Thursday 30 March 2017

New oil discovered in north-eastern Colombia

An oil firm has made a new discovery in north-eastern Columbia.

Ecopetrol has reported the Boranda-1 well in Rionegro has found medium crude at a depth of 3,657 meters, in four intervals of oil sands with a total thickness of 40 metres.

Ecopetrol holds a 50% interest in the Playón block, of which the Boranda-1 well is part of. The operating company Parex holds the other 50%.

Several oil processing stations in its proximity give the well a competitive and operational advantage.

The find marks Ecopetrol's fourth discovery in the past four months, seemingly confirming the potential of mature basins in Colombia.

For 2017, Ecopetrol has an exploration budget of $652 million (£522m), with which it will drill 17 wells directly and with partners.

A total of 25 licences have been recently awarded to enable further oil and gas production on the UK Continental Shelf.