ONGC Videsh Limited (OVL) Company, Indian state-run Oil and Natural Gas Corp, plans to invest $150 million in exploration this fiscal year to drill more wells in Bangladesh, as well as in Colombia and Kazakhstan. The oil and natural gas company has accelerated its exploratory efforts in Bangladesh and Kazakhstan, according to the source. The preparations are on to drill the first well in Bangladesh while the drilling has begun in the Kazakhstan block in the Caspian Sea, managing director Narendra Verma said.
“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, he said. ONGCBSE -1.11 per cent Videsh, which operates the CPO-5 block of Colombia, has made a commercial discovery in its exploration well Mariposa-1, Verma has said. The company is now drawing up plans for the development of the Mariposa-1well that has begun a test production of 4,500 barrels per day. Last March, Bangladesh and India discussed on oil and gas exploration activities of Indian ONGC Videsh Ltd in the Bay of Bengal, the report.