The crude of 34 degrees API grade was discovered at a depth of 17,738 feet, making the Situche Central 2X well the deepest in the country.
The estimated production rate for the well is 2,400 barrels a day, the statement said.
"We are going to continue with the testing of the formations and then make a decision about where we go from there in terms of if there's additional delineation drilling to further evaluate the size of the potential reserves, so there's a lot of work to be done yet before we know anything for sure," an Oxy spokesperson told BNamericas.
Oxy is the operator of the block holding 50%, while fellow US oil company Amerada-Hess and Canadian oil company Talisman Energy are also participating as partners, each owning a 25% share.
The three companies have invested US$50mn in the well, where drilling started in January this year, the statement said.
Oxy drilled a wildcat well on block 64 last year that came up dry.
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