India’s ONGC Videsh Plans Higher Oil Production and Investment in Colombia in 2027
India’s state-owned oil company ONGC Videsh plans to increase oil production in Colombia from about 22,000 barrels a day to more than 30,000 by mid-2027 and raise its investment next year. Country manager Niranjan Roul announced the targets on November 8, 2026, at the IX Oil, Gas and Energy Summit in Cartagena. The target depends […]
India's state-owned oil company ONGC Videsh aims to boost oil production in Colombia by more than 36% by mid-2027 and increase its investment in the country next year. This plan depends on successful drilling results in block CPO-5, located in the Meta department, where the company holds a 70% stake. At the IX Oil, Gas, and Energy Summit in Cartagena on November 8, 2026, ONGC Videsh's country manager Niranjan Roul announced these targets.
COP-5, the block where ONGC Videsh operates, covers about 1,992 square kilometers in the Llanos Basin. The company has already discovered two significant fields, Mariposa and Indico, which together produce about 20,000 barrels of oil per day. Another find at the Milano-1X well in October had a preliminary potential of near 750 barrels per day, although further technical tests are required to confirm its commercial viability.
The company has invested around US$300 million in CPO-5 since 2008, with an additional US$35 million in 2026. ONGC Videsh plans to spend more on drilling in 2027 if results are encouraging. The announcement comes at a critical time for Colombia's oil sector, which has seen a 2.92% decline in crude output year over year in September, falling to 729,593 barrels per day.
Colombia has not signed new exploration contracts since 2022, and foreign operators play a crucial role in the country's efforts to regain energy self-sufficiency.
Roul's comments highlight ONGC Videsh's optimism and conditions for its expansion plans. The Indian company's optimism is based on a change in Colombian policy, as the government of President Abelardo De La Espriella plans to restart new exploration contracts, including fracking, and offer new areas in the first quarter of 2027.
ONGC Videsh's optimism would be strengthened if the company achieves its goal of raising oil production to 30,000 barrels per day by mid-2027. If this target is met, it could encourage other investors and bolster Colombia's oil sector.
Written by urgent.news from Colombia One's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
