September 17, 2008

Colombia Discovers Oilfield With 100-Million-Barrel Reserve

Colombia discovers oilfield with 100-million-barrel reserve

BOGOTA, Sept. 16 (Xinhua) -- Colombia said Tuesday that a newly discovered oil field in the center of the country has a possible oil reserve of 100 million barrels.

Colombian Mining and Energy Minister Hernan Martinez said the new discovery by the Emerald Company in Llanos Orientales, is expected to have more oil reserve than the current evaluation.

Martinez said at least 20 wells were explored in 2008 by multinational companies and the state-owned Ecopetrol, which gives the country an oil production capacity of more than 600,000 barrels per day, 100,000 more than that in 2007.

Martinez said the discovered oil reserve of the oil field is equal to the total of all other discovered reserves this year.

Emerald has seven exploration fields in Colombia in the region of Llanos Orientales in Meta, Magdalena Bajo and Medio in the northwest of the country.

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