Petrobras: Tierra Negra Could Hold 700Mb Oil

Brazil's federal energy company Petrobras (NYSE: PBR) believes its Tierra Negra E&P block in Colombia's Casanare department could hold some 700Mb of oil, the company's Colombia office told BNamericas in an email.

Petrobras is drilling one exploratory well on the property and expects results "within a year," according to the email, which came from the press office.

"The drilling of this well indicates an exploratory prospect with a potential to reach 700Mb," according to Petrobras, which cautioned the figure is not a firm reserve estimate.

Petrobras produces some 51,000b/d in Colombia, where it first started E&P work in 1972.

Petrobras invested US$637mn in the country from 1986-2005 and will direct 93% of its US$150mn, 2006 budget for Colombia to E&P.

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