Sur Este block with proven reserves of 22.4 million barrels.