Petrobras Begins New Exploration Program in Colombia

The first well of a two-well exploration program in the Caguan Block in Colombia's Upper Magdalena Basin has commenced. The well, La Mojarra-1, was spudded in mid-August in the Neiva sub-basin by Petrobras' international operating company Braspetro. La Mojarra-1 is located northwest of the company's Rio Ceibas Field and southeast of its La Jagua Field. It is expected to go to a total depth of just over 5,000 ft (1,525 meters) targeting the same formations as were successfully tapped by the other fields, the Miocene Honda fault thrust and sand shale-outs.

The company anticipates reserves will be found at La Mojarra comparable to those of the other two fields, but is hoping they are nearer those of Rio Ceibas, which holds estimated total oil reserves of approximately 24 million barrels.

Petrobras' Braspetro is the operator of the Caguan Block with a 22.73 percent interest and its partners are Empresa National del Petroleo's operational subsidiary Sipetrol with 27.27 percent, and Ecopetrol with the remaining 50 percent.


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