Canadian oil producer Talisman Energy and Colombian state-owned oil company Ecopetrol today confirmed they have discovered a significant oil find in southeastern Colombia.
The two companies say they are in the process of completing a successful nine-well appraisal programme at the Akacías field in Block CPO-9 in Colombian department of Meta.
Oil was originally discovered at the Akacías field in 2010 and following completion of the appraisal programme, Talisman and Ecopetrol say they are ready to move forward with field development.
The companies have submitted a declaration of commerciality to the regulator and a conceptual field development plan will be filed within the next 90 days.
Original oil in place mapped at the currently producing wells is 1.3 billion barrels, of which the two companies expect to recover 10% or 130 million barrels.
Talisman president and chief executive Hal Kvisle said: “We will now move forward to agree on a development plan and obtain the necessary environmental permits.
“This milestone reflects a material step towards realising the potential of our Colombian business and will bring significant benefits to Colombia.”
Ecopetrol chief executive Javier Gutiérrez Pemberthy said the Akacías field was one of the major exploration achievements in recent years in Colombia, showing the heavy crude potential in the Llanos area.
“We will continue working together with our partner, Talilsman Colombia, in the assessment and development not only of Akacías, but also of the potential existing across all the licensed area,” he said.
Ecopetrol is operator of the block with a 55% interest in the license; Talisman holds the remaining 45% interest.
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