MercoPress. South Atlantic News Agency

Colombia finds second oil well; signs accord with India

Colombia's government owned Petroleum Corporation, ECOPETROL announced the discovery of a promising well in the province of Huila to the southeast of the country with initial tests of 900 barrels of oil per day.

Drilling in the Arrayán-1 well belonging to the Brisas-Lomalarga-Dina-Porterillo block in the upper valley of the Magdalena River began last May and reached a depth of 11.950 feet. "Oil and gas flow naturally from the well; crude is 29o. API and gas has zero presence of water. Oil production testing has reached 860 bpd and 175.000 cubic feet of gas", said the official report from Ecopetrol. This is Ecopetrol second discovery so far this year out of a total seven wells drilled in the Huila province. "In the coming months tests and assessment of the findings will continue to determine the potential of the discovery and incorporate the proven reserves in the shortest time possible", added Ecopetrol. In related news India and Colombia signed an agreement that facilitates Indian oil companies to acquire oil and gas assets. The announcement was done during the visit to India of Colombian Energy and Mines minister Hernan Martinez. "Colombia is an important investment destination for Indian oil companies, and both countries (India and Colombia) are eager to enhance cooperation for mutual benefit" said Indian Petroleum Minister Murli Deora said after a meeting with Mr Martinez. "The two sides have agreed to cooperate in the entire spectrum of hydrocarbon sector, particularly in the areas of exploration and production of oil and gas, exchange of training and human resource development, and exchange of visits of professionals and technicians" said Deora.