On April 14th, a new well of Sinochem Petroleum Exploration & Production Co., Ltd. in Vigia oilfield, Block CR, Colombia, obtained high-yield oil stream. On the day, the well spurted and produced 2,300 barrels of oil with the water content being only 1%. Moreover, a new oil layer with the thickness of 17-feet was discovered situated at the upper part.
Since the discovery of Vigia oilfield in 2005, 8 wells have been completed in the oilfield, which have produced 2.825 million barrels of oil accumulatively and are currently at the twilight development stage. Acquisition of the high-yield oil stream and discovery of the new oil layer has further enhanced the recovery rate of aging oilfields of Sinochem’s Colombia Project.
Sinochem Group now possesses eight blocks in Colombia with equity interests varying from 50% to 100%.