ONGC Videsh plans to invest $150 million in exploration this fiscal year to drill more wells in Colombia, where it just made a commercial discovery, as well as in Kazakhstan and Bangladesh, the company reported on August 9, 2017.
ONGC has accelerated its exploratory efforts in Kazakhstan and Bangladesh.
Drilling has begun in the Kazakhstan block in the Caspian Sea while preparations are on to drill the 1st well in Bangladesh.
«We are hopeful Kazakhstan drilling will end up in success,” Verma said. In all, the exploratory effort would require $150 million of investment this year,» said company´s managing director Narendra Verma.
ONGC Videsh, which operates the CPO-5 block of Colombia, has made a commercial discovery in its exploration well Mariposa-1.
The company is now drawing up plans for the development of the Mariposa-1 well that has begun a test production of 4,500 barrels per day.
ONGC Videsh plans to make a total capital spending of $1 billion in 2017-18 in exploration, development and production across all its projects.
The company’s production jumped 40% in 2016-17 mainly on 26% stake acquisition in Russia’s prolific Vankor fields.