Hocol strikes oil in Colombia's Tolima block
Colombian oil and gas company Hocol has announced a new hydrocarbons discovery at its Tolima block in the Upper Magdalena Valley basin.
The company identified 17-degree API crude oil while drilling the Ibamaca-1 exploration well near the Chaparral area of Tolima department in Colombia's southwest.
"The proximity to the existing infrastructure within the Tolima block facilitates the early start of production and thus contributes to the increase in production and energy self-sufficiency in the country," Hocol said in a statement on Tuesday.
"At the same time it [provides] an incentive for the development of new industries that contribute to sustainable development... of the region."
Source: Hocol
Ibamaca-1 was drilled to 5,740ft (1,750m) and hydrocarbons were found at a depth of 4,900ft with a net thickness of 183ft.
Hocol, a subsidiary of local state-run company Ecopetrol, said initial tests showed a production rate of 400b/d and 1% water production.
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