ONGC Videsh, the overseas arm of the state-run Oil and Natural Gas Corp, 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.

ONGC Videsh, which operates the CPO-5 block of Colombia, has made a commercial discovery in its exploration well Mariposa-1, managing director Narendra 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, he said. The success has also opened opportunity for further exploration in the block.

“To chase this lead, we plan to drill two more wells,” Verma said. ONGC has 70% participating interest in CPO-5 block in which the remaing 30% stake in held by Amerisur Resources of UK. ONGC has participating interest in a total of six blocks in Colombia. This includes a producing block whose current output is 35,000 barrels per day.

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