Rosneft Taps Oil in Colombia

On December 25, 2002, Colombia Energy and NK Rosneft received first oil at Suroriente deposit in the southern part of Columbia.

In 2001, the Russian-Colombian consortium — NK Rosneft (45%) and Petrotesting Colombia S.A. (27.5%) and Holsan Chemicals Ltda (27.5%) (Colombia) won a tender for development of this deposit. In the same year, Colombia Energy and the Colombian national oil company Ecopetrol signed a contract for boosting of oil production at Suroriente deposit and a cooperation agreement between the consortium partners.

The project envisages building of delivery and refine stations, finalization of infrastructure and laying down of a pipeline between Colombia and Ecuador. Around $ 7 million will have to be invested in the course of three years.

It is planned that oil from the deposit will come to Tumako Colombian port on the Pacific coast along the Colombian and Ecuadorian pipeline system.

The negotiations with PetroEcuador on construction of a pipe segment in the Ecuador territory are underway.

The prognosticated reserves of Suroriente deposit are around 100 million barrels. It is planned to go on with collection of seismic information for the reserves more precise estimation. The estimated production of oil at the deposit will account for six thousand barrels a day by mid-2003.