More Tests Needed at Condor to Confirm 100Mb Reserves

Colombia's national oil firm Ecopetrol and Russia's Lukoil say more tests are needed at the Condor block before confirming it contains 100Mb of proven reserves.

"Until extensive tests are carried out, which will commence in the next few weeks, it is not possible to quantify the volume of reserves," an Ecopetrol spokesperson told BNamericas.

Lukoil's drilling of exploratory well Condor 1 at the property "proved the presence of hydrocarbons," the Colombian company said, adding Condor has already produced 4,000b.

Lukoil, which has 70% of Condor to Ecopetrol's 30% and is the block's operator, said Wednesday the reserves were "proven," although on Thursday the Russian company labeled the onshore find as "prospective resources" instead.

The "prospective resources" are estimated at 100Mb, but will have to be proven with the drilling of future exploratory wells, Lukoil said in a communique.

The 4,000b of Vasconia-type crude produced at Condor have already been sold in the US, Lukoil added.

Condor is situated in the western part of the Llanos oil basin and at almost 4 sq km is described by Lukoil as one of the biggest such blocks in Colombia. Lukoil reached the deal with Ecopetrol in 2002 and has been drilling since 2005. Test production began last year.

The Russian company is also active in neighboring Venezuela, where it is assessing reserves at the vast Orinoco extra-heavy crude oil belt jointly with state oil firm PDVSA. Lukoil said drilling of its first exploratory well there started in December.

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