ONGC shares gain nearly 5 pc after OVL strikes oil in Colombia block

Shares of Oil and Natural Gas Corporation (ONGC) gained nearly 5 per cent in early trade on Monday after ONGC Videsh Ltd made a "significant" oil discovery in an onshore block in Colombia. The stock jumped 4.61 per cent to Rs 94 on both BSE and NSE.

ONGC Videsh Ltd, the overseas investment arm of state-owned ONGC, has made a "significant" oil discovery in an onshore block in Colombia, a company statement said on Friday.

OVL struck oil while drilling an appraisal well 'Indico-2' in CPO-5 block in Llanos Basin of Colombia, it added. OVL is the operator in the block with 70 per cent stake. Geopark Ltd, an independent oil and gas company focussed in Latin America, has the remaining 30 per cent interest. 

(Image Credits: PTI)