Lukoil finds oil reserves in Colombia |
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Wed, 07 Feb 2007 20:46
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BOGOTA, Colombia (AFX) - Russia's Lukoil has discovered more than 100 million barrels of oil in a much-needed boost to Colombia's reserves, the company said in a statement Wednesday.Lukoil said the find was made in the Condor exploration block on this South American country's eastern plains, home to Colombia's largest oil reserves.Russia's biggest oil producer, OAO Lukoil holds a 70 percent stake in the 3,000 square kilometer (1,875 square mile) Condor block. Colombian state-run oil company Ecopetrol controls 30 percent. The block's 22-year contract began in 2002.Oil is Colombia's largest legal export. But reserves are on the decline, with daily production off about 40 percent from the 1999 record.The country is desperately searching for new oil to avoid importing the fuel in the next few years.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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