Canadian energy company Petrominerals tested wells in the Llanos Basin of Colombia and struck water instead of oil, the company announced Tuesday.
During October and November the company carried out exploratory activities in six wells; exploration concluded on two wells Socaco-1 and Caspio-1. Socaco-1 was tested at two intervals, both times producing water.
Operations have been suspended in the well which is currently being assessed for use as water disposal. Caspio-1 was drilled to a depth of 15,100 feet. Non-commercial amounts of oil were found.
The company concluded that further operations would not be economic based on potential reserve estimates. This well will also be assessed for water disposal.
The company indicated that November production was on average 34,193 barrels of petroleum per day which is a drop of 5% compared to October.
“We have temporarily suspended 3,200 barrels a day from certain wells with a high level of water. We hope to resume production before the end of the December and in the first trimester of 2012 while capacity will be added for the disposal of water.”