By OGJ editors
HOUSTON, Dec. 6 -- The national oil companies of Brazil and Colombia plan jointly to explore the Tucano Block in Bahia, Brazil, and to expand production in Tibu oil field in Colombia.
Brazil's Petroleo Brasileiro SA (Petrobras) will sign an agreement with Colombia's Ecopetrol to further develop Tibu, 500 km north of Bogota near the Venezuelan border. The Ecopetrol-operated field began production in 1944, reached its production peak in 1955 at 26,000 b/d of 32-50° oil, and has produced a total of 247 million bbl. It has 129 active wells.
Petrobras will manage the advanced development program and fund 55% of it. The program is designed to extend production by as much as 100 million bbl. Production is expected to increase to more than 15,000 b/d from 1,800 b/d, and Petrobras will retain 40% of the field's total production.
The 2.5-year Phase I will begin in January. Petrobras will invest $40 million for studies to determine the field's potential and for technology.
Ecopetrol will work in partnership with Petrobras in the exploration of the 170 sq km Tucano 156 Block in Bahia, Brazil. The block, in the Tucano Sul basin, 90 km from the Bahia coast, was purchased at a recent National Petroleum Agency auction.
Ecopetrol, with a 30% share, will be the project's operator, and Petrobras holds 70%.
