Estrella in the construction of the well.
The finding of the Indian state ONGC Videsh Limited is the second in the same block. The Indian-1X exploratory well has an estimated production potential of more than 4,000 barrels per day.
The discovery of light crude oil is a new sign of the revival of the oil industry in Colombia. The dynamism of the industry will allow us to increase our oil reserves that are now 5.7 years and continue to promote a sector that is a source of employment, tax revenues, and social and economic development for the country, said the Minister of Mines and Energy, María Fernanda Suarez.
In 2018, oil production nationwide exceeded an average of 863,000 barrels per day. El Meta is considered the first oil producing department in Colombia, with a participation close to 50%.
Bogotá, D.C., January 7, 2019. The Indian state company ONGC Videsh Limited reported a new oil discovery, this time in the Indian-1X exploratory well, with an approximate production potential of more than 4,000 barrels of oil a day. This discovery was made in the development of phase 2 of the exploratory program of the CPO-5 block, located in the municipality of Cabuyaro, in the department of Meta.
This is the second discovery in the same block. On July 17, 2017, the company presented a discovery notice for light crude oil at the Mariposa-1 well, and currently reports an average production of 3,200 barrels of oil per day, for a total that exceeds 7,000 barrels per day of production in the CPO-5 block.
The new finding of light crude in the Los Llanos basin, which has been characterized by producing heavy and extra heavy weight crude oil, confirms the potential that still exists in the area, encouraging exploratory investments of operating companies that are present in the region.
"This is good news for the country and for the reactivation of the oil sector, which generates opportunities, employment and tax revenues for the Nation and the regions. The revitalization of the industry will allow us to increase our oil reserves, that are now 5.7 years, ensure energy self- sufficiency and guarantee the supply of fuels ", said the Minister of Energy and Mines, María Fernanda Suárez.
The Llanos basin, despite being considered geologically as a mature basin, with its exploratory success also demonstrates that Colombia's hydrocarbon potential is still being explored, tested and produced, representing new opportunities for social and economic development.
For his part, the ANH´s president, Luis Miguel Morelli, stressed that "the ANH has a 23% share of the total production of the CPO-5 block, after royalties, in accordance with the contract signed in the framework of the 2008 Colombia Round. This percentage makes the recent finding more lucrative to the tax interests of the Nation."
In 2018, national oil production exceeded 863,000 barrels per day average. The Meta is considered the first oil producing department in Colombia, with a participation close to 50% on national production, exceeding 420,000 barrels per day, during 2018.
The Llanos region contributed an average production of 638,000 barrels per day average, in the same period, representing about 74% of the national production.
SOURCE: Website, Ministry of Mines and Energy: