Location and background
The area under contract for the Caguan Block, known as the Rio Ceibas field, is located in the Upper Magdalena Valley Basin in the city of Neiva in the department of Huila, 200 km from the city of Bogota. Pacific Rubiales holds a 27.27% participating interest acquired in the Pacific Stratus acquisition; Ecopetrol and Petrobras, the latter as operator, are also parties to this.
Geology
The Rio Ceibas field is part of the Caguan Block, located in the north-eastern part of the Neiva sub-Basin of the Upper Magdalena Valley Basin of Colombia. The Basin is structurally complex due to its multiple evolutionary stages. The Basin is described as a backarc Basin in the Cretaceous and a foreland Basin in the early Tertiary.
The Rio Ceibas field is producing from sandstones contained in the Honda Formation of Miocene age. These sandstones are interpreted as fluvial continental deposits. The Rio Ceibas field is a combination structural-stratigraphic trap, with the Rio Ceibas fault creating the eastern limit of the hydrocarbon accumulation. The reservoirs are fairly well distributed, but the pay thicknesses are much greater in the central and southern parts of the field. The sands thin out to the northeast and form a stratigraphic trap.
Production and Reserves
During 2007, work was performed on 42 wells at a cost of $3.4 million in order to maintain levels of production. Average production for 2007 was 2,729 bbl/d, 4.422 MMcf/d and 5,906 barrels of water per day, for a total production of 996,250 bbl of 25.4 API crude oil from 54 active wells. Total gas sales for the year were 0.13 MMcf. Historical accumulated production at Rio Ceibas is 19 Mmbbl, and net proved producing reserves at Rio Ceibas stand at 0.637 MMbbl.
