October 23, 2013 / 3:52 PM / 4 years ago

Canada's Canacol oil company says finds crude in Colombia

BOGOTA, Oct 23 (Reuters) - Canada’s Canacol, the fourth-biggest oil exporter in Latin America, found crude in an onshore well in northeast Colombia that yielded 778 barrels per day in a test phase, it said on Wednesday.

The discovery was made in the fourth well it had drilled in the “Labrador 5” area in the LLA 23 field in the Llanos basin, the company said in a statement. The area is a promising region for oil.

Canacol said its Colombia production for July to September this year was approximately 9,271 barrels per day, a 12 percent increase from the second quarter. The company produces about 1 million barrels per day from all the projects it owns.

Canacol is currently investing $46 million in Colombia for the drilling of eight wells, production facilities and oil pipelines.

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