Canadian-based oil company Canacol Energy announced on Wednesday that it had increased its production in the third trimester of the year by 12 percent after discovering a new oil field.
The rise in production owes to successful drilling in the fifth crude oil pool in their Labrador field, located in the middle of the eastern Colombian state of Casanare. The new ‘Labrador 5’ pool, found after drilling down 3.3km, is now contributing an extra 778 barrels of oil per day.
Canacol Energy, who have 26 exploration and production contracts across Colombia and Ecuador, reported a production of 9271 barrels per day in the third trimester of the year.
In the first three weeks of October they claim to have been producing 9483 barrels per day, without counting the new output from Labrador 5.
The increase in production is good news for the Calgary-based company, after they reported heavy losses in the last financial year – ending June 30 – thanks to reduced output in their Rancho Hermoso field in Colombia.
The multinational reported a $120.6 million loss for the 2013 financial year, which included $116 million in the three months ending June 30.
- Canacol Energy descubre más petróleo (Portfolio)
- Operations Update (Canacol Energy)
- Canacol Energy makes $106.8M writedown of Colombian field due to declining output (Global Post)