OVL wants more Colombia acreage

Vol 17, PW 14 (27 Feb 14) News in Brief

ONGC Videsh, with partners Sinopec and Colombian state-owned Ecopetrol, is gearing up to acquire more exploration acreage in Colombia where they produce around 40,000 b/d from six fields in the north of the country: Nare Sur, Girasol, Under River, Moriche, Abarco and Velasquez through joint venture Mansarovar Energy Colombia.

“We plan to bid in the (yet to be announced) 2014 auction of exploration blocks,” says a JV source. “Acquiring more acreage in the Media Magdalena basin is our topmost priority this year.

” Also a priority is an Enhanced Oil Recovery (EOR) project to boost the 12% recovery factor to at least 15% by 2021, by increasing the use of steam injection, water flooding and nitrogen injection. Next year, production should rise to 45,000 b/d after 200 more wells are drilled and new facilities are installed under planned CAPEX of $150m for 2014.

All of the oil production from the six fields is sold to state-owned Ecopetrol.