Tuesday , June 15 2021

Colombian "Ecopetrol" announces new oil discovery on Venezuela border

Colombian "Ecopetrol" announces new oil discovery on Venezuela border

Colombian state oil company Ecopetrol announced on Thursday that together with US company Occidental opens a new hydrocarbon field in the north-east of the country, on the border with Venezuela, which produces more than 3000 barrels a day of light crude oil.

Ecopetrol said the discovery was made in the research well C-01, pierced in the area of ​​the Kossehas Association Agreement, a rural area in the Araukita municipality, in the Arauca department.

"At present, the well produces about 3,025 barrels per day of light oil of very high quality (38 degree API) and 0.3% water cut," Ecopetrol said in a statement. "Light crude oil is characterized by a higher international market and easy transportation."

Colombian oil company said the discovery confirms the potential of the region where Ecopetrol is present in research and production areas.

This is the second hydrocarbon discovery in Colombia in 2019. In the first week of January, the Indian state, ONGC Videsh Limited, announced the discovery of light crude oil at Pozo Indico-1X in Meta's department, with more than 4,000 barrels per day.

In 2018, Colombia reached 865127 barrels a day, an increase of 1.3% over the previous year.

The South American country has 1782 million barrels of proven crude oil reserves equivalent to 5.7 years of consumption, and aims to increase them with new discoveries and improvement programs.

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