Research and Markets (http://www.researchandmarkets.com/research/4cee52/colombia_oil_and_g) has announced the addition of the "Colombia Oil and Gas Report Q2 2010" report to their offering.

Colombia Oil and Gas Report provides industry professionals and strategists, corporate analysts, oil and gas associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Colombia's oil and gas industry.

The latest Colombia Oil & Gas Report from BMI forecasts that the country will account for 3.11% of Latin American regional oil demand by 2014, while providing 8.30% of supply. Latin American regional oil use of 6.93mn barrels per day (b/d) in 2001 reached an estimated 7.78mn b/d in 2009. It should average 7.92mn b/d in 2010 and then rise to around 8.631mn b/d by 2014. Regional oil production was 10.30mn b/d in 2001, and in 2009 averaged an estimated 9.69mn b/d. It is set to rise to 10.79mn b/d by 2014.

Oil exports have been slipping, because demand growth has exceeded the pace of supply expansion. In 2001, the region was exporting an average of 3.37mn b/d. This total had fallen to an estimated 1.91mn b/d in 2009 and is forecast to recover to 2.15mn b/d in 2014. The principal exporters will be Mexico, Venezuela, Ecuador and Brazil.

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Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX VENTURE:CNE) is pleased to announce the spud of the Romero A1 well, the first of a 7 well drilling program at its Capella heavy oil discovery in Colombia. The Corporation has also commenced the acquisition of 185 square kilometers of 3D development seismic over the field. The Capella discovery is located on the Ombu E&P Contract in the Caguan – Putumayo basin of southern Colombia.

The Corporation, through a farm in with Emerald Energy Plc., now Sinochem Corporation ("Sinochem"), earned a 10% working interest in the Contract through the drilling of the Capella 1 discovery well in July 2008. Throughout 2008 and 2009, the Corporation participated in the drilling of 6 successful wells into the discovery.

Canacol also has a 100% operated working interest in 2 offsetting exploration contracts awarded directly to the Corporation in 2009, and holds over 1.2 million net exploration acres directly offsetting the Capella discovery.

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By OGJ editors

HOUSTON, Apr. 26

Colombia’s state Ecopetrol has approved one commerciality declaration for an extension of giant Rubiales heavy oil field in the Llanos basin and is considering a second declaration.

Pacific Rubiales Energy Corp., Toronto, said successes at exploratory drilling campaigns on the Rubiales and surrounding Quifa blocks led it to file for commerciality on more than 40,000 ha. The areas being declared commercial are the Quifa southwest area and the Rubiales southwest area.

Successful drilling has added 163 million bbl of certified proved and probable reserves from exploration campaigns on both blocks.

Pacific Rubiales is preparing a request for a further exploration period at Quifa after the initial program found oil in the northern part of the block. The second exploration phase will include appraisal drilling and shooting more 2D seismic. The company’s budget for Quifa is $43.4 million for exploration and $65.5 million to build production facilities.

The commerciality zone at Quifa, which Ecopetrol has approved, is targeted for production of 30,000 b/d by the end of 2010 and 60,000 b/d by the end of 2011.

That would include output from the entire Quifa block, including the 40,000 ha just declared commercial. The Quifa contract runs until 2031.

Apr 26, 2010

By OGJ editors HOUSTON, Apr 26.

Calculated absolute open flow rate is revised to 18 MMcfd, up 5.5 MMcfd, at the Petrolifera Petroleum Ltd. Billante SE-1X exploratory well in Colombia’s Lower Magdalena basin.

The upward revision resulted from recovery of the bottomhole pressure data recorded during flow and shut-in periods of a production test run Apr. 17-20, 2010. Data from the production test replaced assumptions used in the earlier estimate.

Measured flow from the well, on the Sierra Nevada license, was 8.4 MMcfd from Cienaga de Oro.

Colombia's Lower Mag yields more Cienaga de Oro gas



Apr 20, 2010

By OGJ editors HOUSTON, Apr. 20

Petrolifera Petroleum Ltd., Calgary, gauged a dry gas discovery in the Tertiary Cienaga de Oro formation on the Sierra Nevada license in Colombia’s Lower Magdalena basin.

