Ecopetrol finds new oil reserves in Huila

Colombia’s state-owned oil company Ecopetrol announced Friday the discovery of new oil reserves in Huila department, western Colombia.

Drilling began in October at the Tempranillo North-1 well, in the township of Aipe in Huila.

The oil company stated in a press release that “Tempranillo North-1 is the fourth discovery made in the Pijao-Potrerillo area during the last 2 years, after the discovery of Tenax, Arrayan and Tempranillo.”

Tests show that the well produces an average of 1,000 barrels per day.

This new discovery follows the recent announcement of a disappointing increase in the state oil firm’s proven reserves in 2009, and earlier this month the announcement of $1 billion in export aid to the company from the U.S. ExIm Bank.