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UPDATE 1-Ecopetrol, Talisman announce large oil find in Colombia

Monday, 9 Dec 2013 | 8:41 AM ET

BOGOTA, Dec 9 (Reuters) - Colombian state-owned oil company Ecopetrol and Canada's Talisman Energy said on Monday they had discovered an estimated 1.3 billion barrels of oil in southeastern Colombia and that about a tenth of it was likely to be recoverable.

Proven reserves of the Castilla blend heavy crude are currently 35 million barrels, Ecopetrol said, roughly five weeks worth of production in the Andean nation that produces about 1 million barrels per day on average.

Ecopetrol owns a 55 percent stake in the CPO-09 area known as Akacias in the southeastern province of Meta, while Toronto-listed Talisman owns 45 percent.

"This is a significant discovery ... that I think will be beneficial to both our companies," said Talisman Chief Executive Officer Hal Kvisle. "There are significant reserves that can be booked at the proven level but also at the resource level."

Boosting its diminishing reserves of crude oil, which stood at around 2.38 billion barrels in 2012, has been a priority for Colombia.

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