Research detail

13.12 2012 19:38:23

Lukoil won’t try luck in Colombia

by Grigory Birg

It became known today that Lukoil Overseas has sold its 70% stake in the Condor block, located in Colombia. The remaining 30% is held by Ecopetrol, the largest Colombian state oil & gas company. In 2007, the company uncovered large oil fields at the Medina structure of the Condor block, with possible oil reserves of more than 100 million bbl. The company then conducted 2D and 3D seismic surveys and based on their findings, began drilling the Condor-1appraisal well, with the work finished in 2011. To drill a well at the Amarillo structure, Lukoil sought to draw in a co-investor, but failed to do so in 2009-2011.