The Brillante SE-1X well flowed at a measured 8.4 MMcfd on a 48/64-in. choke on a drillstem test at 3,138-3,350 ft with 579 psi surface pressure. The net pay interval is 105.5 ft. Estimated calculated absolute open flow potential is 12.5 MMcfd.

Third party log evaluation of the interval from 3,138 ft to the well’s total depth of 9,500 ft indicate the presence of 429.5 ft of possible net gas pay. No resource or reserve calculation can be made until the company conducts a long-term test of the perforated interval.

The Sierra Nevada license, northeast of Petrolifera’s La Creciente gas field and contiguous with the company’s Magdalena license, is prospective for 40-45° gravity crude oil and liquids-rich natural gas, Petrolifera said. It provides targets in the Cienaga de Oro and shallower Miocene Middle and Upper Porquero and Tubara formations.

Colombia, South America’s third- largest oil producer, expects the auction of exploration rights in the next two years to spur at least $1.5 billion of investment as Asian companies seek new reserves, the government’s top energy official said. Korea National Oil Corp., China National Petroleum Corp. and China Petrochemical Corp., known as Sinopec Group, are among companies interested in bidding for licenses this year, Energy and Mining Minister Hernan Martinez said yesterday in an interview in Cartagena, where he attended the World Economic Forum on Latin America.

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Pacific Rubiales Energy Corp., which operates Colombia’s largest oil field, said it’s seeking partners to bid in a government auction for rights to scout out and produce deposits.

The oil producer is in talks with companies to bid for onshore blocks this year, company President Jose Francisco Arata said today in Cartagena, where he attended the World Economic Forum on Latin America.

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Globotek Holdings, Inc. (OTCBB: GBTO) announced today that it has signed yet another multi-year agreement to build one APG processing plant every year for a period of ten years, this time with Colombian oil services giant Colregistros S.A. According to the company, once built, each of the facilities could add $10 million USD in revenue for a potential ten year revenue of $100 million USD. The client, Colregistros S.A., is a subsidiary of Grupo GPC, a company headquartered in Bogota, Colombia that operates multiple oil fields with E&P assets all over Colombia's main hydrocarbon basin as well as having joint venture interests with oil and gas projects in Mexico. Grupo GPC is dedicated to clean energy solutions and has been actively providing technical solutions to the hydrocarbon industry in the region. "We are delighted that Colregistros S.A. has chosen our technology over other available options and the agreement allows Globotek immediate penetration into the huge Central and South American oil & gas market -- a region we have long been eyeing as part of our global expansion plans," stated Globotek CEO Mr. Lukin..



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Petrominerales Ltd. (Petrominerales or the Company) (TSX:PMG), a 66% owned subsidiary of Petrobank Energy and Resources Ltd. (TSX:PBG), is pleased to report a 44% increase in proved plus probable reserves to 53.1 million barrels of oil as at December 31, 2009 (as determined by our independent reserves evaluators DeGolyer and MacNaughton (D&M)), replacing 2009 production by 299%.



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Areas on offer in the round, for which Agencia Nacional de Hidrocarburos (ANH) is promoting through roadshows globally from February through May, include 225 blocks in onshore basins as well as blocks in these offshore basins: Cayos, Choco, Colombia, Guajira, Sinu, Tumaco, and Uraba. ANH has divided the available blocks into three types: Type 1, or mature E&P basins, of which 138 blocks are on offer; Type 2, or emerging and frontier E&P basins, with 31 blocks on offer; and Type 3, or technical evaluation agreements (TEA), where there are 56 blocks on offer.

So far, 192 wells have been drilled in Type 1 basins, 147 in Type 2 and 50 in Type 3, for a total of 389. ANH also has 25,294km of seismic in Type 1 basins, 24,017km in Type 2 basins and 11,449km in Type 3 basins, for a total of 60,660km.

Minimum exploration programs for Type 1 blocks include one exploratory well in the 36-month Phase 1 and two exploratory wells or one exploratory well and relinquishment of 50% of the area during the 36-month Phase 2.



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