Ecopetrol, Colombia's state-run oil company, announced the fourth discovery of crude oil in Colombia's Cano Sur block this year. Initial test results of the CSE-8 ST1 exploratory well in the Puerto Gaitan jurisdiction are showing average production of 532 barrels per day, the company said in a statement.
Drilling operations began on August 11, 2011 and reached an average depth of 4,594 feet in seven days, the company said. Ecopetrol (EC) is the sole operator of the block with a 100% interest. The company said the well has proven to be one of the most productive in the region to date.
''This new deposit is a new step towards the production goals of one million barrels of oil equivalent per day in 2015 and 1.3 million barrels of oil equivalent per day in 2020 set in our strategic plan,'' said Ecopetrol CEO Javier Gutierrez Pemberthy in the statement.
The company is planning to spend up to $80 billion over the next decade to meet its ambitious production targets. Colombia is South America's third-largest oil producer behind Venezuela and Brazil.