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Foreign oil company discovers light crude oil in Ecuador
Posted On 12 Aug 2015
The oil company Canacol Energy, with offices in Canada, Colombia and the US, announced that together with its partners in a “joint venture” carried out successful tests to the Secoya West A001 pit, adjacent to the light crude oil producing fields Libertador and Atacapi, in Ecuador.
According to a statement from the oil company, in early June 2015 the drilling of Sequoia West A001 exploration pit started, in which oil of 27º API and 29 ° API was found with a water cut of 10%, and 8 % respectively. The idea now is to put the well into permanent production, so the results are being used to plan the potential drilling of appraisal and development wells, the company said.
The consortium operates the Libertador and Atacapi fields and the new Secoya West A001 pit, under a service contract of risk production with Petroamazonas EP. According to Canacol, Petroamazonas EP pays the consortium a flat fee of $ 38.56 / barrel of incremental production not subject to world oil prices.
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