The update is based on Android 10 and here's when the devices will receive it.
Oppo Color OS 7 Update Roadmap - Round 1
The first phase of the updates is scheduled for March 10th and will reach the following devices: Oppo Reno Ace, Reno Ace Gundam, Reno-10X Zoom, Reno Barcelona, Oppo R17, R17 New Year, R17 Pro, R17 Pro New Year, R17 Pro King Custom Edition, Oppo Reno 2, Oppo Find X, Find X Lamborghini, Find X Flash Charge Edition.
Oppo Color OS 7 Update Roadmap - Round 2
The Oppo Reno and Reno Inspiration Edition will receive the update on March 20th. The Oppo Reno 2Z is the last phone in the update roadmap and it will receive the OTA by the 31st of March.
Oppo Color OS 7 Update Roadmap - Round 3
The Oppo K5 will get the ColorOS 7 Update on February 22nd, followed by the Oppo Reno Z on February 26th.
Though the updates arrive a bit late, it's good to see companies supporting their phones in the long run. It remains unclear if this Oppo Color OS 7 Update Roadmap will be the same for Indian variants of the devices.