ONGC shares gain 5% after OVL strikes oil in Llanos Basin of Colombia
Shares of Oil and Natural Gas Corporation (ONGC) gained nearly 5% in early trade on Monday after ONGC Videsh Ltd made a “significant” oil discovery in an onshore block in Colombia. ONGC Videsh Ltd, the overseas investment arm of state-owned ONGC, has made a “significant” oil discovery in an onshore block in Colombia. OVL struck oil while drilling an appraisal well ‘Indico-2’ in CPO-5 block in Llanos Basin of Colombia, the company said in a statement on Friday.
The stock jumped 4.61% to ₹94 on both BSE and NSE.
OVL is the operator in the block with 70% stake. Geopark Ltd, an independent oil and gas company focussed in Latin America, has the remaining 30 per cent interest.
