BP Makes Major New Oil and Gas Finds in Colombia

abarrelfullabarrelfull wrote on 07 Aug 2012 05:36
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27 July 1995
British Petroleum has found two new major oil and gas accumulations overlying the recently-discovered Volcanera field in the Llanos foothills of Colombia.

The company said that the two new discoveries, called Florena and Pauto, have boosted estimated recoverable reserves for the three-field complex to some 1 billion barrels of liquids and 10 trillion cubic feet of gas.

BP Chief Executive John Browne said: "These finds have strengthened our confidence in the continuing potential of our Colombian exploration acreage and confirmed our view that Colombia is going to be a significant source of growth for BP into the next century."

The company said the Pauto discovery - made by the Pauto Sur B-1 well during appraisal drilling on Volcanera - encountered a gross hydrocarbon column in the Mirador and Barco formations in excess of 1,100 feet. Testing is scheduled to begin next month.

Florena was discovered by the Florena-1 exploration well which is currently testing and has to date flowed an aggregate of 3,800 barrels of 42-45 degree API oil and 13.8 million cubic feet of gas a day from the Barco formation at depths of between 13,700 and 14,200 feet.

BP said that combined reserves for Pauto and Florena were estimated at some 750 million barrels of liquids and five trillion cubic feet of gas but that further appraisal would be required to establish the split of volumes between the two discoveries.

The Volcanera discovery, already announced by the company last year, has estimated reserves of 250 million barrels of condensate and five trillion cubic feet of gas.

The three finds occupy an area of approximately 200 square kilometres straddling the Piedemonte licence, which BP holds 100% and the Recetor licence in which it has a 63.3% stake. The bulk of the reserves are believed to lie within Piedemonte.

The company said its Dele-1 well, which spudded in April, is drilling a new prospect in the northern part of the Recetor block, some 20kms south of Florena.


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