The Tempranillo-1 well has been under exploration since February. “During the tests crude oil and natural gas was discovered,” Ecopetrol said in a statement. “The crude is light and flowing at rates that vary from 1,600 to 2,400 barrels per day. Gas production was from 2.0 to 2.75 million cubic feet per day.” Colombian oil output was 563,000 barrels per day in March, up 9 percent from a year earlier. Ecopetrol share prices jumped 6.7 percent on news of the find. The company wants to boost crude production before Colombia becomes a net oil importer. The sector is drawing record foreign investment as leftist rebels, known for bombing energy installations and oil pipelines, have been pushed onto the defensive under a U.S.-backed military crackdown. At the start of the year Ecopetrol announced a find at the Tenax-1 well, also in Huila, that is producing 1,920 barrels of crude per day and 2.2 million cubic feet of gas per day. The company directly produces 19,000 barrels per day throughout the province.
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