ONGC plans to invest $150 million in Colombia,Kazakhstan & Bangladesh

Posted on:09 Aug 2017 11:00:49
ONGC plans to invest $150 million in Colombia,Kazakhstan & Bangladesh
09 August 2017 Current Affairs: Oil Natural Gas and Corporation (ONGC) Videsh the overseas arm of the state-run Oil and Natural Gas Corp planned to invest $150 million in exploration to drill more wells in Colombia, Kazakhstan, and Bangladesh.

ONGC Videsh which operates the CPO-5 block of Colombia has made a commercial discovery in its exploration well Mariposa-1.

It includes a producing block whose current output is 35,000 barrels per day.

The company has also entered Namibia’s oil and gas sector with a purchase of 30% interest from Tullow Oil in the African country’s three oil blocks.

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