Wednesday, December 11, 2013

Colombia: Ecopetrol, Talisman Energy Reports Finding 1.3 Billion Barrels of Oil in Meta

According to The Latin American Tribune, Colombia's state-owned oil company, Ecopetrol, and Canada-based Talisman Energy said Monday (December 9) that they discovered an estimated 1.3 billion barrels of oil in the central province of Meta, the Andean nation’s second major petroleum find in less than a week.

Around 10% of the oil detected in the Akacias area is commercially recoverable, the companies said in a regulatory filing.

Ecopetrol holds 55% of Akacias, while the rest (45%) is in Talisman’s hands.

Akacias’ proven reserves amount to 35 million barrels, Ecopetrol said.

COMMENT: The two firms have applied for an environmental license to drill in Akacias, Talisman Energy CEO Hal Kvisle said during a press conference in Bogotá.

With an extension of 9,913 hectares (24,500 acres), Akacias represents 4.7% of the total CPO-09s block and “is one of the biggest exploration successes in recent years in Colombia,” Ecopetrol CEO Javíer Gutierrez Pemberthy said.

Ecopetrol announced last Thursday (December 5) that a deposit in another part of Meta had been deemed commercially viable.

The Eastern Cano Sur block is expected to yield 25,000 barrels of crude per day by mid-2016, Ecopetrol said.

Meta currently accounts for around 55% of the output of Ecopetrol and its partners, with most of that production occurring at the Castilla, Chichimene and Rubiales fields.

Colombia has roughly 2 billion barrels of proven oil reserves and is striving to boost that total with new discoveries.