Hupecol output to hit 10,000boe/d in 2013

Monday, April 23, 2012

Colombian oil company Hupecol plans to produce 10,000boe/d from four onshore blocks by next year.

Hupecol spokesman Steven Sarmiento told BNamericas exploration of the Llanos 58 block was almost complete while Serrana, Los Picachos and Macaya were on target to be drilled early next year.

"We aim to be producing 5000b/d from Llanos 58 and a combined 5000b/d from the other three by 2013," Sarmiento said.

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"So far we have more than 300km of seismic data from Llanos 58 and our production prospects there are looking very positive."

Sarmiento said a government-backed military clampdown on guerrilla activity in Colombia's east had reduced the security threat at Llanos 58.

But Serrana, Los Picachos and Macaya, located in the Caguán-Putumayo basin in the country's south, remained on alert.

"It has been a security concern for us but we are confident the situation is improving there. Our exploration and production goals for the Putumayo area are firmly in place."

Texas-based Hupecol was last month purchased by London-listed GeoPark (AIM: GPK) for a reported US$75mn.

The Caguán-Putumayo basin, situated between the upper Magdalena Valley and the eastern Cordillera near the Ecuadorian border, holds proven reserves of 365Mboe across 19 crude oil fields.

According to Colombia's national hydrocarbons agency (ANH), the largely underexplored Llanos basin holds estimated reserves of 4.5Bboe.